How to help female clients navigate their financial realities

"It's not about men versus women; it's understanding women do things differently"

How to help female clients navigate their financial realities

Insurance News

By Mika Pangilinan

The unique financial challenges faced by women require advisors to be more conscious of how they approach their female clients.

According to Jeny Yeung, senior director of business development insurance for Beneva, issues such as pay inequity mean women often find themselves making different financial decisions than their male counterparts.

“Being able to feel comfortable and have your advisor feel you are understood makes a world of difference,” Yeung told Insurance Business Canada, as she outlined the characteristics that are important to women when it comes to choosing a financial advisor.

Yeung highlighted how women’s attitudes toward financial planning will depend on their particular situation, influenced by relationship dynamics and life choices.

Women tend to live longer and are more likely to take parental leave. But there is also an increasing number of younger women choosing not to have children. These unique circumstances necessitate adaptability in financial planning, according to Yeung.

“How women communicate what they want may be different,” she said. “How they view and manage money may also be different.”     

During the interview, Yeung shared the story of a friend with a different financial planner from her husband, stating that the couple likes to tackle their investment decisions separately.

“It’s not about men versus women; it's understanding women do things differently. And having that understanding is key,” she added.

Yeung also pointed out how discussing finances with female clients should involve conversations about “budgeting, life insurance, [and] critical illness,” noting how she has seen “so many situations” where women have never been involved in these types of discussions.

“If it is not something you grew up discussing or being exposed to in your household, it will be a rough journey,” she said.

How can advisors help support the insurance needs of their female clients? Read the full report featuring Beneva’s senior director of business development insurance, Jeny Yeung.

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