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Perhaps one reason that women excel at mortgage advising is the inherent focus on people that is built into the industry.
“Mortgage advisers play a key role as educators in the industry … they are confidants, trusted and well respected,” says Ferguson.
Changes in the overall industry are also opening doors for women to be trusted advisers, she explains. “With more and more banks closing their doors and pulling out of regional locations, plus the rise of digital, the traditional bank manager has disappeared, leaving a huge void. Advisers are filling that gap.”
Advisers are deeply involved in their communities because of the need to stay abreast of local property market and business trading conditions – not to mention being local business owners themselves.
A natural aptitude for networking is another skill many women possess. The rise of digital tools and platforms has democratised access to information and resources, enabling women to establish and grow their advisory businesses more easily.
“We often end up building a lot of very long-term clients … we truly have their best interests at heart, and I think that’s an invaluable skill that we have to be able to actually build those sorts of networks,” says Johnson.
The increasing emphasis on customer-centric services and personalised financial advice plays to the strengths of many women, who often excel at building strong client relationships and providing empathetic, tailored advice.
“Some of the top advisers in this business are women ... I’m seeing a lot more women building teams. Their wealth is coming because of diversification, because of sharing, and this gives them a far larger revenue stream and a bigger share of the market,” says Johnson.
Leadership styles and strategies play a crucial role in overcoming challenges and seizing opportunities. Women leaders in the industry often adopt collaborative and inclusive approaches, which can drive innovation and improve team performance. Many are heavily invested in the success of the people who report to them.
“I’ve been privileged to help shape many people’s careers, and I take that responsibility seriously,” says Burgess. “Seeing the team succeed really drives me and is a huge part of why I’m so passionate about what I do every day.
“In my view, to lift the number of women in our industry we need to show women what is possible and create an environment that allows more women to reach leadership positions. We need to spotlight the many successful women in our industry and showcase what a fantastic career it can provide, as well as protect the pipeline of future leaders.”
The human side of mortgage advising
Skills learnt from busy personal lives can be applied in the business world, for example. “We’re a lot quicker to make decisions because we just don’t often have the luxury of time,” she says. “We have an ability to prioritise, to move forward and get things done. I think women should not underestimate the fact they can bring a lot of what they do at home to work and just apply it in a different way.”
A study comparing the leadership ratings of women and men before and after COVID found that women were rated better during both time periods, but the gap increased during and after COVID, indicating that women leaders tend to perform better in a crisis. The competencies that women excel at leveraging during a crisis include taking initiative, building relationships, communicating powerfully and prolifically, and displaying high integrity and honesty.
Work-life balance is considered more important than salary in recent surveys, and women’s careers stand to benefit the most from more flexible arrangements. The Grant Thornton Women in Business 2024 report found that in businesses adopting flexible or hybrid models of working, there were higher levels of women in senior management. With completely home-based working, the proportion was even higher, at 41%.
The report notes that recent back-to-the-office initiatives have the potential to undo some of this progress. It found that businesses in which workers were primarily office-based were the only ones where the percentage of women in senior management roles had dropped below the global benchmark. “With two children at primary school, and working full-time, work-life balance is important,” says Burgess. “ANZ has been incredibly supportive of flexible working, which gives me the opportunity to be present for my children and have a career that I love.”
Many women shoulder family commitments – tasks that sometimes conflict with traditional working hours.
“The problem most of us have is balancing,” says Johnson. “I’m a working mother, I’m a working wife, but I’ve also got a job and a career, and there needs to be that ying-yang somewhere in your life to help support you through that.”
This is where corporate and policy measures can make a significant difference in such areas as flexible working and parental leave. Crayon’s State of Parental Leave in New Zealand 2023 report found that while nine in 10 employers are offering at least some primary carer leave and paid partner leave above the statutory entitlements, these entitlements are in the bottom quartile among developed nations in terms of generosity. Data from 226 employers showed that the average amount of paid leave offered by employers is 11 weeks on full pay and 21 weeks with top-ups.
“I know from speaking with other women [that] getting the right balance can be challenging at times. Seeing and hearing the stories of other women and how they define what success means for them – often balanced around family – alongside initiatives in the workplace like flexible work arrangements, can make a huge difference in helping women thrive,” says Burgess.
ANZ makes top-up payments for 26 weeks to eligible employees of an amount equal to the difference between their ordinary salary and the amount paid to them by the Inland Revenue Department under the government’s parental leave payment scheme. It also allows eligible employees to accrue annual leave during parental leave and provides employees who are due to become a parent with two weeks of paid family leave, whether they are the primary carer or not.
“I believe creating a positive and encouraging environment is critical in helping my team reach their goals, both professionally and personally. Every day, I strive to be authentic, empathetic and supportive, giving the team a safe space to be themselves and to challenge the status quo,” says Burgess.
Finding ways to balance the load
Women tend to have a number of built-in characteristics and innate strengths that lend themselves well to mortgage advising.
“[Because of] the empathy that a lot of us have through life experiences ... of balancing things ... we genuinely are able to connect a lot closer to our clients,” says Johnson. [We understand] managing teams and understand the ebbs and flows that people have.”
Building on innate strengths
A lack of confidence is something that Sarah Johnson, general manager of mortgage aggregator Kiwi Adviser Network, says is common due to a tendency to be overly self-critical.
“One of the things that gave me confidence was watching and listening to other people who had done it, and [hearing them say] it’s OK to feel that way. You do need to back yourself, but it’s also good if you can share it with somebody … so you’re a little bit prepared for what’s going to come up against you, and you have tools in your toolkit to help you so that you’re confident,” she says.
