Are there enough female advisers?

International Women's Day is almost here. 

Saturday, March 8, is a day to celebrate women, honour their achievements and continue to make efforts to support them. 

While gender diversity is a complex topic in almost any country and work environment, in New Zealand's property and loan markets, women are increasingly working as advisers. But they are still underrepresented. Different firms offer varying statistics about how many Kiwi women are advisers. Yet they all pin the number at less than a quarter of total advisers. 

Some say this is cause for concern. After all, it has long been established that diversity fosters collaboration, creativity and problem-solving. 

Lucia Xiao, founder and adviser at Finax Mortgages, said diversity is important in any industry. 

In the property markets, she pointed out that "women bring unique perspectives, particularly in understanding the needs of families and communities. Encouraging more women to enter and lead in this space can foster a more inclusive environment, ensuring that the market reflects the diversity of the people it serves."

The low level of female advisers has inspired others to shake up the industry. 

Auckland-based Rachael Thompson, a financial adviser at Genesis Advice, said she wants to open her own advisory firm with another female adviser, one that is remote-based and caters to female adviser needs. 

"We want to bring on females to work remotely across the country, especially young women and women who have children who need to work from home," Thompson said. "I'm incredibly passionate about that. A lot of women sacrifice their careers or incomes when they become mothers. Working from home offers them flexibility, even if they work part time.

"Women are fabulous employees, especially women with children," she said. "They're used to spinning a number of plates, multitasking. We have nothing against men. We want to bring on men as well, especially younger men. But there really is an untapped market among women." 

In a two-part series, New Zealand Adviser asked advisers (and some lenders too) their thoughts on gender diversity, and what can be done. 

Elyce Peters

Cofounder, managing director and adviser at Christchurch-based firm The Mortgage Girls

"From 10 years ago when I started [as an adviser], there's definitely been a swing, definitely been a really good shift in the market. Diversity has grown heaps. It's good, because it allows you to get advice from people who you know and understand. In the financial advisor’s space as a whole, there's more work to be done [for diversity]. But within the mortgage industry, we're seeing more diversity." 

Lucia Xiao

Founder and adviser at Auckland-based Finax Mortgages

"Diversity is essential in any industry and New Zealand's property market is no exception. While progress has been made, there is still room for improvement when it comes to female representation. It's not just about equity – it's about creating a dynamic and representative industry that benefits everyone."

Ian Boyce

General manager property at non-bank lender Avanti Finance

"The mortgage industry has made significant strides in promoting equal opportunities for women. We are witnessing a growing presence of female advisers, yet there is still much work to be done. Women bring unique perspectives and excel in building strong, personal relationships with clients. Gender equality is crucial to the sector’s growth, and it will unlock further opportunities. To better serve New Zealand’s diverse population, the sector must embrace a workforce that reflects this diversity. In our property team, 67% of the property management team is female, and over 75% of the property lending team is female. We would not have achieved the success we have today without their contribution."

Rachael Thompson

Financial adviser at Auckland-based Genesis Advice

"We definitely have a long way to go with women as advisers. It's still a male-dominated industry; it's still mostly men, especially older men, over 55. And there aren't a lot of female-led businesses in our industry. A lot of women are hamstrung by their households, busy being the CEOs of their households. Women trying to find a career path have to work around their households. I think our industry should offer incentives for more women to join, whether that be through mentorships, or being able to work flexibly around the children. That would mean we would bring more women into the industry."

Craig Pope

Founder and mortgage adviser at Wellington-based Craig Pope Financial

"From what I've seen, there's a real mix of advisers who are coming into the industry. There's a lot of males, females, bankers, ex-bankers. There's a lot more people putting themselves out there as advisers – on Facebook or LinkedIn or whatever – than I've ever seen before. But it is a self-employment industry. There are always risks of people jumping into it. But I think the industry is healthy in that [diversity] respect, because there is good diversity coming into it, and a lot more people [who are] making being an adviser their career, which is nice."