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The Girls in Monetary Planning Mentoring Program has been deemed an excellent success by the mentors and mentees who participated within the initiative, in accordance with the Monetary Recommendation Affiliation Australia (FAAA).
Run by the FAAA via a $2.2 million grant from the Workplace for Girls within the Division of the Prime Minister and Cupboard, this system aimed to assist ladies in monetary planning to additional their careers by matching eligible ladies within the monetary recommendation career in search of steering and assist with extra skilled feminine members.
The primary program paired 96 mentors and mentees from February to August 2022, whereas the second program paired 36 mentors and mentees from March to October this 12 months.
This system included:
- on-line coaching and studying supplies for mentors to assist information the mentoring relationship
- three webinars attended by mentors and mentees to trace progress throughout this system, and
- month-to-month contact between mentors and mentees all through this system.
One mentee mentioned: “This program has actually modified my profession path and helped me to develop and develop a lot greater than I anticipated. I bought the assist that I wanted particularly from a feminine monetary adviser. I actually couldn’t advocate this system sufficient to those that are struggling.”
One other mentee famous of this system: “My mentor has allowed me to develop not solely my skilled skills but additionally my confidence and self-worth. She has supplied me with nice assets and new views that may assist me for years to return.”
As a consequence of an absence of funding, the Girls in Monetary Planning Mentoring Program will likely be discontinued in 2024.
FAAA Chief Govt Officer Sarah Abood mentioned that this system has been extraordinarily profitable, and it’s disappointing that it can’t proceed subsequent 12 months.
“I’ve obtained overwhelmingly constructive suggestions from each mentors and mentees saying they had been glad they participated in this system,” she mentioned.
“With ladies solely accounting for round 22 per cent of monetary planners and round 28 per cent of the FAAA membership, initiatives equivalent to this one are extremely essential to encourage extra ladies to not solely think about monetary recommendation as a profession but additionally stay within the career as soon as they’re totally certified.
“As a career, it will be important that we characterize the neighborhood we serve, and this program reveals that demand for feminine monetary advisers is powerful. We’d like extra of them coming into our career to assist guarantee we’ve got sufficient advisers to serve the wants of the rising variety of Australian shoppers in search of recommendation.”
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