BMO Nesbitt Burns

BMO Nesbitt Burns

March 08, 2012 09:00 ET

REPEAT-BMO Nesbitt Burns Women's Day Study: Majority of Women Act as Chief Financial Officer of Their Households

- More than 80 per cent of Canadian women are responsible or share responsibility equally for household financial decisions

- However, only 30 per cent of women feel the financial services industry is effectively addressing their needs

- Sixty-one per cent of women want more detailed information from their investment advisors

- BMO Nesbitt Burns is involved in several initiatives to help promote the advancement of women in financial services; launches new client education site to help women manage their wealth

TORONTO, ONTARIO--(Marketwire - March 8, 2012) - To mark International Women's Day, today BMO Nesbitt Burns released a study that finds 82 per cent of Canadian women are either the primary decision-maker or have equal responsibility for household financial decisions.

However, despite the influence that women are having over household finances, the study found that:

  • Only 30 per cent of women feel that the financial services industry is currently doing a good job servicing their unique needs as investors; and
  • Almost 40 per cent of women feel that their views and opinions on financial matters are not taken as seriously as those of men.

"As an industry, we need to do a better job of recognizing the key differences between men and women when it comes to managing their wealth and acknowledging that women tend to make decisions differently than men," said Charyl Galpin, Co-Head, Executive Vice President, BMO Nesbitt Burns - Private Client Division. "We need to include women more in financial conversations. Women are looking for clear, honest, and relevant communication regarding product and service offerings."

Ms. Galpin also noted that women often act as "Chief Financial Officer" of their families, taking the lead on household financial decisions including budgeting and education savings for children. This is often overlooked by the financial services industry.

Other key findings from the study include:

  • Sixty-one per cent of women want their investment advisors to provide more detailed information on how they can better manage their family's wealth.
  • A third of women feel that they have different wealth management needs than men and should therefore be given different advice.

BMO Nesbitt Burns believes that having a diverse talent pool of investment advisors is one of the most effective ways of enhancing its ability to service the needs of investors and their families. This has led the firm to be involved in several initiatives that promote client education on financial matters so they can better manage their own wealth.

These include:

Women in Capital Markets - BMO Nesbitt Burns is an active member of Women in Capital Markets, a non-profit organization that promotes the entry, advancement and development of women in the capital markets industry.

Executive Coaching Program - BMO Nesbitt Burns sponsors Women in Capital Markets' Executive Coaching Award Program. The innovative program provides career coaching and development services to women executives in the capital markets industry, helping them focus on their strengths and provide confidence and self-awareness.

Women of Influence - BMO Nesbitt Burns sponsors the Women of Influence Luncheon Series, featuring high profile speakers who provide career advice within an environment for professional women to network, learn and grow.

BMO Nesbitt Burns Launches Family Wealth Campaign

BMO Nesbitt Burns also announced today that it has launched a client education campaign, to help couples learn more about a variety of wealth topics that impact family wealth including education savings, estate, tax and retirement planning.

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The survey was completed on-line from February 27th, 2012 to March 1st, 2012 using Leger Marketing's online panel, LegerWeb, with a sample of 1500 Canadians. A probability sample of the same size would yield a margin of error of +/-2.5%, 19 times out of 20.

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