A Profile of Women in Wealth Management

We spoke with highly accomplished wealth managers to learn about how giving, philanthropy & their own experiences inform their work. 

Women are set to control $93 trillion in wealth globally and reach almost 40% of all wealth in North America by 2023. Yet when it comes to gaining insight about investing and money management from their possibly most closely matched peers, women may be at a disadvantage. It is estimated that only about 23% of financial advisors in Canada are women. 

In advance of International Women’s Day, we spoke with three women wealth advisors for their perspectives working within the financial industry. These leading advisors have clients who invest in generosity and give through Charitable Impact. 

We asked how their approaches as advisors are informed by their own experiences. We also looked at how speaking to clients’ charitable interests has guided, driven, or optimized their work. A common thread was the trust they build with clients over time, often catalyzed by having conversations around giving.

As Danielle Slavin, Senior Portfolio Manager at RBC Dominion Securities, said in an email: “Talking to clients about charity and giving is important because 1. You can help them be more efficient and strategic with their giving 2. There are important tax benefits, 3. You can get to know your clients better through the process.”

Her biggest takeaway from those chats is just to dive in. “Ask the question and record the answer and see when the opportunity comes up to help clients be more strategic with charitable planning. I think if you do that, it can be a very positive experience for clients and it just starts by asking.”

Read on for more major takeaways from our conversations with three outstanding advisors. Learn how they are making an impact by empowering their clients’ generosity. 

Darcie Crowe is an award-winning Senior Wealth Advisor, Senior Portfolio Manager, and Founder of the Crowe Private Wealth Group within Canaccord Genuity Wealth Management. She holds over fifteen years of experience in financial services, having begun her career within investment banking and equity capital markets before transitioning into private wealth management in 2010. Darcie has served as a board and committee member for a number of local charities in Vancouver. In 2021, she was honoured by Business in Vancouver as one of their Forty under 40. 

Crowe was drawn to a career in wealth management for the personal connections forged and impacts created. 

“I always had an inclination that I wanted to work on the wealth management side of the business, where you have very close relationships with the families that you work with. Our approach with clients is very holistic, we look at the full financial picture and become involved with them on significant financial decisions. Those close relationships and the impact you can have was something that had always attracted me to wealth management.”

The job can often be helping clients through life transition events—both good and bad—“in order to ensure that they come out of significant life events feeling confident in terms of their financial wellbeing.”

“It can be a lot but to me, those are the really rewarding parts of the business: the value you are providing can be so impactful to people’s lives.”

Incorporating philanthropy into conversations builds trust with clients. 

“It comes down to personality and that level of trust. At the end of the day, the advisor that you work with, you need to trust them and you need to know that they always have the best interests of you and your family at heart.”

“I think when you are having those broader conversations around retirement and estate planning [speaking to giving and philanthropy] really broadens your knowledge and familiarity with clients. It’s very beneficial in terms of what motivates the clients, what do they want their relationship to be with their advisor. It expands your understanding of how you can provide value to them.”

When working with clients, emotional wellbeing can be a part of the work. It is equally important to decisions about giving as it is to choices on investing. 

“Human psychology, behaviour, emotional reactions are a big part of investing as well—helping people have peace of mind, reassurance, and stick to a long-term strategy.”

The giving and philanthropy side of financial planning is very unique to each client. Understanding and tailoring to their specific needs and goals is a big part of all aspects of wealth management. 

“A lot of people don’t necessarily assume that the charitable gifting aspect is something that is incorporated into financial planning with your advisor. But certainly, in cases where clients are quite driven in their philanthropy, they are very appreciative that they have access to tools and advice to make their gifting in the most impactful, effective, and tax-efficient way.”

Danielle Slavin is Senior Portfolio Manager at RBC Dominion Securities. Danielle received her Bachelor of Commerce, majoring in finance, from Concordia University. Immediately following graduation, she began pursuing her Chartered Financial Analyst (CFA) designation, which she completed while working for a discretionary investment firm. This was a very influential opportunity for her to gain frontline experience on how major market events such as the 2008 financial crisis can impact planning and retirement. Danielle is actively involved in her community and commits her time to helping various charities.

On becoming a financial advisor:

“The part that made me stay in the industry was the long-term connections with clients. I didn’t want a role where it was transactional, where you would maybe meet somebody, help them out for a period of time, and then never see them again.”

“I love the idea that you could work with an individual or family for 10, 20, 30, 40 years, and get to meet the next generation. It was so interesting to me and so much more rewarding. It takes a long time to accumulate trust with the client.” 

Wealth management is very connected to major life events, which is often when the role is most rewarding. 

“If you were to ask what are the most rewarding meetings that I’ve had in my career, they’re the ones where it was in the thick of a major family event. I can think of clients who lost a spouse and the next day you’re at their house, helping them sort through what that means and helping provide financial clarity and support. Those are obviously awful life events, but it’s very rewarding to have that rapport with somebody and be able to help out in a situation like that.”

Slavin’s own role as a parent has provided unique insights into her clients’ experiences. 

“Family and wealth can be complicated. Some of the conversations I have now, since becoming a parent, are different. I feel there’s more of a relatability piece now that I have a child myself in that I can envision it better from their perspective. The really fascinating thing about charitable giving is how well it can act as an education tool for many family and financial matters. A real-life lesson in gratitude.” 

Talking about your own practice of charity can spark deeper conversations with clients. 

“I definitely grew up in a household that was charitably oriented. My mom was incredibly active in our community. She served on multiple boards and donated a lot of her time, as well as financially. I grew up going to events with her where I got to witness the impact charities can have on a community.”

