Planning for retirement can be a big challenge, and one that is often more complex for women. A recent study by the Chambre de la sécurité financière reinforces an earlier BMO survey (2023) on Canadian women’s confidence and anxiety when it comes to retirement planning:
- Nearly 30% of women have not started planning for retirement, citing insufficient income to save for it.
- In the past 5 years, 66% of women have faced at least one event limiting their savings capacity.
- 60% of women respondents say they earn less than their spouse, which can be a challenge and impoverish them when sharing family expenses equally.
It is essential to take action and make every client, especially women, aware of the importance of saving for retirement. As an advisor, it’s your responsibility to guide your clients in their financial choices. You must be a good listener, empathetic and reassuring, but above all transparent.
5 tips to stand out and help reduce financial anxiety:
- Show empathy: Practice active listening, look the person in the eye, pay attention to non-verbal communication and speak slowly.
- Encourage clients to express their concerns and emotions: You’ll be able to understand their situation better and support them more effectively.
- Be proactive: Answer their questions promptly, provide regular portfolio updates and help them make the right decisions at the right time.
- Don’t underestimate the value of your advice: Most clients say they have minimal financial literacy.
- Contact your clients regularly: The sooner you know about their financial situation, the sooner you can adapt their initial retirement plan and continue providing excellent service in your advisory role.
💡Need ideas to start the discussion? Use our checklist:
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