Indeed, a long history of evidence shows there are many reasons why confidence should be higher. The Diversity Matters report by McKinsey has been following the relative performance of thousands of firms, including some in New Zealand, since 2014 to measure the relationship between diversity and performance.
Its latest version released in December – and the first since COVID – shows that as more women have been appointed to boards over the years, and the world has lurched from one crisis to another, the likelihood of financial outperformance of companies in the top quartile of female representation has grown to a whopping 39% higher than that of their bottom-quartile peers with fewer women on the board. Put simply, firms with lower diversity on their boards are relatively poor financial performers – and old-school thinking during a crisis is often detrimental.
“We know from research done by ANZ to understand some of the things that hold women back that having strong support networks, being encouraged and championing women makes a huge difference,” says Burgess.
ANZ’s Watch Women Win initiative aims to showcase women succeeding in their chosen fields and inspire others to do the same.
“The biggest step is actually backing yourself,” says Johnson. “You’ve just got to be prepared that you’re going to make mistakes – that’s cool, that’s okay … just as long as you don’t make the same mistake twice. I had a mantra that I said to myself when I decided that I wanted to move forward that I still say to this day – ‘if it’s meant to be, it’s up to me’.”
Encouraging confidence
Seeking mentorship from experienced professionals can help provide guidance and support, giving women the ability to weather the early stages of their careers.
Johnson sees mentoring as playing an important role in expanding the footprint of women in the industry.
“Mentoring is really around being available to help women, to be the supporter, to actually be their cheer squad, when potentially they may not have that cheer squad available to them,” she says.
Loan Market, for example, has transplanted its successful Leading Ladies program from Australia to New Zealand to help progressive female business entrepreneurs elevate their leadership capabilities, enhance their business performance and support each other.
“Our Leading Ladies community is proof that mentoring works,” says Ferguson. “When you have a room full of like-minded professional women networking and knowledge-sharing the energy is electric.
“Mentoring and supporting women in our sector can aid in their professional development, help build their confidence and guide them through challenges.”
The importance of mentors
Many companies are proactive in trying to lift the number of women in financial advice as well as in leadership positions in the industry. Prominent firms have developed mentorship programmes, flexible working conditions and comprehensive training programmes tailored for women, allowing them to excel in their roles.
“Organisations, educational institutions and advocacy groups have recognised the need to equip women with the knowledge and skills to navigate the world of finance,” Ferguson says. “This movement is empowering women to confront stereotypes and societal norms as more venture into careers in the finance industry.”
These initiatives have helped change the face of mortgage advising, with many women climbing the ranks to hold senior positions and lead successful teams.
“There has been huge progress made towards fostering a workplace and culture that supports and promotes women at ANZ,” says Hayley Burgess, ANZ’s head of mortgage adviser distribution. “Things like flexible working options and gender-balanced recruitment processes really help make a workplace more inclusive.”
Before the pandemic, the New Zealand Workplace Diversity Survey typically showed that organisations had a formal policy or initiative in place to address only a few of the most prevalent diversity, equity and inclusion issues, such as harassment or sexuality. In 2023, the survey showed that over a third of organisations had a DEI strategy or plan in place, or a DEI committee or working group to address a wide range of related issues.
More focus on women and diversity in finance
It wasn’t so long ago that women in New Zealand were second-class citizens in terms of controlling their own financial destinies.
“As recently as the 1980s, women struggled to take out a loan or have a credit card in their own name without a male family member agreeing to co-sign,” says Nicole Ferguson, national director at Loan Market.
Fast-forward to post-pandemic society, and women are not only better enfranchised when it comes to taking charge of their financial futures but are also increasingly empowering others to achieve their goals through growing representation in the mortgage advising industry.
“We’ve come a long way in a short time … For both males and females in our industry, a huge opportunity lies in understanding and addressing the financial challenges and behaviours of women,” says Ferguson.
Women in mortgage advising are making significant strides in the industry, and yet challenges persist that are keeping the levels of female representation well below those of other professions such as accounting or law.
Building confidence, leveraging strengths and maintaining work-life balance are some of the challenges women in financial advice face in striving to meet their full potential. But as the role of mortgage advisers in the lending economy grows overall, so, too, do the opportunities for women advisers.
Published 29 Jul 2024
Kiwi Adviser Network (KAN) was established in 2020 by business partners Chuck Slogrove and Ben Krebs, who have extensive experience in the financial advice and fintech industries. Acknowledging the extra burden of recent regulation and licensing changes, the pair were driven by a desire to provide mortgage advisers with a straightforward solution to help them run stronger, more compliant advice businesses. KAN provides advisers with high-quality technology, products, training and advice to unlock their time and help them achieve long-term business growth and success. The aggregator’s vision is to create mutual partnerships with brokers that provide real value and support.
Find out more
ANZ is Aotearoa New Zealand’s oldest bank, with origins stretching back to 1840. For over 180 years, ANZ has been supporting Kiwis with their financial goals. It employs around 8,000 staff and offers a full range of personal and business banking services, as well as digital banking channels. It has a banking relationship with nearly one in two New Zealanders. ANZ aspires to be a leader in supporting Aotearoa’s transition to a low-emissions, inclusive, climate-resilient economy. Through initiatives such as its volunteering programme, various sponsorships, Staff Foundation and Financial Wellbeing Programme, ANZ takes pride in making a major contribution to the communities it serves.
Find out more
Loan Market’s team of more than 178 advisers in New Zealand is part of a network of 2,000 advisers across Australasia. Securing over $350 million in home finance each month in New Zealand, our mortgage advisers have a deep understanding of the real estate market. With the largest panel of lenders in New Zealand, Loan Market advisers have access to a wide range of loans. In fact, it’s hard to imagine a loan we haven’t seen.
