As women control more household wealth, promoting accessibility and empowerment is key for financial firms

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Before the 1970s in Canada, women could not get a credit card or secure a loan without their father, brother or husband signing on their behalf — a practice many financial institutions continued even decades later.

“Compared to men, when it comes to investing and money, women are in catch-up mode,” says Christina Zalzal, senior vice president, head of online brokerage and digital wealth at Aviso Wealth.

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Ms. Zalzal is one of the few women to have led an online brokerage business in Canada — Qtrade Direct Investing — and she does her job with a keen awareness of how gender impacts Aviso’s customer base. She sees on the job how women handle money, and how they need a financial services industry that understands them. “Women and men have a different approach to investing and I think financial services could better support these differences,” she says.

Given how women were historically marginalized when it comes to finances, it’s somewhat ironic that today women control more wealth than ever. A 2020 McKinsey & Company report says women control one third of household financial assets in the U.S. – a percentage that’s about to dramatically increase. And not only are women increasing their influence on household financial decisions, they’re also making significant forays into the stock market.

That’s why, as a leader in the online investing space, Ms. Zalzal is determined to make investing more accessible – not just for women, but for anyone seeking financial empowerment.

Leadership in investing

When Ms. Zalzal began her career in financial services more than 25 years ago, women leaders were scarce in the industry. “When I started, there was no woman executive in charge of any business line. The only woman that was an executive was head of marketing,” she says.

She credits her rise in the online brokerage industry to her passion for the work and a willingness to learn. “When I first started off in this specific business of self-directed investing online brokerage, I didn’t know anything about it.”

Now, Ms. Zalzal is an industry leader helping to transform the investing space in Canada, while blazing a trail for others to follow. She says women thrive in male-dominated industries like hers when they allow themselves to fully celebrate their wins and share their successes.

“I think sometimes, as women, we tend to shy away from boasting about ourselves,” she adds. “Speaking of one’s achievements is important.”

What women want

“Women’s decision-making and approaches are different than men’s, especially when it comes to finances,” says Ms. Zalzal. Firstly, they frame their investing goals differently. “Women view [investing] more as a means to an end,” she says, while men often want their money to grow for its own sake.

Additionally, according to multiple studies, women can also struggle with a lack of confidence when investing, believing that, although they have the skills, they lack the knowledge to invest successfully. That may be why women tend to want plenty of information about the financial products they purchase.

Ms. Zalzal suspects this need for more details has something to do with the fact women typically have more limited experience with money and fewer role models. Women want the back stories of the companies involved, information about fees and other details so they feel they are making wise choices with their money.

Rising economic power

The good news is that as they gain investment experience, women typically gain confidence, too. That means with greater success in their careers, the money they bring to the investment table should also increase. As a sign of both growing confidence and money to invest, Ms. Zalzal notes that women buying and selling stocks directly through Qtrade has risen 14 per cent over the last two years.

That increase in activity needs to be met by financial services companies better catering to their distinct needs, Ms. Zalzal says. In her organization, that involves offering more background to information-hungry female investors. “We’re very big on providing education on our platform,” she says of Qtrade.

Ms. Zalzal would also like to see the financial services industry continue to support and mentor women on the job. This kind of support ensures a more diverse industry, she says, which leads to more products and policies that can be inclusive to all customers. Plus, as more women join the industry and take on leadership roles, they serve as role models for the girls and young women in their personal lives.

Qtrade recently adopted the tagline, “Write your own future.” Ms. Zalzal says it’s a sentiment that aligns with her own goal of sharing investment knowledge so people can make positive changes in their lives.

“We want to send the message out that this is about empowerment,” she says. “For women, you can write your own future and it can translate into so many things.”

Advertising feature produced by Globe Content Studio with AVISO. The Globe’s editorial department was not involved.