Charting new horizons: empowerment and strategy in women's wealth management

Insights from the Women in Wealth Management Summit 2023: Pioneering paths in finance and exploration

Charting new horizons: empowerment and strategy in women's wealth management

Resilience is a common thread that connects the experiences of both a financial advisor and the pioneering woman who rowed across the Atlantic Ocean from one mainland to another.

Wealth Professional’s Women in Wealth Management Summit, held on De. 6 2023, connected leading professionals in wealth management in open dialogue of knowledge, ideas, and insights from the sector's most distinguished female advisors. This is aimed at elevating the level of excellence within the wealth management field. The summit features dialogues on the current hurdles in wealth management, methods for enhancing results, and strategies for business expansion.

Among the highlights were a stirring keynote address by Julie Angus, a renowned explorer and entrepreneur, and a thought-provoking panel discussion moderated by WP Managing Editor James Burton, titled "Financial Resilience in a Woman’s World – Reframing Your Financial Mindset." Together, these sessions illuminated the unique challenges and opportunities that women face in the realms of finance and investment.

Underpinning these sessions was the adept moderation by Diana Oddi, Director of Marketing, Communications and Practice Management at Mandeville Private Client, who seamlessly wove together the narratives with a powerful metaphor, comparing women to eagles ready to soar and chart new paths. Oddi's calm and reassuring presence as the moderator highlighted the importance of vision, agility, and courage in charting new, unexplored paths.

Julie Angus captivated the audience with her inspiring journey, blending tales of her daring ocean expeditions with lessons in overcoming barriers and innovating in the face of adversity. Her experiences, transcending the conventional boundaries of exploration and entrepreneurship, provided a metaphorical map for navigating the often-tumultuous waters of financial planning.

The incredible journey echoed a deeper message about women's roles in fields like exploration and wealth management, where their presence has been disproportionately low. Angus' journey underscored the importance of female representation in all spheres, including the challenging terrains of exploration and financial advice.

Complementing Angus' narrative, the panel discussion delved into the practical aspects of financial resilience from a woman's perspective. The panelists included Moira Klein-Swormink, Principal, Canada Wealth Management Solutions, Edward Jones; Erin Roy, Principal, Canada Branch Development Edward Jones and Andrew Sherbin, Financial Advisor Edward Jones.

With Canadian women expected to control $4 trillion in wealth by 2028 and their generally longer lifespans, the panelists explored the critical factors influencing women’s financial decisions. They discussed the necessity for financial advisors to tailor their services to the unique needs of women, emphasizing empathy, education, and comprehensive planning.

The role of advisors in supporting women

The panelists delved into the various factors that influence women's financial decisions. These include longer life expectancies, the likelihood of taking career breaks for caregiving, and the need to plan for longer retirement periods. The discussion also highlighted that women tend to approach investment with a more holistic view, considering the impact on their families and communities.

A significant portion of the discussion focused on how financial advisors can better assist women in planning for their and their families' futures. The panelists emphasized the importance of understanding the unique challenges women face, such as the gender pay gap and the potential for longer periods of financial dependency. Advisors were encouraged to adopt a more empathetic and comprehensive approach, taking into account the various life stages and circumstances unique to women.

Education was identified as a key tool in empowering women to make informed financial decisions. The panelists discussed the importance of financial literacy programs tailored specifically for women, addressing topics from investment strategies to retirement planning. Such initiatives help demystify the financial planning process and equip women with the knowledge and confidence to manage their wealth effectively.

This fusion of personal empowerment and strategic financial guidance underscored the summit's overarching message: encouraging women to confidently spread their wings and navigate the skies of their financial journeys.