Women’s wealth is growing.
Isn’t it time more of them managed it?
Women make up...
Women are controlling more wealth than ever before...
By 2028...
The availability of data on wealth controlled by gender-diverse individuals in Canada remains significantly limited.
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In 2024,
men hold an overwhelming proportion of investment advisory roles in Canada.
Women have distinct financial needs and priorities
Women use different decision-making & risk assessment strategies when considering their investment portfolios
Efforts at bringing women into the wealth management field must start at key educational stages, when women are considering career choices and career paths.
VersaFi’s Research
Surveyed:
114 Women & gender-diverse students at Canadian universities, studying finance, business, and other related majors
1
Asked about:
Future workplace preferences
2
Goal:
Uncover if the wealth management industry aligns with their values and priorities
3
Findings
There’s a misalignment between the type of workplace culture that women and gender-diverse students say they want – and their perception of what they might find in wealth management.
Understanding this misalignment is the first step to correcting it.
What do women & gender-diverse finance students want from the companies they aspire to work for?
Of low importance...
Entrepreneurship
16%
are interested in starting their own business
Going solo
3.5%
prefer working independently
Top priorities...
86%
77%
Value work-life balance and flexibility
While entrepreneurship and independence have often been cited as important traits in recruiting to the wealth management sector...
Our findings indicate that women and gender-diverse students prioritize security, collaboration and a team-oriented environment over these more individualized approaches.
Priorities of Women and Gender-Diverse Students
Perceptions of Work Culture in Wealth Management
Testimonials from Undergraduate
Students
“The lack of diversity, work-life balance, and predominantly Caucasian male population [concerns me].”
“I feel like my personality does not match the sector.”
“It does not seem like a good fit for me, in terms of workplace culture and environment (from what I have heard/seen).”
54%
say it’s competitive & hierarchical
54%
say it’s
analytical & risky
63%
see it as male dominated & traditional
Accelerate policies & approaches to advancing more inclusive, flexible and collaborative workplaces.
Recommendations for wealth management firms hoping to attract women candidates following graduation...
1
Partner with finance and business faculties and on-campus clubs, especially those focused on women and gender-diverse students.
Participate in guest lectures, panels, and workshops to engage directly with students.
Highlight success stories, practical tips, and advice from women investment advisors (IAs).
Maintain an active presence on campus to raise awareness and position wealth management as a rewarding career path.
81%
81% of women investment advisors say banks/firms should have targeted outreach programs in educational institutions/career fairs to attract more women.
2
80% consider internships/co-op programs as crucial to developing their professional growth
80%
Give students hands-on experience to challenge perceptions about wealth management, and the skills needed to succeed.
Provide more internships and co-op programs for women and gender-diverse students
3
Highlight women who’ve built successful careers as investment advisors
(offers students role models & a clear pathway into the field)
Organize opportunities for these women to visit classrooms and share their experiences
Showcase success stories
4
Focus on what students value... (flexibility, inclusivity, and collaboration)
...and position your firm to align with these values.
Champion real change in wealth management
VersaFi’s research report
Women in Wealth:
Retaining and Advancing Women Investment Advisors in Wealth Management.
Note On Methodology
This study gathered insights from 114 women and gender-diverse upper-year undergraduate students in finance, business, and related majors through an online survey.
Authors
Rosheeka Parahoo, Director, Research & Advocacy, VersaFi
Julie Stinson, Manager, Research & Advocacy, VersaFi