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In celebration of International Women's Day last month, we're shining a light on two of our female financial advisers in the typically male-dominated mortgage & insurance industry.
· Giovana, Velocity Financial Adviser, focussed in the investment, insurance and planning space
· Manisha, Velocity Financial Adviser, working in mortgages, insurance and KiwiSaver space
Inspired by the "Women Leaders in Mortgage in New Zealand | Elite Women" article, our piece dives into the journeys of our own amazing wahine doing the mahi in the financial and insurance advice space here in Wellington.
Manisha: Honestly, getting advice from an adviser is priceless. Just being able to have a discussion with someone about financial independence is the first step. A lot of women are independent because most of us are working and earning our own income. This usually leads to buying a home independently and even investing in a financial plan. But what happens to your financial future if you were to become unwell and can't work? Having personal insurance as a backup is important, but more so if you don't have anyone to rely on if you could no longer earn an income. Insurance is your backup plan to ensure that you are still able to maintain your independence if you can no longer work.
Giovana: Absolutely. Knowing women's insurance needs and having them understand the products and advice is crucial and helps their independence. It's also important to have annual reviews of what they have, as we often forget what each cover includes. Sometimes there's too much information to remember everything, and that's what advisers are here for—to answer your questions and support you all the way. Womens' circumstances often change as well, so tailoring your insurance plan according to your current scenario is very important.
Getting a second opinion doesn't hurt, as you can either get a better deal, improve your covers, or have reassurance that what you have is what you need.
It's also about how much risk you want to take. I may not be prepared to take a high risk with small children and low savings; therefore, there's a need to rely on insurances. But it won't always be like that. There's light at the end of the tunnel, and as kids grow up, the mortgage gets paid down, and the emergency fund builds up, then insurances could also be reviewed and decreased. This perhaps gives you an opportunity to allocate those funds to managed funds and help save for a big future goal or retirement.
Getting advice from an adviser is priceless. Just being able to have a discussion with someone about financial independence is the first step.
Giovana: Women often leave some decisions to men due to a lack of energy or time. We are often tired if we look after the kids, and if someone else can look after insurance and finances, then it's handy. However, we should make the effort of learning what it all means as well and have a say. A household is usually run by two people, and both deserve an equal input.
Women often leave some decisions to men due to a lack of energy or time.
Giovana: Women need as much insurance as men do. Some women look after kids full-time, and they are very valuable as well. If mothers were to pass away or get sick, it would have a huge impact on the household dynamic and cash flow. Someone else, who is not the partner or husband, would have to look after the kids.
Women deserve to be insured as much as men and understand what it all means. When we look at a family, losing any of the parents can have a greater financial impact than you might think. Some clients don't consider having a plan B, or sometimes it's just not an option.
When women are not working, they can't insure their income. However, a type of income protection can also be based on mortgage or rent repayments, so we still have options to cover the unpaid work that they do in the home.
What is important is to take the first step to find out a family's needs, whether it's mum and dad or husband and wife, etc. Then we can provide a recommendation that suits their needs and budget—a tailored solution for them.
Often, some of our medical conditions can also be misunderstood, like reproductive tract or postpartum issues, including mental health. We can often paint a picture to create an understanding of these situations as they are pretty common and not as bad as they seem. However, we can get exclusions or loadings for these conditions when there are still ongoing symptoms or treatment, and then we just have to be patient and accept the exclusions. Our job is to try to get them better terms and make them reviewable when possible, so they are not there forever.
Manisha: It is not exactly women-specific more what I have realized is that there is always one spouse who is the most or the only one organizing finances. It is so, so important that everyone knows what is going on in your finances! That includes your KiwiSaver!
Women need as much insurance as men do.
Manisha: I would say that women tend to be more risk-averse, but not taking risks can mean you miss out on opportunities for growth. I myself had misconceptions around investing, particularly, and all it took was a little research and an adviser I trusted to get started into investing and on a good track for my retirement goals.