“After I graduated from university and obtained my CFA designation, donating my time back was something I did right away. Starting from just having a passion towards charitable work yourself is helpful. As I did more things in the community and as I talked about stuff that I was doing, I found more clients who shared some of the charitable work that they were doing as well.”  

Talking about giving with all clients can bring immediate and future benefits. 

“With the charitable planning, the easiest way to start is just by asking clients. Initially, I didn’t ask clients about their charity or giving directly. I would share a bit about what I was doing and sometimes they would reciprocate, but now I’m much more conscious of it: I ask every client how they feel about giving. I track who is interested so that we are making changes in the portfolio. Or, if a client is selling an asset that may trigger taxes, we’re able to have those discussions and marry up the financial discussion with what I already know is a passion for charitable giving.”

Charitable conversations forge stronger connections. 

“I would say an interesting way to learn about somebody else is to find out what charities are important to them and that is so personal. Things that I support may not be appealing to somebody else, but I’ve found it can be very insightful to learn what a client is passionate about. Oftentimes, there is a whole back story behind which charities they choose to support that you may not have otherwise heard.”

Maili Wong is the Senior Wealth Advisor and Portfolio Manager at Wellington Altus and was named one of Canada’s Most Powerful Women: Top 100TM by WXN and Business in Vancouver’s “Top Forty Under 40” list. She takes an uncommon approach to wealth management. Unlike many whose work revolves around interest rates, investments, and cash flow, Maili firmly believes that we tap into our highest power and achieve our greatest successes when we allow our emotional, intuitive energy to work synchronously with our scientific and logical mind. She is active in her community and created and funded the “Maili Wong Scholarship in Finance”, awarded annually by UBC to a female undergraduate student in Finance, to receive both a bursary and mentorship.

On becoming a wealth manager: 

“The idea of relationships and how it pertains to impact has been a really important lesson for me in my career. It’s not just a job as a wealth manager. It’s really about the influence and impact you make in people’s lives.”

“As a portfolio manager and a wealth advisor to multi-generational, high-net-worth families, couples, and Canadian couples in particular, we’re having discussions around the wealth that they’ve created, how they want it to make an impact in their lives, their families’ lives, and others’.”

Philanthropy is an important piece of the puzzle in financial decision-making.  

“Philanthropy is for me personally an important piece of the puzzle, but also for my clients. I do tend to weave it into discussions when it comes to all the planning and the holistic perspective that we provide. It’s not just about investments: it’s really about the purpose for the money and what impact our clients want their money to have. From there, naturally, the conversation often leads to philanthropy.”

As a woman in the financial industry, there can be a unique perspective provided. 

“I tend to lean into a more holistic approach that takes a step away from getting into solutioning at the outset, but instead really creating space to ask questions where there may be a bit of silence initially in response. Perhaps a question has triggered a thought process the client hasn’t yet navigated.” 

“As a woman, having comfort in the ability to hold space for this realm of uncertainty comes more naturally in some cases. As opposed to what we’re often taught in the industry, which is a very structured approach. It’s both an art and a science.”

“A lot of these are feminine superpowers that we perhaps didn’t even know existed, or didn’t allow ourselves permission to really lean into. Experience and confidence have allowed that approach to shine through and it actually elevates my game, to the point where I’m able to create deeper connections with my clients now.” 

Wong’s book, Smart Risk: Invest Like The Wealthy To Achieve A Work-Optional Life, speaks to a strategic roadmap and what she calls the five Ps: Purpose, People, Plan, Perspective, and Positive Action. These also serve as important markers for her approach to wealth management. 

Advisors can gain valuable insights on their clients’ perspectives from enriching having enriching conversations about giving and the causes they support.

“We don’t try to ever impose a suggestion on where clients should donate, or which charities or causes to support. That comes from the client, and I’m always interested—sometimes surprised or even flabbergasted—by some of the causes that really resonate. You learn a lot about your clients in this process. That can also inform, for example, certain types of restrictions we might want to place around their investment portfolio. It’s all aligned.”

Wong says advisors can weave philanthropy into inquiry-based conversations, like around financial and tax planning. Tax time in April can be a great opportunity to look into opportunities around enhancing clients’ tax situations through giving.  

Wong shared a client story that showed the impact of meaningful and strategic giving:

After selling their business for profit, a client considered charitable giving as a philanthropic and financial strategy. “It became evident that they really valued certain types of community support, and wanted to include some of this windfall towards some philanthropic endeavors. While they hadn’t yet fully decided which causes they wanted to support, we were able to separate the decision and give them some time.”

Separating decisions on what to give from where to give is a unique benefit a the donor-advised fund, like Charitable Impact. By setting up a donor-advised fund the client was able to reduce their taxable gains situation, creating savings when they needed it most.

The client was also happy to access time to think about the causes they would like to support. “It allows them to be more intentional and more purposeful with the money they’re giving away,” said Wong. They were able to include their families in these decisions on giving, which as Wong says, creates a cascade of family values and impact. 

We wish you a happy International Women’s Day! If these conversations inspired you to have conversations around giving with your clients, download our info package for more information on how to get started.

Through a Charitable Investment Account, we provide the opportunity to invest and grow donated assets. You keep AUM and manage the investment strategy, even after assets have been donated. You don’t have to worry about other details. That’s because, through our Impact Account, your clients can give to any charity of their choice, track their giving decisions, and benefit from platform features (like robust support from our team). Reach out to us with any questions or for more information.