Find out more
“Mentoring is really around being available to help women, to be the supporter, to actually be their cheer squad, when potentially they may not have that cheer squad available to them”
Sarah Johnson,
Kiwi Adviser Network
“Organisations, educational institutions and advocacy groups have recognised the need to equip women with the knowledge and skills to navigate the world of finance”
Nicole Ferguson,
Loan Market
“To lift the number of women in our industry, we need to show women what is possible and create an environment that allows more women to reach leadership positions”
Hayley Burgess,
ANZ
“Without data, all we have is an opinion” is a quote often attributed to quality-control guru W. Edwards Deming. This insight frequently serves as the starting point for advocating social change and improving business practices – but in New Zealand, statistics on female representation in different business sectors can be haphazard.
Finding information about speciality professions such as mortgage advisers is even more difficult. A 2020 paper in the Australian Journal of Management estimated the proportion of females in the broader category of authorised financial advisers in New Zealand at 23.5%. The Financial Markets Authority estimated as of June 2021 that women made up around 28% of financial advisers. Both these figures included people who may be advising on managed funds, insurance products and KiwiSaver, or those products in addition to mortgages.
Taking into account equivalent data from across the Tasman that shows female representation in Australian mortgage broking at 26.9% last year, the consensus is that women make up around a quarter of all mortgage advisers in New Zealand – but more reliable local statistics are essential to provide a benchmark for measuring future progress.
Source: NZ Adviser
A gap in the data
How working styles impact
women’s advancement
Work from home
41%
Flexible
37%
Hybrid
36%
Office-based
33%
Company working style
Percentage
of senior management roles held
by women
Source: Grant Thornton Women in Business 2024 report
Sarah Johnson
Kiwi Adviser Network
Nicole Ferguson
Loan Market
Hayley Burgess
ANZ
Industry experts
Women in mortgage advice are moving on up, with a growing number pushing for change and higher levels of representation by tackling pay gaps, building confidence and strengthening support networks
Women in mortgage advising on the move
More
In Partnership with
Share
Sarah Johnson is the general manager of leading New Zealand mortgage aggregator the Kiwi Adviser Network. A highly experienced senior executive in the mortgage and finance industry, she has worked in various BDM, management and sales support roles for almost 30 years. Johnson has been focused on the broker space since 2000, when she helped set up the Westpac Broker Channel before moving into a new role in 2004, assisting mortgage advisers to grow their businesses. As the general manager of KAN, she assists in setting the strategy for the team and is passionate about supporting KAN’s extensive network of mortgage advisers to achieve their full potential.
Kiwi Adviser Network
Sarah Johnson
Nicole Ferguson is an advocate for advisers and a proven leader at Loan Market. She brings a deep understanding of tech, innovation and process improvement, as well as a strong track record of helping businesses grow, thanks to her understanding of adviser challenges and her ability to transform them into solutions. Prior to making the move to New Zealand as national director of Loan Market, Ferguson was general manager, broker solutions at LMG, where she bridged the gap between advisers, technology and the corporate team to ensure the group’s tech, products and services evolved with the needs of its network. She also led Loan Market Victoria and Tasmania, Australia’s largest network, for three years as state director.
Loan Market
Nicole Ferguson
Hayley Burgess was recently appointed as head of mortgage adviser distribution at ANZ, leading the bank’s highly valued adviser network. Her focus is on building strong relationships with advisers to support Kiwis on their homeownership journey. In her 19 years at ANZ, Burgess has gained extensive experience in a variety of roles across banking products, credit delivery and relationship management. As a leader, she’s passionate about creating a positive environment for her team, to empower them to reach their goals. Outside of work, she’s married and is a mother of two school-aged children (who keep her on her toes!).
ANZ
Hayley Burgess
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CA
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Copyright © 1996-2024 KM Business Information NZ
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Perhaps one reason that women excel at mortgage advising is the inherent focus on people that is built into the industry.
“Mortgage advisers play a key role as educators in the industry … they are confidants, trusted and well respected,” says Ferguson.
Changes in the overall industry are also opening doors for women to be trusted advisers, she explains. “With more and more banks closing their doors and pulling out of regional locations, plus the rise of digital, the traditional bank manager has disappeared, leaving a huge void. Advisers are filling that gap.”
Advisers are deeply involved in their communities because of the need to stay abreast of local property market and business trading conditions – not to mention being local business owners themselves.
A natural aptitude for networking is another skill many women possess. The rise of digital tools and platforms has democratised access to information and resources, enabling women to establish and grow their advisory businesses more easily.
“We often end up building a lot of very long-term clients … we truly have their best interests at heart, and I think that’s an invaluable skill that we have to be able to actually build those sorts of networks,” says Johnson.
The increasing emphasis on customer-centric services and personalised financial advice plays to the strengths of many women, who often excel at building strong client relationships and providing empathetic, tailored advice.
“Some of the top advisers in this business are women ... I’m seeing a lot more women building teams. Their wealth is coming because of diversification, because of sharing, and this gives them a far larger revenue stream and a bigger share of the market,” says Johnson.
Leadership styles and strategies play a crucial role in overcoming challenges and seizing opportunities. Women leaders in the industry often adopt collaborative and inclusive approaches, which can drive innovation and improve team performance. Many are heavily invested in the success of the people who report to them.
“I’ve been privileged to help shape many people’s careers, and I take that responsibility seriously,” says Burgess. “Seeing the team succeed really drives me and is a huge part of why I’m so passionate about what I do every day.
“In my view, to lift the number of women in our industry we need to show women what is possible and create an environment that allows more women to reach leadership positions. We need to spotlight the many successful women in our industry and showcase what a fantastic career it can provide, as well as protect the pipeline of future leaders.”
