Financial advisors who want to develop better relationships with women clients can start by listening more, asking better questions and facilitating personalized educational activities, according to a panel of advisors at HollisWealth Inc.’s Women in Wealth conference in Toronto on Thursday.

One way to start this is by asking your women clients for their opinions and actually listening to their thoughts, said Natalie Jamison, associate director of wealth management with ScotiaMcLeod Inc. in Oakville, Ont.

It is a lesson advisors can learn from automobile maker, Volvo Car Corp., which has a high level of female ownership, she said.

“They listen to what women want, what their needs are, and they specifically address it,” said Jamison, citing an example of Volvo producing cup holders in cars to hold baby bottles and not only coffee cups.

This is an area in which the investment industry can improve, according to the advisor.

“Do we ask clients to tell us what they really think?” she asked the audience. “And I’m not talking about a comment card that you can put in a box, I’m talking about women wanting to be heard one-on-one.”

Part of listening to clients involves asking the right questions, added Christine LaLiberté, a senior investment advisor with HollisWealth in Surrey, B.C.

Too many advisors try to get to know women clients simply through their financial metrics, such as income and asset levels. However, you should be learning more about the client’s family and other significant people in her life as well as what is important to her, LaLiberté recommended.

“Until you find out more, you can’t really connect,” she explained. “It doesn’t matter what solution you’re offering, it’s not going to be the right one.”

Also, prove to your client that you’re listening by repeating her goals back to her, as opposed to simply shaking your head in agreement, said LaLiberté.

Advisors can also be instrumental in helping women clients learn more about their investments. In 2014, Jamison wanted to learn more about the level of financial literacy in her community, specifically, so she commissioned Sheridan College students in Oakville to survey some women investors.

Respondents were asked to rate their level of financial literacy between one and 10, with one representing the lowest scale of knowledge. Two-thirds of those women stated they were between three and five in terms of their financial literacy. What struck Jamison is that 60% said they wanted to learn more about investing specifically.

The women surveyed were also asked about their preferred methods of attaining this knowledge. More than 40% of respondents wanted face-to-face meetings with their advisors to talk about the topic.

Said Jamison: “That is something every single one of us is capable of doing.”

The second most-requested way to learn more was through small workshops of 10-15 people. So, avoid large-scale events, cautioned Jamison.

“[The small events] are where they will feel heard and have an opportunity to raise their hand, ask a question and become engaged in the process,” she said.

LaLiberté agreed, adding that she holds intimate events specifically for her women clients in her office.

Advisors should not underestimate the power of those small, women-only workshops. For example, Liberté told the audience a story of a client who thanked her for holding these women-only events.

In fact, the client told LaLiberté that her husband would tend to dominate conversations during meetings despite the advisor’s best efforts to ensure the women client was included. These events gave the client the opportunity to ask questions she felt her husband did not need to hear, LaLiberté said.