FBAA's Joanna James Advocates Business Training for Women

Empowering women in the financial sector through business training is a pivotal step toward bridging gender gaps and fostering inclusive workplaces. Joanna James, the incoming Chief Development Officer at the Finance Brokers Association of Australia (FBAA), highlights the importance of providing women with opportunities to thrive in the finance industry, particularly in entrepreneurial roles. While there are numerous professional development programs focused on technical skills in financial services, programs catering to business owners are relatively scarce.

James suggests that women could explore careers as mortgage brokers within large brokerages or consider roles as business development managers at lenders. These roles not only offer women the chance to build their businesses but also provide flexibility, making them suitable options for individuals entering motherhood.

One notable aspect of becoming a mortgage broker is its cost-effectiveness and inherent equality. Compensation in this field is primarily commission-based, meaning that everyone receives payments based on their performance, regardless of gender or background. Joanna James describes this business model as "fabulous" because it provides a level playing field for both men and women.

However, it is essential to recognize that business ownership demands a unique skill set beyond technical proficiency. According to James, there is an education and training gap in preparing entrepreneurs for the various challenges they may encounter.

While the financial sector offers technical education, mentoring programs, and professional development events, there remains a practical gap when it comes to preparing individuals to be hands-on business owners. The transition from understanding technical aspects to making daily business decisions is often fraught with uncertainty.

Issues encompassed by this gap include financial literacy, cash flow forecasting, employment law changes, compliance management, data security, and the shift from being a sole operator to managing a team. These issues present a real-world contrast to the theoretical knowledge offered by many training programs.

Joanna James, along with a panel of speakers, will delve into these challenges at the Women in Finance Summit. They will explore support systems and strategies to help businesswomen thrive in the financial services industry.

Recognizing the need to support female business leaders, Joanna James is actively involved in the women's community group of Artemis Space, a program delivered by the FBAA. This group provides a platform for candid discussions addressing the challenges women face in the broking industry. It aims to find solutions through forums on specific areas of upskilling.

The program covers topics such as year-end financial considerations, communication mastery, networking, and soft skills development. Furthermore, it delves into the essential aspects of self-advocacy and self-confidence, empowering women to put themselves forward for new roles or training programs.

To further bolster self-advocacy and skill-building, the Artemis Space initiative has collaborated with mentoring program provider Rare Birds. This partnership has led to a program in which women receive subsidies to participate in mentoring programs. The mentors provided are seasoned business leaders from outside their industry, offering fresh perspectives on navigating the challenges of entrepreneurship.

Ultimately, the goal is to empower women in the financial sector by equipping them with the necessary skills and confidence to excel as business owners and leaders. The financial services industry can benefit significantly from a more inclusive workforce where women are enabled to reach their full potential. With training programs that address the practical aspects of entrepreneurship, women can seize the opportunities available to them and contribute to a more diverse and dynamic financial landscape.

The Women in Finance Summit, to be held on November 10, 2023, offers a platform to delve deeper into these important issues and share insights on creating an inclusive financial industry that empowers women.