The human side of mortgage advising
Skills learnt from busy personal lives can be applied in the business world, for example. “We’re a lot quicker to make decisions because we just don’t often have the luxury of time,” she says. “We have an ability to prioritise, to move forward and get things done. I think women should not underestimate the fact they can bring a lot of what they do at home to work and just apply it in a different way.”
A study comparing the leadership ratings of women and men before and after COVID found that women were rated better during both time periods, but the gap increased during and after COVID, indicating that women leaders tend to perform better in a crisis. The competencies that women excel at leveraging during a crisis include taking initiative, building relationships, communicating powerfully and prolifically, and displaying high integrity and honesty.
Work-life balance is considered more important than salary in recent surveys, and women’s careers stand to benefit the most from more flexible arrangements. The Grant Thornton Women in Business 2024 report found that in businesses adopting flexible or hybrid models of working, there were higher levels of women in senior management. With completely home-based working, the proportion was even higher, at 41%.
The report notes that recent back-to-the-office initiatives have the potential to undo some of this progress. It found that businesses in which workers were primarily office-based were the only ones where the percentage of women in senior management roles had dropped below the global benchmark. “With two children at primary school, and working full-time, work-life balance is important,” says Burgess. “ANZ has been incredibly supportive of flexible working, which gives me the opportunity to be present for my children and have a career that I love.”
Many women shoulder family commitments – tasks that sometimes conflict with traditional working hours.
“The problem most of us have is balancing,” says Johnson. “I’m a working mother, I’m a working wife, but I’ve also got a job and a career, and there needs to be that ying-yang somewhere in your life to help support you through that.”
This is where corporate and policy measures can make a significant difference in such areas as flexible working and parental leave. Crayon’s State of Parental Leave in New Zealand 2023 report found that while nine in 10 employers are offering at least some primary carer leave and paid partner leave above the statutory entitlements, these entitlements are in the bottom quartile among developed nations in terms of generosity. Data from 226 employers showed that the average amount of paid leave offered by employers is 11 weeks on full pay and 21 weeks with top-ups.
“I know from speaking with other women [that] getting the right balance can be challenging at times. Seeing and hearing the stories of other women and how they define what success means for them – often balanced around family – alongside initiatives in the workplace like flexible work arrangements, can make a huge difference in helping women thrive,” says Burgess.
ANZ makes top-up payments for 26 weeks to eligible employees of an amount equal to the difference between their ordinary salary and the amount paid to them by the Inland Revenue Department under the government’s parental leave payment scheme. It also allows eligible employees to accrue annual leave during parental leave and provides employees who are due to become a parent with two weeks of paid family leave, whether they are the primary carer or not.
“I believe creating a positive and encouraging environment is critical in helping my team reach their goals, both professionally and personally. Every day, I strive to be authentic, empathetic and supportive, giving the team a safe space to be themselves and to challenge the status quo,” says Burgess.
Finding ways to balance the load
Women tend to have a number of built-in characteristics and innate strengths that lend themselves well to mortgage advising.
“[Because of] the empathy that a lot of us have through life experiences ... of balancing things ... we genuinely are able to connect a lot closer to our clients,” says Johnson. [We understand] managing teams and understand the ebbs and flows that people have.”
Building on innate strengths
A lack of confidence is something that Sarah Johnson, general manager of mortgage aggregator Kiwi Adviser Network, says is common due to a tendency to be overly self-critical.
“One of the things that gave me confidence was watching and listening to other people who had done it, and [hearing them say] it’s OK to feel that way. You do need to back yourself, but it’s also good if you can share it with somebody … so you’re a little bit prepared for what’s going to come up against you, and you have tools in your toolkit to help you so that you’re confident,” she says.
Indeed, a long history of evidence shows there are many reasons why confidence should be higher. The Diversity Matters report by McKinsey has been following the relative performance of thousands of firms, including some in New Zealand, since 2014 to measure the relationship between diversity and performance.
Its latest version released in December – and the first since COVID – shows that as more women have been appointed to boards over the years, and the world has lurched from one crisis to another, the likelihood of financial outperformance of companies in the top quartile of female representation has grown to a whopping 39% higher than that of their bottom-quartile peers with fewer women on the board. Put simply, firms with lower diversity on their boards are relatively poor financial performers – and old-school thinking during a crisis is often detrimental.
“We know from research done by ANZ to understand some of the things that hold women back that having strong support networks, being encouraged and championing women makes a huge difference,” says Burgess.
ANZ’s Watch Women Win initiative aims to showcase women succeeding in their chosen fields and inspire others to do the same.
“The biggest step is actually backing yourself,” says Johnson. “You’ve just got to be prepared that you’re going to make mistakes – that’s cool, that’s okay … just as long as you don’t make the same mistake twice. I had a mantra that I said to myself when I decided that I wanted to move forward that I still say to this day – ‘if it’s meant to be, it’s up to me’.”
Encouraging confidence
Seeking mentorship from experienced professionals can help provide guidance and support, giving women the ability to weather the early stages of their careers.
Johnson sees mentoring as playing an important role in expanding the footprint of women in the industry.
“Mentoring is really around being available to help women, to be the supporter, to actually be their cheer squad, when potentially they may not have that cheer squad available to them,” she says.
Loan Market, for example, has transplanted its successful Leading Ladies program from Australia to New Zealand to help progressive female business entrepreneurs elevate their leadership capabilities, enhance their business performance and support each other.
“Our Leading Ladies community is proof that mentoring works,” says Ferguson. “When you have a room full of like-minded professional women networking and knowledge-sharing the energy is electric.
