Women and wealth

Terri Szego,
Investment Advisor and Portfolio Manager,
BMO Nesbitt Burns

There are many segments that private wealth firms are pursuing today. One in particular – women – will also represent close to half of Canada’s total wealth by 2026.

For BMO Private Wealth, as with BMO overall, women are a priority. “We have to make sure we continue to challenge ourselves to respond to the unique needs of this segment,” says Clare Aker, Vice-President and Market Manager at BMO Private Banking.

Shifting opportunities

What’s behind the shift? Terri Szego, Investment Advisor and Portfolio Manager, BMO Nesbitt Burns, notes factors such as the steady rise of women entrepreneurs, professionals and executives. Inheritance trends also play a part.

“More money is getting into women’s hands,” she says. “It’s important that we offer the services and experience they’re looking for.”

What are clients seeking?

Szego feels that women are drawn to more integrated financial services and advice, as well as accessing all of these in one place—like financial planning, investment management, insurance reviews, estate planning and private banking—is appealing. “Women like our holistic approach,” she says.

BMO Private Wealth’s Investment Advisors can access training and ongoing coaching on what women look for in an advisor relationship – like education and a big picture focus. The training encourages advisors to focus on plans instead of products. BMO also has partnerships with organizations like GrowYourBiz, and Women’s President’s Organization to help connect advisors with prospective clients.

“Women are good at focusing on the long term,” says Szego. “They define the end goal—like educating their children, or planning for retirement, or making charitable donations—and seem to be able to stay focused on that, rather than on fluctuations in the market.”

Delivering innovation

BMO has introduced several initiatives to not only resonate with women – but to empower them as well. Last year, they announced a pledge to provide $3 billion in capital to women-owned businesses across Canada over the next three years. The BMO for Women website offers advice to help women through all stages of the business lifecycle – from start-up to transition. BMO also launched the Women in Leadership Fund, the first impact investing mutual fund in Canada, which invests in North American companies that have a female CEO or board of directors with at least 25 per cent female representation.

“Traditionally, women entrepreneurs haven’t had the same type of access to funding. We’ve made a bold commitment,” says Aker.

She says it’s also vital to have a wealth team that can develop trust with female clients. BMO Private Wealth employs many of the top female advisors in the industry, and half of its leadership team are women.

“Every day our team is becoming more reflective of the diversity of our clients,” Aker says. “I’m really proud of what BMO has done and I’m excited about how we’re making a meaningful difference for women on so many fronts.”

BMO Private Wealth is a brand name for a business group consisting of Bank of Montreal and certain of its affiliates in providing private wealth management products and services. Not all products and services are offered by all legal entities within BMO Private Wealth. Banking services are offered through Bank of Montreal. Investment management, wealth planning, tax planning and philanthropy planning services are offered through BMO Nesbitt Burns Inc. and BMO Private Investment Counsel Inc. Estate, trust, and custodial services are offered through BMO Trust Company. Insurance services and products are offered through BMO Estate Insurance Advisory Services Inc., a wholly-owned subsidiary of BMO Nesbitt Burns Inc. BMO Private Wealth legal entities do not offer tax advice. BMO Nesbitt Burns Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. BMO Trust Company and BMO Bank of Montreal are members of CDIC. ® Registered trademark of Bank of Montreal, used under licence.