When we talk about equity in the finance world, our first assumption is usually that we are referring to shares or the asset class. But there is another meaning for equity that is increasingly relevant to financial planning firms.
While equality means treating everyone the same, equity recognises that people start from different places and may require different levels of support to achieve equal opportunities.
That distinction is important, not only for those working within financial services but also for the clients the sector serves.
During the first 12 years of my career, spent in investment banking, I had a front-row seat to the alpha-masculine culture that can exist within parts of the industry. Female colleagues regularly shared experiences of chauvinism, harassment and coercive behaviour.
At the time, efforts to open up the working environment and attract more women into financial services were beginning to gain momentum, but there was still a long way to go.
Later, when I pivoted my career and moved to a female-focused financial advisory firm, it was enlightening to see a genuine effort not only to encourage more women into the advice profession but also to support female clients with their finances.
Women and wealth
It is important to recognise both how far women have come financially and the journey that still lies ahead.
For context, it has only been just over 50 years since women were able to open bank accounts without a male co-signatory. Progress since then has been significant, yet gaps remain.
Advisers have a responsibility to support those who have historically been underrepresented in finance
One example is financial engagement and retirement outcomes. According to the TUC, retired women receive £7,600 less per year than men on average, representing a 36.5% pension income gap.
Financial planners are uniquely positioned to help close these kinds of gaps. Regardless of gender, advisers have a responsibility to support those who have historically been underrepresented in finance, whether because of gender, ethnicity, social background or other characteristics.
The business case for equity
Even if the ethical argument alone is not enough to drive change, the business case for greater equity should be.
The gender wealth gap has closed by more than 9% over the past 20 years. While similar data is not yet widely available across ethnicity or social background, it is clear that the profile of wealth holders is evolving.
Increasingly, wealth is being generated by individuals outside traditional corporate pathways, including sportspeople, musicians and, more recently, social-media personalities. As wealth becomes more broadly distributed, financial planning firms must adapt.
To attract this emerging wealth, firms need to reflect the demographics of those who now hold it, not just the wealth holders of the past.
When clients see themselves represented within the profession, that trust can form more easily
Financial planning is built on trust. Clients need to feel comfortable discussing their goals, aspirations and concerns. When clients see themselves represented within the profession, that trust can form more easily.
Women’s wealth offers a clear example. Many women who are single, divorced or widowed later in life feel more comfortable working with a female adviser.
That is not to suggest male advisers cannot provide excellent advice to female clients — they clearly can — but some clients may prefer someone who has personal insight into their experiences.
The same principle applies to other groups who have historically been underrepresented in financial services. If the advice profession wants to remain relevant, it needs to reflect a broader range of backgrounds and experiences.
What the industry can do
Money Marketing’s February 2026 article Changing perceptions to encourage more women into advice captured an important point. Opportunities within financial advice must be accessible to everyone, and that begins with how the profession is perceived.
Organisations should showcase the profession as one that values talent from a wide range of backgrounds and experiences
Financial planning remains a relatively young profession and continues to evolve. Some outdated perceptions still linger, and it will take time for those to fade.
Promoting the reality of the profession to younger generations is essential. Financial planners can help by engaging with schools across a range of communities, both to explain the career path and to help improve basic financial literacy.
Programmes aimed at young people can also play an important role. At Progeny, for example, we run an annual Summer School where students aged 16 to 18 spend time learning about different aspects of financial planning.
The next step is ensuring financial planning is visible at university career events, giving students the opportunity to see the profession as a viable and rewarding career path.
Within firms themselves, there also needs to be a clear pathway for employees who wish to become financial planners. Organisations should actively showcase the profession as one that values talent from a wide range of backgrounds and experiences.
As wealth becomes more diverse, the financial planning community must evolve alongside it
Encouraging applications from diverse candidates requires more than simply stating that opportunities exist. People must feel confident and supported in pursuing those opportunities.
Mentoring schemes, visible leadership and active participation in equality, diversity and inclusion initiatives can all help create an environment where individuals feel able to progress.
Allyship and the future of the profession
Just as men have played an important role in advancing equity for women in finance, everyone in the profession has a part to play in widening opportunities further.
As wealth becomes more diverse, the financial planning community must evolve alongside it. That evolution will only happen if the industry actively invests in developing the next generation of planners and ensures the profession reflects the clients it serves.
Ultimately, promoting equity is not simply an exercise in allyship or corporate responsibility. It is also a matter of good business sense.
If the financial planning profession wants to remain relevant in a changing world, it must ensure that both its workforce and its client base reflect the increasingly diverse nature of modern wealth.
Victoria Ross is a chartered financial planner with Progeny