“Mentoring and supporting women in our sector can aid in their professional development, help build their confidence and guide them through challenges.”
The importance of mentors
Many companies are proactive in trying to lift the number of women in financial advice as well as in leadership positions in the industry. Prominent firms have developed mentorship programmes, flexible working conditions and comprehensive training programmes tailored for women, allowing them to excel in their roles.
“Organisations, educational institutions and advocacy groups have recognised the need to equip women with the knowledge and skills to navigate the world of finance,” Ferguson says. “This movement is empowering women to confront stereotypes and societal norms as more venture into careers in the finance industry.”
These initiatives have helped change the face of mortgage advising, with many women climbing the ranks to hold senior positions and lead successful teams.
“There has been huge progress made towards fostering a workplace and culture that supports and promotes women at ANZ,” says Hayley Burgess, ANZ’s head of mortgage adviser distribution. “Things like flexible working options and gender-balanced recruitment processes really help make a workplace more inclusive.”
Before the pandemic, the New Zealand Workplace Diversity Survey typically showed that organisations had a formal policy or initiative in place to address only a few of the most prevalent diversity, equity and inclusion issues, such as harassment or sexuality. In 2023, the survey showed that over a third of organisations had a DEI strategy or plan in place, or a DEI committee or working group to address a wide range of related issues.
More focus on women and diversity in finance
It wasn’t so long ago that women in New Zealand were second-class citizens in terms of controlling their own financial destinies.
“As recently as the 1980s, women struggled to take out a loan or have a credit card in their own name without a male family member agreeing to co-sign,” says Nicole Ferguson, national director at Loan Market.
Fast-forward to post-pandemic society, and women are not only better enfranchised when it comes to taking charge of their financial futures but are also increasingly empowering others to achieve their goals through growing representation in the mortgage advising industry.
“We’ve come a long way in a short time … For both males and females in our industry, a huge opportunity lies in understanding and addressing the financial challenges and behaviours of women,” says Ferguson.
Women in mortgage advising are making significant strides in the industry, and yet challenges persist that are keeping the levels of female representation well below those of other professions such as accounting or law.
Building confidence, leveraging strengths and maintaining work-life balance are some of the challenges women in financial advice face in striving to meet their full potential. But as the role of mortgage advisers in the lending economy grows overall, so, too, do the opportunities for women advisers.
Published 29 Jul 2024
Kiwi Adviser Network (KAN) was established in 2020 by business partners Chuck Slogrove and Ben Krebs, who have extensive experience in the financial advice and fintech industries. Acknowledging the extra burden of recent regulation and licensing changes, the pair were driven by a desire to provide mortgage advisers with a straightforward solution to help them run stronger, more compliant advice businesses. KAN provides advisers with high-quality technology, products, training and advice to unlock their time and help them achieve long-term business growth and success. The aggregator’s vision is to create mutual partnerships with brokers that provide real value and support.
Find out more
ANZ is Aotearoa New Zealand’s oldest bank, with origins stretching back to 1840. For over 180 years, ANZ has been supporting Kiwis with their financial goals. It employs around 8,000 staff and offers a full range of personal and business banking services, as well as digital banking channels. It has a banking relationship with nearly one in two New Zealanders. ANZ aspires to be a leader in supporting Aotearoa’s transition to a low-emissions, inclusive, climate-resilient economy. Through initiatives such as its volunteering programme, various sponsorships, Staff Foundation and Financial Wellbeing Programme, ANZ takes pride in making a major contribution to the communities it serves.
Find out more
Loan Market’s team of more than 178 advisers in New Zealand is part of a network of 2,000 advisers across Australasia. Securing over $350 million in home finance each month in New Zealand, our mortgage advisers have a deep understanding of the real estate market. With the largest panel of lenders in New Zealand, Loan Market advisers have access to a wide range of loans. In fact, it’s hard to imagine a loan we haven’t seen.
Find out more
“Mentoring is really around being available to help women, to be the supporter, to actually be their cheer squad, when potentially they may not have that cheer squad available to them”
Sarah Johnson,
Kiwi Adviser Network
“Organisations, educational institutions and advocacy groups have recognised the need to equip women with the knowledge and skills to navigate the world of finance”
Nicole Ferguson,
Loan Market
“To lift the number of women in our industry, we need to show women what is possible and create an environment that allows more women to reach leadership positions”
Hayley Burgess,
ANZ
“Without data, all we have is an opinion” is a quote often attributed to quality-control guru W. Edwards Deming. This insight frequently serves as the starting point for advocating social change and improving business practices – but in New Zealand, statistics on female representation in different business sectors can be haphazard.
Finding information about speciality professions such as mortgage advisers is even more difficult. A 2020 paper in the Australian Journal of Management estimated the proportion of females in the broader category of authorised financial advisers in New Zealand at 23.5%. The Financial Markets Authority estimated as of June 2021 that women made up around 28% of financial advisers. Both these figures included people who may be advising on managed funds, insurance products and KiwiSaver, or those products in addition to mortgages.
A gap in the data
Taking into account equivalent data from across the Tasman that shows female representation in Australian mortgage broking at 26.9% last year, the consensus is that women make up around a quarter of all mortgage advisers in New Zealand – but more reliable local statistics are essential to provide a benchmark for measuring future progress.
