A Different Attitude Towards Wealth
An increasingly significant part of our investment practice involves advising women. The number of wealthy women in North America is growing twice as fast as the number of wealthy men. They’re starting new businesses at twice the rate of men.
"Women have long been relegated to the sidelines of the financial services sector, where advisers have traditionally focused on men and their money. Now the tables are turning and wealth managers face an unprecedented transformation as more women outlive their spouses, hold an increasing share of jobs and take greater control over family finances."
- The Globe and Mail, August 9, 2014
Based on figures compiled by the research group Investor Economics, Canadian women control an estimated $3.2 trillion in total assets and $1.1 trillion in financial wealth. Yet many women we talk to say their current advisor doesn’t treat them with the same level of personal attention paid to most men.
In our experience, women embrace a markedly different attitude towards money and wealth accumulation than men. And, in large ways and small, women communicate with their wealth advisor in significantly different ways compared with men:
- Women are generally less tolerant of being overloaded by industry jargon.
- Women are more likely to say ‘I don’t just want to talk to you about dollars and cents, I want to talk to you about the whole relationship – all of my life goals – my entire family.’
If this is your experience, talk to Shannon Cowan.