More female advisors needed to understand unique needs of women investors
Recent Sun Life Global Investments data reports that Canadian women will hold nearly twice as much wealth ($4.2 trillion) by 2028 as they do today ($2.2 trillion). However, even though women seem to feel more at ease receiving investing advice from female advisors, they barely make up 15% to 20% of financial professionals in Canada.
Even if the industry is making strides toward gender equity, more work still needs to be done. Sun Life Global Investments believes there is a chance to create a stronger, more just industry that will benefit all Canadians.
"I am proud to lead a strong and diverse team at Sun Life Global Investments, but as an industry, we need to take action to achieve gender equality," said Oricia Smith, President, SLGI Asset Management Inc. and Senior Vice-President, Investment Solutions, Sun Life Canada. "Women can play a very powerful role in our industry, but we need more female financial advisors with specialized training to understand the unique needs of female investors."
The under-satisfaction of women's financial requirements has cost the global asset management sector $25 billion annually. What is lacking? More female asset managers and advisors.
Women advisors are better equipped to offer comprehensive financial guidance that is specific to the needs of women by developing strong relationships. According to a survey by Sun Life Global Investments, women are 2.5 times more comfortable taking investing risks when working with a female advisor than a male advisor.
The objective of Sun Life Global Investments is to educate, inspire, and empower both men and women in the sector to bring about change and embrace equity. They are committed to assisting a wide range of Clients increase their wealth and manage risk by keeping track of and evaluating their sub-advisors' commitment to diversity, equity, and inclusion, providing free online resources for women in the investment industry, and sponsoring and taking part in events that are centered on women and wealth.
"If I can influence the next generation of women, then I can say to myself I have done a good job," said Smith. "We have to reflect the communities we serve and advisors can play an extraordinary part in creating gender equity."