Source: NZ Adviser
How working styles impact
women’s advancement
Work from home
41%
Flexible
37%
Hybrid
36%
Office-based
33%
Company working style
Percentage
of senior management roles held
by women
Source: Grant Thornton Women in Business 2024 report
Sarah Johnson
Kiwi Adviser Network
Nicole Ferguson
Loan Market
Hayley Burgess
ANZ
Industry experts
More
Women in mortgage advice are moving on up, with a growing number pushing for change and higher levels of representation by tackling pay gaps, building confidence and strengthening support networks
Women in mortgage advising on the move
In Partnership with
Share
News
MORTGAGE INDUSTRY
BEST IN MORTGAGE
SPECIALTY
TV
Resources
US
CA
AU
NZ
UK
Sarah Johnson is the general manager of leading New Zealand mortgage aggregator the Kiwi Adviser Network. A highly experienced senior executive in the mortgage and finance industry, she has worked in various BDM, management and sales support roles for almost 30 years. Johnson has been focused on the broker space since 2000, when she helped set up the Westpac Broker Channel before moving into a new role in 2004, assisting mortgage advisers to grow their businesses. As the general manager of KAN, she assists in setting the strategy for the team and is passionate about supporting KAN’s extensive network of mortgage advisers to achieve their full potential.
Kiwi Adviser Network
Sarah Johnson
Nicole Ferguson is an advocate for advisers and a proven leader at Loan Market. She brings a deep understanding of tech, innovation and process improvement, as well as a strong track record of helping businesses grow, thanks to her understanding of adviser challenges and her ability to transform them into solutions. Prior to making the move to New Zealand as national director of Loan Market, Ferguson was general manager, broker solutions at LMG, where she bridged the gap between advisers, technology and the corporate team to ensure the group’s tech, products and services evolved with the needs of its network. She also led Loan Market Victoria & Tasmania, Australia’s largest network, for three years as state director.
Loan Market
Nicole Ferguson
Hayley Burgess was recently appointed as head of mortgage adviser distribution at ANZ, leading the bank’s highly valued adviser network. Her focus is on building strong relationships with advisers to support Kiwis on their homeownership journey. In her 19 years at ANZ, Burgess has gained extensive experience in a variety of roles across banking products, credit delivery and relationship management. As a leader, she’s passionate about creating a positive environment for her team, to empower them to reach their goals. Outside of work, she’s married and is a mother of two school-aged children (who keep her on her toes!).
ANZ
Hayley Burgess
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Perhaps one reason that women excel at mortgage advising is the inherent focus on people that is built into the industry.
“Mortgage advisers play a key role as educators in the industry … they are confidants, trusted and well respected,” says Ferguson.
Changes in the overall industry are also opening doors for women to be trusted advisers, she explains. “With more and more banks closing their doors and pulling out of regional locations, plus the rise of digital, the traditional bank manager has disappeared, leaving a huge void. Advisers are filling that gap.”
Advisers are deeply involved in their communities because of the need to stay abreast of local property market and business trading conditions – not to mention being local business owners themselves.
A natural aptitude for networking is another skill many women possess. The rise of digital tools and platforms has democratised access to information and resources, enabling women to establish and grow their advisory businesses more easily.
“We often end up building a lot of very long-term clients … we truly have their best interests at heart, and I think that’s an invaluable skill that we have to be able to actually build those sorts of networks,” says Johnson.
The increasing emphasis on customer-centric services and personalised financial advice plays to the strengths of many women, who often excel at building strong client relationships and providing empathetic, tailored advice.
“Some of the top advisers in this business are women ... I’m seeing a lot more women building teams. Their wealth is coming because of diversification, because of sharing, and this gives them a far larger revenue stream and a bigger share of the market,” says Johnson.
Leadership styles and strategies play a crucial role in overcoming challenges and seizing opportunities. Women leaders in the industry often adopt collaborative and inclusive approaches, which can drive innovation and improve team performance. Many are heavily invested in the success of the people who report to them.
“I’ve been privileged to help shape many people’s careers, and I take that responsibility seriously,” says Burgess. “Seeing the team succeed really drives me and is a huge part of why I’m so passionate about what I do every day.
“In my view, to lift the number of women in our industry we need to show women what is possible and create an environment that allows more women to reach leadership positions. We need to spotlight the many successful women in our industry and showcase what a fantastic career it can provide, as well as protect the pipeline of future leaders.”
The human side of mortgage advising
Skills learnt from busy personal lives can be applied in the business world, for example. “We’re a lot quicker to make decisions because we just don’t often have the luxury of time,” she says. “We have an ability to prioritise, to move forward and get things done. I think women should not underestimate the fact they can bring a lot of what they do at home to work and just apply it in a different way.”
A study comparing the leadership ratings of women and men before and after COVID found that women were rated better during both time periods, but the gap increased during and after COVID, indicating that women leaders tend to perform better in a crisis. The competencies that women excel at leveraging during a crisis include taking initiative, building relationships, communicating powerfully and prolifically, and displaying high integrity and honesty.
Work-life balance is considered more important than salary in recent surveys, and women’s careers stand to benefit the most from more flexible arrangements. The Grant Thornton Women in Business 2024 report found that in businesses adopting flexible or hybrid models of working, there were higher levels of women in senior management. With completely home-based working, the proportion was even higher, at 41%.
The report notes that recent back-to-the-office initiatives have the potential to undo some of this progress. It found that businesses in which workers were primarily office-based were the only ones where the percentage of women in senior management roles had dropped below the global benchmark. “With two children at primary school, and working full-time, work-life balance is important,” says Burgess. “ANZ has been incredibly supportive of flexible working, which gives me the opportunity to be present for my children and have a career that I love.”
Many women shoulder family commitments – tasks that sometimes conflict with traditional working hours.
“The problem most of us have is balancing,” says Johnson. “I’m a working mother, I’m a working wife, but I’ve also got a job and a career, and there needs to be that ying-yang somewhere in your life to help support you through that.”
