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Inclusivity is key for the future of family offices
- Cole and Associates
- Sep 2
- 2 min read
‘Women want their investments aligned with their values’
Published April 21, 2025
Among ultra-high-net-worth families, conventional wisdom suggests the matriarch manages the household and the patriarch handles the money. However, with women in Canada expected to control more than $4 trillion by 2030, experts predict that at some point in their lifetime, 90 per cent of women will be required to play the role of sole financial decision maker.
During Canadian Family Office’s recent discussion on women in family offices, our experts explored how well the wealth management industry is positioned to meet this transition. The panelists agreed that women and men prioritize differently when it comes to how they spend their money: women tend to have a broader perspective beyond just financial returns; they consider the social impact, relationships, and personal alignment of their investments.
The panel, which included Carolyn J. Cole, Founder and CEO of Cole & Associates, Martha Simmons, co-Chief Operating Officer of Forthlane Partners, Anna Dayan, head of TD Wealth Family Office and Patricia Saputo, co-founder of Crysalia, shared insights into their female clients’ investment priorities and the value of a strong advisor relationship.
Moderator, Canadian Family Offices’ Ashley Redmond, asked the panelists about women’s investment preferences.
Patricia Saputo stated that women are not just about the numbers. Acknowledging that while return on investment is obviously important, Saputo said for female investors it’s also about return on the means.
According to Anna Dayan, female clients have become more actively involved in wealth management conversations.
Martha Simmons pointed out that women are more willing to play the long game with investing.
Later in the conversation, Carolyn Cole highlighted another well-documented statistic — 80 per cent of women switch financial advisors within a year of their spouse’s passing. She speculated this widespread dissatisfaction with wealth management stems from the industry’s lack of female representation, which has actually declined in Canada over the last two decades.
While it’s unclear whether women leave because their advisor is male or because of a lack of personal connection, Cole suggested that relationships play a crucial role in retention. With women making the majority of household financial decisions, she said the industry still has work to do in addressing their needs and fostering stronger client relationships.
Strengthening those relationships presents a key opportunity for family offices to better connect with female investors. With women often evaluating investments beyond financial returns—considering social impact and long-term legacy—family offices could expand their offerings to include more ESG-focused and community-driven investment options that align with these values.
All panelists advocated for a more collaborative approach—where advisors proactively engage both patriarch and matriarch in financial discussions—ensuring that women have had the chance to establish strong advisory relationships before a wealth transition occurs. Family offices have an opportunity to create a more inclusive and supportive wealth management experience that meets the needs of the growing number of female investors.
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