Five women in risk advice have been selected as recipients of the 2024 ReCALIbrate grants, an initiative run by the Council of Australian Life Insurers (CALI) to promote diversity in the life insurance sector.
Each year, the ReCALIbrate program awards $2,000 to five advisers to support their attendance at the Financial Advice Association Australia (FAAA) Congress.
This year’s recipients are:
CALI CEO Christine Cupitt emphasised the importance of women in financial advice.
“Each of these incredible women has a unique story to tell, and through their work, they provide essential peace of mind for people, especially other women, during life’s biggest challenges,” she said.
One of the recipients, Nicole Bendeich, a financial adviser and member of the Wiradjuri community, spoke about how the grant will help women prioritise their professional growth.
“Balancing family life or a business can make it difficult for women to prioritise their own growth, yet it is essential, not only for us but also for our clients and the advice profession as a whole,” she said.
The grants will help cover expenses for attending the FAAA Congress in Brisbane, a three-day event where advisers will exchange ideas and gain industry insights.
This year’s event, themed “Power Up,” is a central gathering for professionals in the financial advice sector.
The program also pairs recipients with senior women in the industry, providing a mentorship platform to foster career development.
FAAA CEO Sarah Abood acknowledged the importance of the program in supporting female professionals and addressing the decline in financial advisers across Australia.
“We once again applaud CALI’s ReCALIbrate initiative to foster the next generation of women in financial advice and to help address the decreasing number of financial advisers in Australia,” she said.
The grants are part of a broader effort to address challenges facing the financial advice sector, particularly the underrepresentation of women, younger adults, and mid-career professionals in financial planning and risk advice.
A recent report by CALI, titled “State of Australia’s Safety Net,” revealed that these groups often face significant financial stress, exacerbated by the rising cost of living and mental health concerns.
The report, based on a survey of more than 5,000 workers, found that two-thirds of Australians are worried that increasing costs could impact their ability to afford life insurance.
Mental health pressures also contribute to financial instability, with insurers playing a growing role in providing support for mental health-related issues. Life insurers are now the second-largest provider of financial assistance for mental health concerns, after the federal government.
Despite the availability of life insurance, the report found that nearly 90% of Australians believe it is essential to have financial support for mental health-related work absences, but only a third would turn to their insurer for help, often seeking assistance from family, friends, or government support instead.
The report advocates for the approval of the second tranche of the Delivering Better Financial Outcomes bill, which would allow life insurers to offer direct, uncomplicated advice on their products.