This is where corporate and policy measures can make a significant difference in such areas as flexible working and parental leave. Crayon’s State of Parental Leave in New Zealand 2023 report found that while nine in 10 employers are offering at least some primary carer leave and paid partner leave above the statutory entitlements, these entitlements are in the bottom quartile among developed nations in terms of generosity. Data from 226 employers showed that the average amount of paid leave offered by employers is 11 weeks on full pay and 21 weeks with top-ups.
“I know from speaking with other women [that] getting the right balance can be challenging at times. Seeing and hearing the stories of other women and how they define what success means for them – often balanced around family – alongside initiatives in the workplace like flexible work arrangements, can make a huge difference in helping women thrive,” says Burgess.
ANZ makes top-up payments for 26 weeks to eligible employees of an amount equal to the difference between their ordinary salary and the amount paid to them by the Inland Revenue Department under the government’s parental leave payment scheme. It also allows eligible employees to accrue annual leave during parental leave and provides employees who are due to become a parent with two weeks of paid family leave, whether they are the primary carer or not.
“I believe creating a positive and encouraging environment is critical in helping my team reach their goals, both professionally and personally. Every day, I strive to be authentic, empathetic and supportive, giving the team a safe space to be themselves and to challenge the status quo,” says Burgess.
Finding ways to balance the load
Women tend to have a number of built-in characteristics and innate strengths that lend themselves well to mortgage advising.
“[Because of] the empathy that a lot of us have through life experiences ... of balancing things ... we genuinely are able to connect a lot closer to our clients,” says Johnson. [We understand] managing teams and understand the ebbs and flows that people have.”
Building on innate strengths
A lack of confidence is something that Sarah Johnson, general manager of mortgage aggregator Kiwi Adviser Network, says is common due to a tendency to be overly self-critical.
“One of the things that gave me confidence was watching and listening to other people who had done it, and [hearing them say] it’s OK to feel that way. You do need to back yourself, but it’s also good if you can share it with somebody … so you’re a little bit prepared for what’s going to come up against you, and you have tools in your toolkit to help you so that you’re confident,” she says.
Indeed, a long history of evidence shows there are many reasons why confidence should be higher. The Diversity Matters report by McKinsey has been following the relative performance of thousands of firms, including some in New Zealand, since 2014 to measure the relationship between diversity and performance.
Its latest version released in December – and the first since COVID – shows that as more women have been appointed to boards over the years, and the world has lurched from one crisis to another, the likelihood of financial outperformance of companies in the top quartile of female representation has grown to a whopping 39% higher than that of their bottom-quartile peers with fewer women on the board. Put simply, firms with lower diversity on their boards are relatively poor financial performers – and old-school thinking during a crisis is often detrimental.
“We know from research done by ANZ to understand some of the things that hold women back that having strong support networks, being encouraged and championing women makes a huge difference,” says Burgess.
ANZ’s Watch Women Win initiative aims to showcase women succeeding in their chosen fields and inspire others to do the same.
“The biggest step is actually backing yourself,” says Johnson. “You’ve just got to be prepared that you’re going to make mistakes – that’s cool, that’s okay … just as long as you don’t make the same mistake twice. I had a mantra that I said to myself when I decided that I wanted to move forward that I still say to this day – ‘if it’s meant to be, it’s up to me’.”
Encouraging confidence
Seeking mentorship from experienced professionals can help provide guidance and support, giving women the ability to weather the early stages of their careers.
Johnson sees mentoring as playing an important role in expanding the footprint of women in the industry.
“Mentoring is really around being available to help women, to be the supporter, to actually be their cheer squad, when potentially they may not have that cheer squad available to them,” she says.
Loan Market, for example, has transplanted its successful Leading Ladies program from Australia to New Zealand to help progressive female business entrepreneurs elevate their leadership capabilities, enhance their business performance and support each other.
“Our Leading Ladies community is proof that mentoring works,” says Ferguson. “When you have a room full of like-minded professional women networking and knowledge-sharing the energy is electric.
“Mentoring and supporting women in our sector can aid in their professional development, help build their confidence and guide them through challenges.”
The importance of mentors
Many companies are proactive in trying to lift the number of women in financial advice as well as in leadership positions in the industry. Prominent firms have developed mentorship programmes, flexible working conditions and comprehensive training programmes tailored for women, allowing them to excel in their roles.
“Organisations, educational institutions and advocacy groups have recognised the need to equip women with the knowledge and skills to navigate the world of finance,” Ferguson says. “This movement is empowering women to confront stereotypes and societal norms as more venture into careers in the finance industry.”
These initiatives have helped change the face of mortgage advising, with many women climbing the ranks to hold senior positions and lead successful teams.
“There has been huge progress made towards fostering a workplace and culture that supports and promotes women at ANZ,” says Hayley Burgess, ANZ’s head of mortgage adviser distribution. “Things like flexible working options and gender-balanced recruitment processes really help make a workplace more inclusive.”
Before the pandemic, the New Zealand Workplace Diversity Survey typically showed that organisations had a formal policy or initiative in place to address only a few of the most prevalent diversity, equity and inclusion issues, such as harassment or sexuality. In 2023, the survey showed that over a third of organisations had a DEI strategy or plan in place, or a DEI committee or working group to address a wide range of related issues.
More focus on women and diversity in finance
It wasn’t so long ago that women in New Zealand were second-class citizens in terms of controlling their own financial destinies.
“As recently as the 1980s, women struggled to take out a loan or have a credit card in their own name without a male family member agreeing to co-sign,” says Nicole Ferguson, national director at Loan Market.
Fast-forward to post-pandemic society, and women are not only better enfranchised when it comes to taking charge of their financial futures but are also increasingly empowering others to achieve their goals through growing representation in the mortgage advising industry.
