Kate's story
Kate Stephen, Chartered Financial Planner
What inspired you to follow a career in financial services, and how did you get started?
Academically, I’ve always been very maths- and science-orientated. I read Biochemistry at Oxford and then had no idea what to do next.
I followed my friends to London and took a role as a management accountant for Legal & General Investment Management because I felt it would use my entire skill set. I considered moving into a different type of accountancy, but I enjoyed the strategic aspect of the management side.
For the next three years, I studied for my Chartered qualification, which Legal & General provided full support for. I stayed in London for another six years, became a Chartered accountant and very quickly progressed to finance director.
At this point, I wanted a change, so I moved to Sydney, where I worked for the Commonwealth Bank of Australia. I started as a management accountant, and over eight years, I worked my way up through the ranks to become an executive manager.
During this time, I also had two children, and the bank was fantastically supportive, offering generous maternity leave and flexible working hours.
In 2017, I decided to move back to the UK. I was keen to find a family-friendly place outside of London, so we settled in Cornwall. That’s when I retrained as a financial adviser, and about three years ago, I joined Francis Clark Financial Planning.
The two big drivers for my move into financial planning were the flexibility it offers and the opportunity to meet and talk to clients, which is my favourite part of the job.
Have you had any role models or mentors who have helped your progress?
Definitely. In fact, I’ve been lucky to have several.
My first manager in London taught me how to delegate and trust in my team. She explained what needed doing and left me to figure out how to do it, while also being around to offer support if I needed it. This was a really important lesson, and it allowed me to build the confidence and skills I needed to progress.
My second manager at Legal & General taught me about process, being methodical and working my way through problems one step at a time. She was always looking for ways we could improve and make things more efficient, rather than doing things because ‘that’s what we’ve always done’.
Then in Australia, I had a manager who was exceptional at managing stakeholders and keeping people happy. I learned a lot from her. I was also inspired and motivated by my financial director. She was the only woman on the management team in a male-dominated investment management company, yet she had complete confidence and could really hold her own in this potentially intimidating environment.
I’ve never really seen gender as a barrier in my career, and on reflection, I think that’s in large part due to the strong female role models I’ve had.
What have been your most rewarding career moments so far?
Becoming a Chartered financial planner is the achievement I’m most proud of. I’d already achieved Chartered Accountant status and proved myself professionally by this point, but I did all that before I had children.
Transitioning into financial planning and passing my Chartered exams is my most rewarding career moment so far, because I did it alongside being a mum and settling back into life in the UK after years in Australia. Returning to studying after 10 years while juggling these responsibilities took a lot of self-discipline and hard work.
How has gender diversity changed in financial services during your career?
When I started working in financial planning, I went to a lot of professional events organised by the Chartered Insurance Institute (CII). The first time I attended, which was around seven years ago, there were only a handful of women in the room; the majority were 55- to 60-year-old men. Whereas now, it’s very different – there are a lot more women in attendance.
Francis Clark Financial Planning is a great example of how things have moved on. I think there are a lot more female advisers, planners and managers than there were even just seven years ago. There are two women on the management committee and several female Chartered financial planners.
The firm is very flexible and understanding about leave and working hours. It’s built a strong reputation as a great place to work for both men and women – my brother has worked here for 18 years!
What advice would you give to young women who are thinking about entering the profession?
It’s a brilliant profession to be in and you don’t need to worry about it not being flexible enough to fit around your life and other commitments.
In the past, the best jobs were very focused on the City and working long hours. However, it’s not like that anymore – Covid was a game changer. At Francis Clark Financial Planning, I manage my own calendar and fit everything else around that.
I also think it’s important that young women who are thinking about entering the profession understand what being a financial planner is really like.
Of course, there’s maths and finance involved, but a big part of my role is listening to clients’ concerns, showing empathy and reassuring them, which are key strengths for many women. I believe that my success is as much about my emotional intelligence as my academic knowledge and professional skills.
What’s more, there is a growing number of affluent women who need financial advice, and many of them prefer speaking to a female financial planner.
It’s a great career path for young women with a huge range of opportunities.
What are your long-term career goals?
I’m one exam away from becoming a Fellow, so in the short- to medium-term, that’s a big goal for me.
Otherwise, I’m always striving to be better at my job, keep enjoying it and feel positive about the work I do. I’ve hit my targets for the year, but I want to be a top performer, so I’m always looking for ways to improve and develop professionally.
For me, it’s all about wanting to go to work each day, and at Francis Clark Financial Planning, I do.