Female membership of the Financial Planning Association (FPA) is growing each year, reflecting “a change in the profession”.

Of 1000 new members to join in the financial year to date, 32% are women, 48% are from Generation X and 40% are Generation Y.

The demographics represent a shift in the industry that will benefit consumers, according to CEO Mark Rantall.

“We are motivated by the on-boarding of these new faces of financial planning, and inspired by how the profession is evolving,” he said.

“It is important that financial planners are a diverse group, so clients from all walks of life can access a full range of advice.”

The FPA has more than 10,000 members, with more than 7500 practising. Almost 50% of the total are from Generation X, 37% are Baby Boomers and 10% are Generation Y.

The association has a “higher representation of female members” at 23% than the 18% found in “other associations”, but there is still room for improvement, Mr Rantall says. 

“These numbers are not satisfactory and much needs to be done here to close the gap between the two genders… the FPA is aiming to do that with the financial planning profession.”

The FPA Professionals Congress, on October 17-18 in Sydney, will feature sessions for under-represented groups such as women and younger members.