Globe & Mail
March 8, 2023.
An increasing number of women in high-earning roles want to take control of their finances. By 2024, women are projected to possess more than 50 per cent of the total private wealth in Canada.
While the size of this cohort is undeniable, more than 90 per cent of women will have to make financial decisions alone at some point in their lives as they outlive their husbands or inherit wealth from family. However, 80 per cent of widows switch financial advisors within a year of their husband’s death. Women are still considered underserved in wealth management.
When it comes to serving female clients, too many advisors rely on outdated assumptions about what women are looking for, resulting in financial guidance that can feel shallow, at best, and condescending, at worst.
While every person is unique, studies and experience show there are differences between men and women’s investment philosophies. For example, women are generally more risk-averse and less confident in their financial literacy than their male counterparts.
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