Women, Wealth and Covid

My passion for helping women comes from my lived experience, having grown up alongside eight sisters. My mother, sisters, and female clients are my inspiration for this blog. The strength of relationships with family, spouses, friends, and trusted advisors are vital to maintaining a healthy and fulfilling life.
There are nineteen million women in Canada, yet they are some of the most underserved without a trusted financial advisor. Today’s reality finds that the death of a spouse, divorce, and Covid, have created ever-increasing challenges for women of wealth and women in general.
Studies show that fifty percent of high-net-worth women in Canada will manage their wealth by 2025. It is known that women tend to outlive their male spouses and studies have found that the male spouse most often handles the family’s finances. Thus, while women are most capable of handling their financial affairs, the traumatic passing of a spouse may mean that they will work with the existing advisor while lacking financial literacy. It appears that seventy percent (70%) of affluent women switch advisors within three years of their partner’s passing for various reasons.
Once pegged at forty percent (40%), divorce has risen significantly since the pandemic began and continues to climb. The Covid pandemic has exposed previously unseen cracks within familial structures, which have considerably increased divorce rates in Canada. Women again are most impacted when this disunion occurs. Divorce has disproportionately affected women who may have been stay-at-home parents and were part of a one-income family in the past.
The core message today is this: to weather the realities of life or whatever challenges you may face, it is important to find a trusted advisor who will listen, educate, empathize, and always put you first.

 


People Don’t Care How Much You Know, Until They Know How Much You Care “Theodore Roosevelt”

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