Women in Finance Broking seeks to boost participation
The Women in Finance Broking series wrapped up on Tuesday, prompting a wave of discussion about how to attract and retain female brokers.
Held in Melbourne, Brisbane, Perth, Sydney and Adelaide throughout July, the series focused on the MFAA Opportunities for Women report. Research lead and thrive4women co-founder Jane Counsel (pictured above left) presented the key findings, along with initiatives facilitated by the MFAA to address the barriers to women in the mortgage and finance industry.
MPA spoke to Counsel, along with series participants Specialist Finance Group state manager NSW/ACT Sherifaye Huseyin (pictured above centre) and broker Bianca Patterson (pictured above right), director of Perth brokerage Calculated Lending.
In addition to building connections, Counsel said the series prompted a range of questions from male and female participants on how they could help to break down the barriers for women in the industry.
Societal expectations around women as primary caregivers and their impact on female brokers were discussed, and how men could actively support female co-workers and colleagues. There were also ideas generated to support current mentors and supporters.
“It was a great opportunity to share our research more broadly with women and men in finance broking and stimulate some really constructive conversations about the issues that are holding women back and leading them to leave the industry,” Counsel said.
Counsel said the series served as a reminder that everyone had a role to play in helping to educate the industry on the little things that made it more inclusive of women, and more broadly, to embrace diversity.
“The events sent a strong message to female brokers that the MFAA as a peak industry body, was focused on supporting their success and also helping drive tangible solutions to improve female participation and retention,” Counsel said.
Becoming aware of biases, promoting an inclusive industry, understanding the power of language (e.g. in job advertisements) and investing in women’s success would help to enable an inclusive and diverse industry going forward, Counsel said.
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Huseyin attended Women in Finance Broking in NSW. One of the key outtakes was the importance of everyone being aware of unconscious bias, the impact and power of words and the unintended consequences, she said.
Huseyin said the series also showed women of all ages that the industry held opportunities for them to create a better future for themselves. With uncapped earning potential and flexibility, she said women had the opportunity to choose how and when they work.
“We need to encourage women to be brave, tenacious and resilient: the industry can be tough, however with the right support, guidance and education programs, this will provide a starting point for any woman wanting to enter or stay in the industry,” Huseyin said.
As women would continue to encounter conflicts between the demands of work and family, she said it was important that women identify solutions that work for them.
It was also important that women “give themselves permission” and “believe that it’s OK” to create something for themselves, she said.
“Of concern is that the report identified ‘male perceptions have shifted but momentum has stalled’. We need to keep the conversation going asking the uncomfortable questions of each other, only then will we see sustainable change in the industry,” Huseyin said.
Patterson attended Women in Finance Broking in Perth. The event generated a high level of confidence, positive discussion and useful questions around the supporting females in the industry, she said.
“Our event was a diverse mix of brokers, lenders and industry partners, and I loved seeing so many of our male colleagues attend and actively get involved in the conversation,” Patterson said.
Opportunities for Women research findings showed that while perceptions were changing, there was still work to be done to bring down barriers to attracting and retaining more women, she said.
One of the key themes that Patterson said resonated with her was that a large portion of broker businesses that didn’t see a business case for hiring women.
“It was that we all have to keep pushing for a more inclusive and a safer industry, find more robust training avenue for new entrants to join the industry and grow into roles over time, without the pressure of a commission-only role,” Patterson said.
Having presented at the NSW and Queensland events, ANZ senior economist Felicity Emmett said overall, consumer spending was growing strongly, as people had built up savings during the COVID-19 pandemic. Despite weak consumer confidence, current indicators showed a willingness to spend, she said.
There are 3,249 female brokers, which represents just over a quarter of total broker numbers, the MFAA Opportunities for Women report findings show.
Read more: Call for diversity as female broker numbers dwindle
Over the six months from April to September 2021, compared to October 2020 to March 2021, total broker numbers increased by 1,317. Although there were 480 females recruited over this period, findings show there were just 40 more female brokers, indicating the level of attrition within the industry.
