How a financial advisor can help you build towards long-term goals

As women control an increased share of wealth in Canada and navigate new roles as financial decision-makers, it's critical that they feel confident about their finances, says Ms. Vanni.

“Most women will become the primary or sole financial decision maker at some point in their life,” she says. “If they aren't as young women, they will be later on, because women tend to outlive men and there's a huge transfer of wealth that's taking place.”

For women who haven’t begun their financial planning journey yet, Ms. Vanni suggests getting started sooner rather than later, especially before a life crisis like a death, divorce or major health event. She gives the example of a client, a woman whose husband had a high-risk job. To ensure the family would be supported in case of a worst-case scenario, the woman decided to take the lead in managing the family's finances.

“There's a lot of unpacking that needs to be done when women face a sudden transition,” notes Ms. Vanni. “Ideally, they have already established a relationship with a financial advisor loyal to them prior to the crisis, so they can turn to them and say: ‘I don't know what to do. How do I do this?’”

Ms. Vanni remembers a situation where a client who was going through a difficult separation from her ex-husband, who had handled all the financial matters during their marriage. When the client first met with her financial advisor during the separation, she was feeling overwhelmed by the many financial steps ahead, such as division of assets, investment planning and more.

“Together, they worked through the process and developed a comprehensive plan tailored to her situation, needs today and tomorrow,” Ms. Vanni says. “The client later shared that this experience not only provided clarity but also helped her feel more comfortable and confident in managing her finances.”

As the client gained more confidence, she decided to move her portion of the investments she and her ex-husband had previously held at another firm. The financial advisor also engaged a CIBC mortgage advisor to assist with her lending needs.

“With the right guidance, she moved from feeling unsure about her finances to making informed decisions, including bringing over investments and purchasing a new home that truly feels like hers,” Ms. Vanni says. “Going through a major life transition can be overwhelming, but having a plan in place helped her turn uncertainty into a sense of control.”

Ms. Vanni says working with a financial advisor is a discovery process where clients will, with their advisor’s help, learn more about themselves. This process can help women clarify their priorities, such as supporting loved ones, pursuing career growth or preparing for retirement.

Through this discovery process, an advisor can help clients align their financial decisions with their personal goals.

“For example, a woman came to us a couple of years before retirement for help with mapping out her financial plan,” says Ms. Vanni. “She wanted to know if she could take her full pension. Her advisor ran some calculations with her and figured out that she could retire earlier [than she expected].” 

Advisors play an important role in helping their clients understand the core concepts of financial planning, from budgeting to investment strategies, says Ms. Vanni. Through this guidance, women who may have avoided money matters in past can build financial confidence and plan for their future.

Financial security begins with a strong foundation, she adds, and advisors can help their clients build that foundation for stability and peace of mind. For example, it's always a good idea to create a “savings buffer” — money set aside in a savings account in case of unexpected expenses like car or home repairs. Advisors can also help clients diversify their investments, which can reduce risk in uncertain economic times.

When taking the step to find an advisor, it's important to find someone you feel comfortable with, says Ms. Vanni. The right fit is especially important in order for women to build financial confidence.

“Women connect emotionally. We need to like our advisor,” she says. “We need to look at our advisor and say: ‘I like you. I trust you. I feel like I can be vulnerable around you, and I can call you anytime.’”

For anyone who may feel like they don't have the time or the money to seek financial advice, Ms. Vanni has this message: Start now and build for later. Connecting with the right advisor could be the first step towards achieving your future goals.