Establishing trust is key to building relationships with this influential yet misunderstood demographic
Women’s share of global and Canadian wealth is rapidly growing. In fact, Canadian women are now projected to inherit over $1 trillion in financial assets by 2030, accounting for 57% of all private wealth in Canada.1
Yet despite their growing influence, the financial industry has not always taken the time to fully understand women’s often-complex relationship with investing and wealth management.
Understanding women as investors requires looking beyond asset levels and considering how they think about money and financial decision-making.
A different mindset
For many women, money is an emotional subject, closely tied to safety, security and independence. At the same time, many are balancing careers, managing households, raising teenagers and caring for aging parents. These competing responsibilities can create feelings of anxiety, a loss of control and a lack of time, particularly among those in the “sandwich generation.”
These priorities are also reflected in how women define financial success – they see money as a means to an end and want to connect money and investing to their lives. Rather than focusing solely on how much money they can accumulate, they want an advisor to explain money in terms of what it can do for them. They’re looking for answers to questions like: If something happens, can I still stay in my house? Can I afford to send my kids to the universities of their choice? Can I take in my aging mother to live with me?
There’s also a big difference in how women and men consider themselves to be doing financially. Studies show men are more likely to be satisfied with seeing a healthy return on their investment portfolio, and seeing how their portfolio ranks against others, while women want assurance that they are on track to meet their financial goals and will have enough accumulated to last them throughout their lifetime.
To better serve this growing segment, advisors and firms will need to rethink how they engage with women investors.
Building a platform that speaks to the needs of women
Building trusted relationships aren’t just essential to making inroads with women clientele, it also makes good business sense. Women will be exclusively in charge of managing family wealth for an average of 16 years following the death of their husbands. And, 80 per cent of women will leave their advisor within 18 months of losing their spouse due to the lack of a trusted relationship. The good news is that advisors – both male and female – can build trust by meeting women where they are at in their lives.
Specially targeted events held in a no-pressure, no-sales environment can go a long way, especially those centered on issues relevant to women’s lives. For instance, a seminar for caregivers on power of attorney and other estate planning must-dos or perhaps an event about preserving brain health.
Ultimately, success comes down to trust and openness. Once that trust is established, discussions often extend well beyond money to the goals, concerns and priorities that matter most. Earning that trust is at the heart of meaningful advice relationships.
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[1] (Source: https://theturnlab.com/wp-content/uploads/2025/04/5031-TTL-The-Great-Wealth-Transfer-White-Paper-FNL2-1.pdf)
