The investment advice business is trying to hire more women, but it’s not going well.
Women account for just 23 per cent of advisers in Canada, according to a new white paper from a StrategyMarketing.ca, a consulting firm that works with advice and investing firms to better connect with women clients.
A lot of work is being done to recruit women to become advisers, but problems remain. According to StrategyMarketing.ca, women don’t see financial advice as a desirable job, they don’t see enough female role models and they find their strengths are dismissed by those doing the hiring at advice firms.
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Prefer a women adviser over a man? StrategyMarketing.ca’s Paulette Filion suggests calling a few local advice offices and asking to speak to the branch manager, which means boss in industry terms.
“Let the branch manager know what you need (an educator or a specialist in estate planning, or whatever) and to tell them you want a female adviser,” Ms. Filion said by e-mail. “That’s a good place to start.”
Call a few branch managers, compile a few names of woman advisers, interview them and then make a choice, Ms. Filion suggested. Of course, you’ll want to apply the usual criteria in selecting an adviser – credentials, experience, services provided, fees and compatibility with your personal style and level of wealth.
Ms. Filion said a U.S. study has found that while an adviser’s gender isn’t a big deal for older women, millennial women strongly prefer working with a female. There are practical reasons for women to consider a female adviser. A U.S. study quoted in the StrategyMarketing.ca white paper found that women are 2.5 times more likely to say they are comfortable with investing risk when their adviser is a woman as opposed to a man.
Female advisers interviewed by StrategyMarketing.ca said the No. 1 reason for their success was an ability to connect with people and build relationships. However, they found that these skills were too often dismissed by managers who measured success in sales terms, specifically assets under management.
Help improve the gender balance in the advice industry by asking to work with a woman adviser. Just because three of four advisers are men doesn’t mean you have to work with one.
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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
