Despite the fact a majority of Canadian women are fully or equally responsible for household finance decisions, less than one third (30 per cent) believe the financial services industry is “doing a good job” servicing their needs as investors, according to a recent study. 

While over 80 per cent of women surveyed claim full or equal responsibility for household financial decisions, nearly 40 per cent feel their views and opinions on financial matters are “not taken as seriously as those of men,” a BMO Nesbitt Burns study reveals.

Particularly, 61 per cent of women are calling for “more detailed information” from their advisors, the study found.

The findings raise significant issues within the wealth management industry - despite not relating exclusively to high net worth women - as wealth managers endeavor to attract more female clients at a time when women’s share of global wealth is increasing. Women are set to control two-thirds of the world's wealth by 2030, according to a report from the Family Wealth Advisors Council.

Despite these gains, women are still under-represented at the very top wealth levels: a mere 10 per cent of those on the most recent Forbes list were women. According to the list, the richest women in the world are Christy Walton, the American widow of the son of the founder of Wal-Mart, with a net worth of $25.3 billion, and Liliane Bettencourt, the French entrepreneur who is the main shareholder in L'Oréal and has a $24 billion fortune.

“As an industry, we need to do a better job of recognizing the key differences between men and women when it comes to managing their wealth and acknowledging that women tend to make decisions differently than men,” said Charyl Galpin, BMO Nesbitt Burns co-head and executive vice president.

“We need to include women more in financial conversations. Women are looking for clear, honest, and relevant communication regarding product and service offerings,” she added.

Galpin also highlights that women often act as chief financial officer within their families, making financial decisions such as budgeting and education savings for children – factors which the firm says are “often overlooked by the financial services industry.”

Interestingly, one third of women felt they had different wealth management needs than men, in light of which BMO Nesbitt Burns suggests ensuring a “diverse talent pool of investment advisors.”

As a result, the firm has participated in several initiatives to promote client education on financial matters, including becoming a member of Women in Capital Markets - a non-profit organization which promotes the entry, advancement and development of women in the capital markets industry.

Likewise, BMO sponsors Women in Capital Markets' Executive Coaching Award Program, providing career coaching and development services to women executives within the capital markets industry, helping them focus on their strengths while improving confidence and self-awareness.

BMO has also launched a client education campaign, covering education savings, estate, tax and retirement planning.

Earlier this year, a report by Family Wealth Advisors Council - a network of fee-only firms - entitled Women of Wealth: Why Does the Financial Services Industry Still Not Hear Them? revealed findings of a similar nature: that women are more dissatisfied with their financial services providers than any other aspect of their lives.

The BMO survey was completed online between 27 February and 1 March, comprising a sample of 1500 Canadians.