Belmayne is above average. That’s not me blowing our trumpet, it’s a fact. The proof is there for all to see in the FCA’s most recent financial advice firms survey.
One particular headline statistic stopped me in my tracks. More than half of multi-adviser firms have no women in adviser roles. Really? How can that be??? It made me realise how lucky I am to work in such a progressive, supportive firm where my female colleagues and I are encouraged and valued for the contribution we make.
When the FCA publishes its Financial Advice Survey each year, it sparks the same debate across our profession. Why do we struggle with a lack of diversity and an aging adviser population?
Much of this discussion is valid, but no one seems to have a solution. Perhaps we need to shout a little more loudly about the progress we’re making at Belmayne? You see, my experience of the financial profession looks very different.
The industry norms
This year’s FCA survey confirms that women remain significantly underrepresented in UK adviser roles, making up just 18% of IFAs. Similarly, whilst there has been a 12% growth in young advisers in the last two years, the average age remains late 40s.
When I was reading these statistics, one thing struck me – how normalised this imbalance has become. Thankfully, Belmayne is bucking the trend. Women make up 22% of our advisory team and we have the same number of planners under 40 – a percentage that is steadily growing as our trainees reach qualification.
These numbers aren’t accidental, they are the result of the culture our partners have embedded in the firm and a deliberate, long-term strategy to boost our flexibility and progression. Crucially, we now have a team of planners that reflects the clients we serve.
Advice for the life we live
Although female clients are still in the minority, a large proportion of women are now seeking financial advice. Many are often juggling complex family and career dynamics, best understood by other women in the same position.
When a planning team lacks diversity, it shows – not always overtly, but subtly – in the assumptions made about female priorities and the conversations cut short. Women ask different questions. We want to know about your life experiences, career breaks and caring responsibilities and how these have shaped your fiscal confidence, attitude to risk and long-term security.
Varied voices in leadership positions not only mean better outcomes for clients, but also for the firm itself. We are proof of that particular pudding.
Forget recruitment, look at retention
The FCA survey talks a lot about attracting new people into the profession. Yes, that matters, but the real challenge is getting them to stay. What is it that will make young, ambitious professionals, particularly female ones, feel included and inspired enough to build a career in our industry?
At Belmayne, we focus heavily on clear, visible career pathways. I joined the firm in an administrative role and with the support and guidance of the partners, I was encouraged to pursue my qualifications. I’ve done that whilst raising kids, thanks to flexible working opportunities and the training I’ve been offered.
I feel very lucky to work in an environment where ambition doesn’t have to come at the expense of a balanced lifestyle. As a result, work is a pleasure, not a chore and it’s somewhere I see myself staying. By building an environment in which people like me are succeeding, we are now attracting others who want to be part of the Belmayne team.
Staff retention means we have stability and that allows us to invest properly in our people. Currently, we have four trainees working towards their qualifications, who will become the next generation of Belmayne financial planners. Our partners also have more time to build governance, systems and technology with care, allowing us to maintain our reputation for excellence as we grow.
Humanising technology
The use of AI and technology featured heavily in the FCA’s survey, and rightly so – it’s the latest hot potato.
It is our belief that technology should support our work, not replace human judgement. The most valuable part of our job is the conversations we have with clients. The discussions about your priorities, family expectations and future uncertainty underpin the planning decisions we make and that work depends on trust, accountability and insight, not AI.
We’re embracing the technology available to us, but implementing it with caution and a heavy dose of compliance. This means its application is being done thoughtfully and responsibly to streamline our services, improve efficiency and create a better client experience.
Representing you
Ultimately, financial advice is about people and what the FCA’s survey has shown is that, as a profession, we still don’t represent the people we represent!
It’s made me think more about what Belmayne stands for. I believe we reflect modern family life, welcome different perspectives and invest in our people. By doing so, we’re better equipped to deliver outcomes that clients really care about.
Diversity isn’t an ambition, it’s something that’s embedded in our work and our culture. Long may we stay above average.
To find out more about our approach to investment and retirement planning, or to review your current pension provisions with one of our expert team, don’t hesitate to contact us for a free initial consultation on (01246) 298181 or email: enquiries@belmayne-ifa.com
