Thursday, April 14, 2016

Women & the sudden responsibilities of wealth management

It's estimated that at some point, 90% of all wealth will be controlled by women.  Yet, the financial industry (and that of accounting, law, banking and more) still primarily focus on men.

Women, by design, accident or choice are facing complex financial decisions during critical phases in their lives such as a divorce, death of a spouse, inheritance, or the sale of a business.  Without a firm financial footing, these pivotal points in her life can cause undue stress, leave her vulnerable to being taken advantage of and more.

So what do women need when they're facing the responsibility of managing sudden wealth?  I assembled a round table of women – from industry experts to government to female trail blazers - for a discussion on how to level the playing field. Insights were shared on how women can better equip themselves with a solid financial foundation and where much work still needs to be done.  This project was sponsored by BNN's, Larry Berman and his company, ETF Capital Managment.  You'll find a robust video discussion, industry report, and a plethora of resources on the micro site we created at

The aspect of "trust" came up often in our conversations and how to find a qualified financial professional.  Financial literacy leader Jane Rooney discussed the excellent, unbiased resources the Financial Consumer Agency of Canada has developed (see the above link).

Cynthia Kett, a fee-only Certified Financial Planner and Partner with Stewart & Kett, informed the table that anyone in Canada can call themselves a financial planner (outside of the province of Quebec).  A frightening thought!

Understanding the fundamentals of financial planning will help women feel more confident about the process and better equip her to identify a qualified professional when facing the challenge of managing wealth suddenly.

For more information on the benefits of engaging in financial planning, and the value of working with a CFP professional, visit

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