Women tend to be more risk-averse, but not taking risks can mean you miss out on opportunities for growth.
Manisha: I did it, and so can you! Please come and have a chat and see where you are at. If you aren't ready, we can help get you there.
I did it, and so can you.
Giovana: Some insurers go the extra mile when looking after clients' well-being. For example, a provider may offer self-screening tools for parents to use for free regarding symptoms that can be disregarded by doctors. Women are the ones that use it the most as generally we are the ones in charge of caring for the health of the family we tend to care for the whole family and mark it as very important when men tend to say, "Nah, I'm okay," or "The kids are okay."
Knowing women's insurance needs and having them understand the products and advice is crucial and helps their independence.
Manisha: My inspiration came from my personal experience of working with an adviser (Lance!) who helped me realize how I could leverage my house to buy my second property as well. It was an awesome feeling to successfully get onto the property ladder at a young age, and that inspired me to change my career path to help others get into property too!
Giovana: I started in the industry as a Personal Assistant 12 years ago, not knowing what I wanted, and now I am very glad I landed where I did. I believe in what we offer (financial services products), and I love helping people, so they have a plan if the worst happens. I'm looking forward to continuing to learn in general, but especially how to be a financial adviser, as I only started that path in April this year, and there’s still a lot to learn in that space.
It was an awesome feeling to successfully get onto the property ladder at a young age
Giovana: More women are getting into our industry because I think we tend to care more for our clients, especially when we deal with families, as we can relate to so much with the mums (if you are a mum yourself, of course). So it's about personal choice and showing people what we do. Maybe they also get the call for the industry, which is about helping others to cope when sh#@t happens.
Manisha: In the four years I have been in the industry, I have seen a huge change when I walk into the rooms at financial events. There are a whole heap more women there, some of whom have been in the industry for a long time, but seeing more and more women attending. The most recent event I attended had a recently appointed female CEO, which is incredible.
My purpose is to educate everyone I can, so they don't have to go through those tough situations.
Giovana: If you have a passion for helping others, then go for it! This is a very fulfilling job. In my experience, I have had people in my community who have had severe medical conditions or death, and they didn't have insurance, so they had to raise funds from friends and family. My purpose is to educate everyone I can, so they don't have to go through those tough situations.
Manisha: If you are curious, why not? I had a huge passion for property, and that has led me to learn about the whole industry, including insurance, KiwiSaver, and investments. It has helped my growth not just at work but also in my personal life.
If you have a passion for helping others, then go for it! This is a very fulfilling job.
Giovana, Manisha & Shona
This article was prepared by Shona with Giovana and Manisha and peer reviewed by our financial advisory team.
Disclaimer: Shona is not a financial adviser. The above is generalised information that has been peer-reviewed by the Velocity Financial Advisory team. As always, before you make any financial decisions, discuss your situation with an adviser from Velocity Financial, and seek advice from professionals, such as a lawyer and accountant, to find the best solution for your unique situation.
About Shona: Hi, I’m Shona, the communications and marketing support person for Velocity Financial. Designing effective communications in a complex industry such as Finance is a worthy challenge. Finding ways to bridge gaps between complex financial information, and the everyday needs of people trying to navigate that world through informed choices, is something that I relish. I love deciphering and disseminating the expert knowledge and ideas of our clever team, into simple messages that speak directly to our clients, who are hungry for more knowledge and better understanding (like me!). In my outside life, I am a keen photographer and, like others in the team, I have a passion for the outdoors, hiking and mountain biking. I also train in martial arts and have been known to wield a sword on occasion.
Always get professional advice
The information shared in this post is meant to be general guide to support you on your journey. When making important decisions about your finances, we encourage you to seek independent financial advice first, tailored to your unique situation. As well as talking with a financial adviser, make sure you talk to your lawyer and accountant too – together they'll help you find the best solution for your specific situation. Our knowledgeable financial advisers are here to help. Check out our website for the details about our financial advisory services in our disclosures https://www.velocityfinancial.co.nz/disclosure-statement.