Number crunchers: a soft touch

Ruth Jackson-Smith, left, and Bridget Cummins from Craigs Investment Partners. Photo/George Novak

Finance is no longer purely the domain of men. Annemarie Quill this week talks to five local women clued up on facts and figures,with the experience and qualificationsto match Ruth Jackson-Smith (left) and Bridget Cummins from Craigs nvestment Partners.

Bridger Cummins and her colleague Ruth Jackson-Smith are the only two women in a team of 12 investment advisers at Craigs Investment Partners, sponsor of indulge Speaker Collective.

"We think finance is still a man's world," says Bridget. "However, it is changing. A study in 2013 found that of the 1895 Authorised Financial Advisers (AFAs) working in the industry in New Zealand, just under 23 per cent were women. At Craigs Investment Partners, we gave 17 offices nationwide and the number of female advisers has increased over the past two years and now around 20 per cent of AFAs are female.

We think businesses will have to diversify to meet the needs of a diverse, tech-savvy and evolving client base.

"Among the changes is that younger people prefer to have access to information through LinkedIn, Twitter and other social media. So we send blogs and tweets, alongside old- fashioned emails and face-to-face meetings."

1 Why did you choose this career and why Craigs?
"We both started our careers working in retail banking straight from secondary school; at Barclays Bank UK (Ruth) and at the Commonwealth Bank (Australia)," says Bridget. "Hence our careers have been focused on the finance sector - over the years through different roles, experiences and more study we have gained our AFA and NZX qualifications. Ruth is also a Certified Financial Planner. What we like about our role is that we get to build and manage relationships with lots of lovely people and help them achieve their financial goals. So it's mainly about the people, building long-term relationships and helping clients achieve their goals. However, the world revolves around finance and there's always something happening that makes our days busy.

2 What do you both specialise in?
"Being AFAs, we provide general and personalised advice for private clients - "mum and dad" investors and people who have family trusts, high net worth investors as well as large charitable organisations.

"This means we can help them determine how to invest their funds - either through buying shares and bonds directly; helping manage and monitor clients who want to build their investment portfolios or through savings schemes like KiwiSaver or our mySTART. There are many investment options and everybody has different reasons/objectives for investing."

3 Do female clients gravitate towards you? Do you think female clients like dealing with female advisers?
"We do think some female clients prefer dealing with female advisers as we are able to empathise with them. However, we have a very varied client base so it really comes down to being able to relate to and trust the person you are dealing with."

4 What would be your three tips to women in particular about finance/investment?
"Become financially literate - don't be daunted, investing is not rocket science! Attend seminars, read the newspapers and don't be afraid to ask questions. Get started - talk to an Authorised Financial Adviser to discuss your options. Diversify - don't put all your eggs in one basket."

5 And what three common mistakes do women make in this area?
"Not believing in themselves - research shows woman are often better investors than men! Leaving it to their partners/ husbands - always take an interest so that you know what is going on. Putting it in the "too hard" basket - the right investment adviser can guide you through the investing jargon."

If you'd like to hear more from Craig Investment Partners on how to better manage your finances, come along to the indulge Speaker Collective this October and also hear from Diane Maxwell, Retirement Commissioner.

Annemarie Quill also spoke to the ladies at Majesty Mortgages and Insurance, Jody, Margaret and Hope, for more finance advise...

(l-r) Hope Kerr-Bell, Margaret Richardson, and Jody Lozell Norton from Majesty Mortgage Brokers. Photo/Andrew Warner

Jody Lozell Norton, Margaret Richardson and Hope Kerr Bell are advisers with Majesty Mortgages and Insurance, one of the sponsors of indulge Bay Model. indulge chats to Jody.

Jody Lozell Norton from the Mount is married and has just nine weeks to go before having her first child.

1 How long have you been in the mortgage business and what did you do before?
I am the Insurance Adviser (Risk Adviser) for Majesty. I started with Majesty in January this year so I am relatively new to the industry, but I see this as an advantage as I am up-to- date with the market and not set in any "old ways". "I have an extensive background in sales and management. I was the sales manager for a medical alarm company which I worked at for nearly nine years.

2 Are more people using brokers rather than going direct to the bank and why?
With respect to insurance, advisers/brokers are underutilised and it is seen to be easier to go through a bank. Clients are often looking for the best price but if they are not looking at the product/policy wordings they may find they are paying for products that do not stack up compared with others. I helped a couple who had a quote from a bank; this policy would have covered them for up to 12 major medical conditions but, for the same dollar value, I could provide them with a policy that covered them for up to 62 major medical conditions! There is a big difference looking at the products/policy wordings not just the dollar value.

3 What three key pieces of advice do you have for female homeowners or females looking to buy a house? With respect to insurance -
1. Ensure you review your current insurance or obtain new insurance when you take on a mortgage. This is such a large investment you want to ensure not only your home is protected but your family and income is also adequately protected.
2. We insure our homes, cars even our pets but we often forget to insure ourselves especially our ability to earn an income. Mortgage and Income Protection
has undergone some changes over the years and is affordable. You got this mortgage based on your income, it only makes sense to ensure this income remains in place should you not be able to work because of sickness or accident.
3. Use an adviser/broker, our service is free. We save you the time and money it takes to shop around and getting confused with what each product does and doesn't do for you! Our industry knowledge ensures you are getting the right products at the best price for your situation.

