Building your vision with strategic wealth planning

Navigating competing priorities

A trusted advisor is a key part of a successful retirement planning strategy because they can tailor a plan to the client’s unique goals and expectations, ensuring that women feel comfortable and confident in their finances.

"We need to understand the vision first," she says. "We need to make a meaningful connection with the client to understand what they are trying to achieve before the financial plan or investment asset allocation — that is the very last step in the process." 

She notes that women can go through feelings of “push-pull” around whether they can realize every part of their vision. "That push-pull means, what is your wish list? Can you execute on it?" says Robinson. 

Women may have competing priorities, which are different for everyone, she adds. Retirement will likely be a part of their vision, but it may also be about their impact on their community through philanthropy or volunteering. They may want to help their adult children buy a home and may also have caregiving responsibilities for their aging parents. Robinson notes that sometimes, a plan may require compromise, but that isn't always negative. For example, it could mean that rather than buying a house in Florida, maybe it will be rented for a few months each year instead. 

Unexpected life events such as divorce, career changes, health concerns or a sudden loss of a spouse can compound women's stress around finances, Robinson says. That's why it's up to advisors to ask the right questions and help their client feel confident in their financial journey.

“Talking through these situations and helping women understand what that means financially for them can help alleviate some of that stress.”

Empowering women to be in control of their wealth

The complexity of growing and managing wealth — navigating strategic asset allocation, tax optimization, risk mitigation, market volatility — can also add to women's financial fears. WOI+ and CIBC’s survey found that while more than 68% of women report feeling in control of their finances, 42% are concerned about their long-term security, and 38% feel stress over their current situation. 

Much of this concern comes from the unknown, says Robinson, so it’s the responsibility of the advisor to empower women to feel confident in their plan and in control of their financial decisions. This can prove especially helpful in times of volatility, when some people may want to make drastic moves with their finances. 

“It’s about spending the time to tie the pieces together — tax implications, volatility — how all those things work together to affect the outcome of your retirement plan,” she explains, pointing to resources, like webinars or online tools, that can provide women added financial knowledge and confidence. 

“If we've done the work and I understand what you care about, then I can help answer your questions or concerns.”

Choose the right partner to make your vision a reality

Robinson notes that it's important for women to feel comfortable with their advisor, and to ensure they are working with someone who is the right fit. Once the relationship is established, the advisor can develop a customized wealth management plan to achieve the financial security and independence the client desires. 

When an advisor and their client create a clear vision, she adds, it can transform any lingering uncertainty into a sense of security and confidence in the future. 

“Work with someone you connect with, someone who's going to take the time to really understand what you want,” says Robinson. “It’s your money and your vision that matter.”