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Cross says that Nicola Wealth’s firmwide recognition of the particular knowledge gaps that women face is one of the key reasons she joined the firm. Those gaps also extend beyond just managing investments, towards areas like estate planning and the tax implications of asset transfers. She says that in her experience many women won’t know who their families have designated as a trusted contact or who to seek advice from. As part of their work to close these gaps, Nicola advisors are helping to network their women clients with more tax experts, accountants, and lawyers so they are ready for the wealth transfer.
Just as many women face gaps in their knowledge about financial services, the financial services industry has some gaps and misconceptions in its general knowledge of women. Cross notes that many advisors will automatically assume that women are risk averse. That may stem from a focus on cash flow management and prioritizing debt repayment, but it is not instructive as to investment risk tolerance.
Cross says that Nicola Wealth recently launched a workshop series through their women LEAD initiative called financial mastery, which offer small conversational sessions to educate women about financial services while listening to them about their needs. This can help Nicola better understand what the women they serve want and need, while educating them and helping to identify and close any gaps in their knowledge.
In addition to building out trusted contacts and creating educational opportunities, Cross works with her female clients to help them set up emergency funds, review insurance coverage, and build contingency plans for unexpected events. While these pieces may seem basic, they are the foundations upon which wealth is built. By starting with these concepts during the intergenerational wealth transfer, Cross can ensure that her female clients are placing any inherited assets onto a strong foundation.
The intergenerational wealth transfer is the exact moment to be focusing on women’s gaps in knowledge and acute needs, according to Cross. With so many Canadian women set to inherit wealth, whether as surviving spouses or as children, it behoves the advisory business to ensure that this huge demographic is as ready as they can be.
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