What Women Want

In a Wealth Advisor

November 24, 2016

In a recent article in The Globe and Mail Report on Business, Mario Johne reported on an issue that we at The Michael Fahy Group pay close attention to: the unique needs of high net worth women and what they look for in a wealth advisor.

The writer quoted the president and chief executive officer of Women in Capital Markets, who said: “Women today are more highly educated and have more money – they control about 50% of investable assets.”

Unlike many of their male counterparts, women tend to be less focused on numbers, particularly returns on investment. For them, investing is not about beating the market or demonstrating their ability to pick the winning stocks.

Also quoted in the article was a Burlington, Ontario-based financial planner, who observed: “For women, it’s more about their investments doing well so they can meet their life goals, whether that’s being able to retire sooner and travel more, or getting to spend more time with the grandkids.”

Given their increasingly high standards and expectations, today’s female investors are likely to have little patience for advisers who talk down to them or make no effort to understand their needs. We agree.

The founder of SheEO, a Toronto-based group that supports female-led ventures, said: “I look for advisers who ask me questions instead of just talking at me,” she says. “They should be asking me what my goals are and they should listen to my answers, instead of just rushing to put me into mutual funds or whatever other products they have on their checklist.”

We at The Michael Fahy Group are fortunate to have a solid (and growing) percentage of female clients, including professionals, executives and others, both married and single.

We retain their loyalty by recognizing the unique relationship they have with their money, treating them accordingly, and advising them in a manner consistent with their distinctive expectations and goals.

And that’s as it should be.