Male Paraplanners are over four times more likely to want to become financial advisers than female Paraplanners, according to new research.
Over four in ten (41%) male Paraplanners told Quilter Financial Planning they would like to become a financial adviser, with 21% saying maybe.
Only 6% of female Paraplanner said they would like to become a financial adviser, with 17% saying maybe.
Male Paraplanners earlier in their career were more likely to consider a career in advice whereas female Paraplanners were more likely to not want to advise, despite most female Paraplanners having or being in the process of obtaining a QCF level 4 qualification.
Mark Pittaccio, business consultant and behavioural economist at Quilter Financial Planning, said that the survey showed how Paraplanning was becoming a profession in its own right but there continues to be a big difference between the aspirations of female and male Paraplanners.
He said: “The research shows that even when individuals are attracted into the industry the decision to become an adviser is heavily biased towards males.
“Surveys of financial adviser communities have shown that misperceptions about the nature of Financial Planning, particularly among women, strongly affect their interest in becoming Financial Planners. There continues to be a perception that advice requires strong sales skills and therefore revealing that advice is instead far more about creating long-lasting relationships with clients may help attract more women to the advice profession.
“It is incredibly important that we breakdown whatever systems are in place that are contributing to these differences in aspirations and ultimately improve the profession.
“One of the points we need to address is the vicious circle where women see fewer visible role models in the profession as they are underrepresented and then are less likely to a pursue a career in the sector. Breaking this cycle will go some way to helping to improve the diversity of the profession.”
Quilter Financial Planning’s behavioural consultancy surveyed 120 Paraplanners.