Margaret Richardson, 53 from Omokoroa is married with two daughters aged 25 and 23.

1 How long have you been in the mortgage business and what did you do before?
I have been in the mortgage industry for 20 years -I started in the bank then have since became a broker.

2 Have you always been interested in finance/been good with figures?
I love property and finance is a part of that - when you have a passion for something and have been doing it for a long time it naturally becomes easy and enjoyable. Also, helping people to get to their lifetime goal of owning property and sometime multiple properties, ie investors, is what I love to do.

3 Are more people using brokers rather than going direct to the bank and why?
People are using brokers more and more and that is because we as brokers are impartial as to which bank we deal with. Sometimes securing a loan can be difficult and all the banks have different policies so when you come to a broker we have the choice of being able to fit that person to a bank that suits them and their circumstances best.

And sometimes that is not always their own bank.

We take the hassle out of the customer going to each bank individually looking for an approval and also looking for the best deal that's available in the marketplace. We do that for them and for free - what can be better than that!

4 Have the stricter deposit rules for first-time buyers been a challenge?
It is not so much a first-time buyer who is a challenge but customers with less than a 20 per cent deposit. Contrary to what people think, banks do still lend to people with less than a 20 per cent deposit.

There are stricter criteria for having less than a 20 per cent deposit than say with someone with a 20 per cent deposit but as an experienced lender I know the banks' policies well and that helps in getting an approval through.

There are different ways of getting these loan approved, for instance family-backed loans and gifting, to name a few.

5 Interest rates have lowered recently, how do people take advantage of that?
Advice out there from economists and banks is to fix for shorter periods or stay floating to take advantage of the falling interest rates.

6 What three key pieces of advice do you have for female homeowners or females looking to buy a house?
Luckily banks now can't discriminate on whether buyers are male or female like they did many years ago. My advice for any person looking to buy is to:
1 Get on the property ladder as soon as you can - remember your first home isn't always your final home, just get into a property and use it to move up the property ladder.
2 Always get a builder's report - better to pay a few hundred dollars now for a report than thousands later if there is something not right with the property you are buying.
3 As a mother, get your children into KiwiSaver as soon as possible or, if starting out in a new job, join up to KiwiSaver straight away. It is a great way to get into your first home. Increase your payments up to the maximum 8 per cent - what you don't have, you don't miss, and before you know it you have enough in KiwiSaver for your first deposit on a home.

Hope Kerr-Bell, 26, lives in Brookfield with her partner of nine years.

1 How long have you been in the mortgage business and what did you do before?
I have been with team Majesty for just over a year now, following a stint in risk insurance. Prior to that I completed a Bachelor of Media Arts and worked in the community arts sector for three years ... I know, total opposite ends of the spectrum - arts and finance ...you could say I have a well-rounded background.

2 Have you always been interested in finance/been good with figures?
Yes I have always been interested in finance. I am really passionate about financial literacy and believe it is fundamental to have a clear understanding of your financial position. This starts with being aware of your incomings and outgoings and managing a realistic budget. I have always been conscious of my finances and set myself financial goals. When purchasing my first home, at the age of 23, my interest in mortgage advising originated through engaging the services of a mortgage adviser.

3 Are more people using brokers, rather than going direct to the bank, and why?
Many Kiwis are still learning about the services of a mortgage adviser/ broker and how we work. A common misconception is that we charge for our services, when, in fact, it is free for our clients.
But the awareness is definitely increasing. We offer impartial advice, insider industry knowledge and go in to bat with the banks for our clients. It is important to know of the different options available, because not all mortgages are equal and criteria and policy can differ considerably between banks - so just because one bank says no, it doesn't mean they all will!

4 Have the stricter deposit rules for first-time buyers been a challenge?
It has been a challenge, but at the same time there are various options and beneficial initiatives available for first-home buyers, particularly through KiwiSaver and the Welcome Home Loan. First-home buyers benefit immensely through seeking the assistance of a mortgage adviser, as we help find a suitable solution and support our clients through to
a positive outcome.

5 Interest rates have lowered recently, how do people take advantage of that?
It depends on each individual situation, as it is not a one-size-fits all matter. Contact a mortgage adviser to seek individually-tailored advice, if you already have a mortgage you can contact us for a free review of your home loan. Also, if you are coming up for review on your fixed rates we can approach your existing bank and negotiate new discounted rates on your behalf.

6 What three key pieces of advice do you have for female homeowners or females looking to buy a house?
1. Purchasing property is likely to be one of the biggest financial decisions you will ever make - don't sell yourself short. Engage the services of a mortgage adviser. Our services are free, we don't work for a bank, but entirely for our clients, supporting you throughout the home-buying process.
2. While being an exciting milestone, it can also be a daunting and stressful time. To help make the process as stress-free as possible, seek advice from a mortgage adviser early, especially if you are a first-home buyer and KiwiSaver is involved. That way you know where you stand with what you can borrow, and you are well-prepared to act when you find "the one". This is especially important with the competitive market we are experiencing at the moment.
3. Be proud of your achievement. Purchasing/owning a home is a big step, emotionally and financially - don't be afraid to take the leap and celebrate this exciting milestone.