Women & money

The Ritcey Report

Written by Lynn Healy-Goulet
October 4, 2016

At the Ritcey Team we are especially sensitive about trends: financial, economic, geo-political, social, cultural. Trends shape the investment landscape. Guiding our clients successfully through that landscape is – in part at least – what we do for a living.

So let’s discuss a trend about women, one we have been tracking for some time and take very seriously.

Right now, women control about one-third of all financial assets in North America, according to research from the Boston Consulting Group. That translates into an estimated $3.2-trillion in total assets and $1.1-trillion in financial wealth alone when applied to the Canadian environment, based on figures from the research group Investor Economics. Those numbers are likely to grow in the next decade.

That women have become a force to be reckoned with in terms of asset ownership is important, but they also exhibit differences in attitude towards money, investing and wealth accumulation compared with men:

  1. Women tend to veer toward preservation of their assets, rather than the acceleration of wealth. Women are squirrels.
  2. Women are also generally less tolerant of being overloaded by investment industry jargon. They view language like ‘standard deviation’ and ‘beta’ and ‘correlation,’ with a healthy degree of skepticism.

And there’s something else. Approximately 73% of high net worth women switch wealth advisors within a year of being pre-deceased by their spouse.

The Ritcey Team is fortunate to have a solid (and growing) percentage of female clients, including professionals, executives and others, both married and single.

We retain their loyalty by recognizing the unique relationship they have with their money, treating them accordingly, and advising them in a manner consistent with their distinctive expectations and goals.

It’s as simple as that.