“We’ve come a long way in a short time … For both males and females in our industry, a huge opportunity lies in understanding and addressing the financial challenges and behaviours of women,” says Ferguson.
Women in mortgage advising are making significant strides in the industry, and yet challenges persist that are keeping the levels of female representation well below those of other professions such as accounting or law.
Building confidence, leveraging strengths and maintaining work-life balance are some of the challenges women in financial advice face in striving to meet their full potential. But as the role of mortgage advisers in the lending economy grows overall, so, too, do the opportunities for women advisers.
Published 29 Jul 2024
Kiwi Adviser Network (KAN) was established in 2020 by business partners Chuck Slogrove and Ben Krebs, who have extensive experience in the financial advice and fintech industries. Acknowledging the extra burden of recent regulation and licensing changes, the pair were driven by a desire to provide mortgage advisers with a straightforward solution to help them run stronger, more compliant advice businesses. KAN provides advisers with high-quality technology, products, training and advice to unlock their time and help them achieve long-term business growth and success. The aggregator’s vision is to create mutual partnerships with brokers that provide real value and support.
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ANZ is Aotearoa New Zealand’s oldest bank, with origins stretching back to 1840. For over 180 years, ANZ has been supporting Kiwis with their financial goals. It employs around 8,000 staff and offers a full range of personal and business banking services, as well as digital banking channels. It has a banking relationship with nearly one in two New Zealanders. ANZ aspires to be a leader in supporting Aotearoa’s transition to a low-emissions, inclusive, climate-resilient economy. Through initiatives such as its volunteering programme, various sponsorships, Staff Foundation and Financial Wellbeing Programme, ANZ takes pride in making a major contribution to the communities it serves.
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Loan Market’s team of more than 178 advisers in New Zealand is part of a network of 2,000 advisers across Australasia. Securing over $350 million in home finance each month in New Zealand, our mortgage advisers have a deep understanding of the real estate market. With the largest panel of lenders in New Zealand, Loan Market advisers have access to a wide range of loans. In fact, it’s hard to imagine a loan we haven’t seen.
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“Mentoring is really around being available to help women, to be the supporter, to actually be their cheer squad, when potentially they may not have that cheer squad available to them”
Sarah Johnson,
Kiwi Adviser Network
“Organisations, educational institutions and advocacy groups have recognised the need to equip women with the knowledge and skills to navigate the world of finance”
Nicole Ferguson,
Loan Market
“To lift the number of women in our industry, we need to show women what is possible and create an environment that allows more women to reach leadership positions”
Hayley Burgess,
ANZ
How working styles impact
women’s advancement
Work from home
41%
Flexible
37%
Hybrid
36%
Office-based
33%
Company working style
Percentage
of senior management roles held
by women
Source: Grant Thornton Women in Business 2024 report
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“Without data, all we have is an opinion” is a quote often attributed to quality-control guru W. Edwards Deming. This insight frequently serves as the starting point for advocating social change and improving business practices – but in New Zealand, statistics on female representation in different business sectors can be haphazard.
Finding information about speciality professions such as mortgage advisers is even more difficult. A 2020 paper in the Australian Journal of Management estimated the proportion of females in the broader category of authorised financial advisers in New Zealand at 23.5%. The Financial Markets Authority estimated as of June 2021 that women made up around 28% of financial advisers. Both these figures included people who may be advising on managed funds, insurance products and KiwiSaver, or those products in addition to mortgages.
A gap in the data
Taking into account equivalent data from across the Tasman that shows female representation in Australian mortgage broking at 26.9% last year, the consensus is that women make up around a quarter of all mortgage advisers in New Zealand – but more reliable local statistics are essential to provide a benchmark for measuring future progress.
Source: NZ Adviser
Sarah Johnson
Kiwi Adviser Network
Nicole Ferguson
Loan Market
Hayley Burgess
ANZ
Industry experts
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Sarah Johnson is the general manager of leading New Zealand mortgage aggregator the Kiwi Adviser Network. A highly experienced senior executive in the mortgage and finance industry, she has worked in various BDM, management and sales support roles for almost 30 years. Johnson has been focused on the broker space since 2000, when she helped set up the Westpac Broker Channel before moving into a new role in 2004, assisting mortgage advisers to grow their businesses. As the general manager of KAN, she assists in setting the strategy for the team and is passionate about supporting KAN’s extensive network of mortgage advisers to achieve their full potential.
Kiwi Adviser Network
Sarah Johnson
Nicole Ferguson is an advocate for advisers and a proven leader at Loan Market. She brings a deep understanding of tech, innovation and process improvement, as well as a strong track record of helping businesses grow, thanks to her understanding of adviser challenges and her ability to transform them into solutions. Prior to making the move to New Zealand as national director of Loan Market, Ferguson was general manager, broker solutions at LMG, where she bridged the gap between advisers, technology and the corporate team to ensure the group’s tech, products and services evolved with the needs of its network. She also led Loan Market Victoria & Tasmania, Australia’s largest network, for three years as state director.
Loan Market
Nicole Ferguson
Hayley Burgess was recently appointed as head of mortgage adviser distribution at ANZ, leading the bank’s highly valued adviser network. Her focus is on building strong relationships with advisers to support Kiwis on their homeownership journey. In her 19 years at ANZ, Burgess has gained extensive experience in a variety of roles across banking products, credit delivery and relationship management. As a leader, she’s passionate about creating a positive environment for her team, to empower them to reach their goals. Outside of work, she’s married and is a mother of two school-aged children (who keep her on her toes!).
ANZ
Hayley Burgess