The problem is bigger than many think. A 2018 report by IPC Private Wealth found that 90% of women will have to become the sole decision maker at some point in their lives, which means that financial literacy affects more than just me and you – it affects our daughters, our mothers, Aunts and sisters. As we stand on the verge of the greatest wealth transfer of generations in history, we as advisors have to ask ourselves: How do we prepare our clients and do we prepare all segments of our client base?
If education is not part of your service model, it may be time to reevaluate your service offering and make sure there are no gaps in training your various customer segments. Proof that you are the smartest person in the room no longer automatically qualifies you as the best advisor. Serving your customers on their path to financial literacy is possibly the most powerful impression you make.
By creating the “Know Your Wealth” platform on social media, my customers, prospects and other information-hungry investors could join forces in a non-judgmental community about common goals. Our customers in particular want to work with us because we are reliable, transparent and offer a real communication style that appeals to them and their whole family. We provide an experience that has a basis for care and interest in our customers’ activities, and we strive to involve all parties in the decision-making process.
There is plenty of space for all investors at the financial literacy table, and we strive to ensure that there are always vacancies.
Jessica Keus is an investment advisor at the award-winning, women-led Bonten Wealth Management Group in Winnipeg. It has spent more than a decade in the industry and is named after Wealth ProfessionalList of rising stars in 2020.