Seeking investments that promote sustainability and make a positive impact on the world isn’t the only priority. As women gain more private wealth and financial literacy around investing, they also value guidance highly, says Angela D’Angelo, vice-president, training and client experience, at National Bank of Canada in Montreal.
It’s not just a matter of confidence but of being on the same page. Many women haven’t felt served by their advisor. A, a global asset firm, noted that 70 per cent of women with investible household assets of about $250,000 have an advisor. But 38 per cent of those women are less than satisfied with them, and 67 per cent say they will change advisors as a result of a lack of personal connection.
“So many women leave what they call, ‘their husband’s advisor’ if there’s no connection [to the advisor],” says Julie Petrera, senior strategist for client needs at Edward Jones Canada in Toronto. “It’s about not only understanding what’s important to them but making sure they feel comfortable and feel like they’re part of the relationship from the start.”
She says women can want more detailed conversations about what their money can bring them and their families, beyond the numbers or the returns.