“For the wealth-management profession, this won’t be business as usual,” say CIBC economists Benjamin Tal and Katherine Judge, co-authors of the report “The Changing Landscape of Women’s Wealth.”The growth in assets will demand greater attention by the wealth-management industry when it comes to financial planning and advice for women whose financial situations often vary from those of men.
“We have to be careful over magnifying any marginal differences between men and women, which actually misses the point and creates a gender bias that perpetuates the problem." While the industry has started to make changes in how finances are discussed with women, it still has a long way to go, says Jackie Porter, a financial planner with Carte Wealth Management Inc. in Mississauga.“The financial-services industry was never really organized to give women the information they were looking for, which includes a big financial picture that shows how everything is connected,” Ms. Porter adds.
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