“Only yesterday I attended a women’s event and as soon as we got to the money section half the guests left the room.”

This month women have been at the top of our agenda. We’ve celebrated 100 years since (some) women won the right to vote in the UK, praised the women that inspire us for International Women’s Day, and, of course, we treated mum to lunch on Mother’s Day.

There’s so much to celebrate, and yet, such a long way to go. Next month, organisations with over 250 employers must present data on the gender pay gap within their company for the first time.

The national pay gap remains at 9.1%. So far, so bleak — but did you know that financial services companies have the highest gender pay gap of any industry?

The median gender wage gap in our industry is 31% — more than three times the national average.

Where are all the women in finance? They make up only 23% of leadership roles in the sector. A study by FT Adviser reported that only 5% of firms said they were trying to hire more female advisers, and 47% of IFAs employ no female advisers at all.

We wanted to find out what it’s like to be a female financial planner, so we sat down for a chat with Rebecca Robertson. Rebecca is the CEO of Evolution, a financial planning firm for women. She has given a TED talk on the subject of women in finance titled ‘If Women Ruled The World’ and is the author of a book ‘Evolve — The Feminine Approach to Financial Planning’.

In short, if there is anyone to ask about this subject, it is Rebecca.

It’s quarter to nine on a Wednesday evening and Rebecca has just sat down after being out in London with clients. Like most working mothers, she’s been on her feet all day.

Where did her career in financial planning begin?

“I started in a bank when I was 19, and worked my way up to a position as sales manager aged 28,” she recalls.

Sexism was ever-present in those early days. “Financial services were very male-dominated,” she says, “even when I ran a sales team I was mistaken for the receptionist — actually I was the top-performing sales manager.”

“…and that’s when the recession hit. I had a few years out after that.”

In the wake of the recession Rebecca was made redundant, while she was pregnant with her daughter.

Upon her return, two years later, she was left wondering ‘where are all the other women?’

“I struggled to find a home that was right for me. Previously, I had been too institutionalised to see the issue. It was after I stepped out and tried to get back in again that I realised it was very male driven.”

Rebecca’s journey is extraordinary, but this realisation that accompanies becoming a mother is the experience of many women. Parenthood is the point at which the gender pay gap really begins to widen. Women face what has been coined the ‘motherhood penalty’ largely due to childcare, cultural expectation and statutory parental leave.

These experiences eventually led Rebecca to realise if she wanted to change the industry, it was down to her to create her own path.

“I felt I understood the reason many women didn’t progress in the industry or ended up leaving altogether. I wanted to provide a way forward, a solution, for other women.”

1.66 million fewer women are contributing to a personal pension than men

“There are also many women who have an issue with getting financial advice. Only yesterday I attended a women’s event and as soon as we got to the money section half the guests left the room. As an adviser, I try to make finance feel more personalised, and try to make them able to relate to us.”

So why do fewer women seek financial advice?

“They tend to avoid it because it feels frightening. Increasingly we meet women who sought advice once and never again, because a relationship wasn’t actually formed with their adviser.”

Does Rebecca believe that women need different financial advice to men?

“Yes. Mainly to do with the way advice is presented and how they approach decision-making. Women — more so than men — go with their gut. If advice looks right but doesn’t feel right then it’s never going to work for them.”

Women aren’t encouraged to prioritise or pursue financial advice. This needs to change.

There are critical times in a woman’s life to seek financial advice. “Divorce is the main one,” says Rebecca, “a lot of women aren’t looking at all of the financial options during divorce. They’re focusing on keeping a roof over their head, which seems sensible but isn’t always the best long-term decision.”

Aside from critical moments, however, “the overall issue is wealth creation and retirement. Pension advice is fundamental.”

Salisbury House Wealth found that 1.66million fewer women were contributing to a personal pension than men. That figure has increased by 16% from the number four years earlier. The pay gap soon enough becomes the pension gap, due to poor planning and management.

When Focus asked Rebecca the best way to encourage women to seek financial advice, her answer was simple: more women.

“There is such a gender issue that there should be a regulatory directive put in place that they must be made more equal, similar to the EU directive for women at boardroom level.”

Looking towards the future of the industry, Rebecca is optimistic about diversity.

“I would like to think that it will become less male-dominated and that regulators will introduce initiatives to support that change.”

On a fundamental level, advice is changing. “I see so many different approaches from different IFAs in fee-charging structures and strategies. I think there should be more training as to what ‘good’ looks like — not just from CPD but from an overall perspective.”

Automation and technology might play a big part in that fundamental shift.

“Robo-advice means being less transactional. You have to think more holistically, offer more lifestyle-planning — such as with cash flow management tools. I think IFAs need to embrace this shift as it offers more justification of a fee, as well as more opportunity to build relationships with clients.”

The industry has changed hugely over the course of her career, and is on course to transform even further. Reflecting on what she has learned, Rebecca says the most important qualities for advisers are fantastic people skills. “Being very trustworthy, very friendly and able to make anyone feel comfortable — comfortable enough to discuss very private matters.”

If she could travel back in time to meet that 19-year-old starting her career in a bank, what advice would she give to her younger self?

“Simple: don’t over complicate it. Always keep the client in mind.”

We ask Rebecca if there is a woman who inspires her, she has trouble deciding on just one.

“There are many women in financial services that I think are pretty amazing. A lot of women in business juggle spending time with their family while providing for them.”

“There is a particular lady called Dr Joanne Martin who runs a community called One of Many for women in leadership roles. She is amazing — I don’t know how she does it. If I could inspire the amount of people she has then that would be a lifetime ambition achieved.”