Women’s financial journeys are shaped by unique milestones and challenges ranging from navigating career transitions to planning for retirement. In this special edition of Smart Advice, we break down the results of a groundbreaking Women of Influence+ survey conducted in collaboration with CIBC, on Women, Money, and Wealth

This episode offers expert guidance and practical tools to help you navigate your financial journey. 

You won’t want to miss this roundtable discussion featuring CIBC financial advice expert Carissa Lucreziano, Dr. Rumeet Billan, CEO of Women of Influence+ and Margaret Adaniel, Vice President of Wealth Digital, Marketing and Communications at CIBC. 

Here are three reasons why you should listen to this episode:

1. Understand the benefits of working with an advisor to help you manage finances during major life transitions.
2. Discover strategies to build financial wealth with budgeting, goal setting and regular investing.
3. Learn how to protect yourself and your loved ones with an estate plan.

Resources

• Canadian Perspectives: Women, Money and Wealth Survey
• Willing Wisdom by Thomas William Deans 
• Wealth planning for women: Why do I need a prenup?
• CIBC's "Smart Advice" Podcast and Website - Website | Apple Podcast

Episode Highlights

[00:29 ] Milestones and Challenges on the Financial Journey of Women

• Over the years, women have increasingly grown their influence in Canada's economy.
• Carissa highlights a study by Women of Influence+ and CIBC
• It revealed that 68% of women feel in control of their finances while 42% are concerned about long-term security.
• The study shows that major life events, such as retirement and marriage, often prompt women to seek financial advice.

[02:48 ] Why Financial Well-Being and Transitions Are Important

• Retirement and other life transitions play a huge role in women’s finances. It’s also important to see retirement as a journey, not a destination.

[3:33 ] Margaret: “Retirement is not a point of arrival… It's actually a journey within itself”

• Women face increased financial responsibility. In particular, this involves balancing work and family, leading to evolving financial needs.
• Understanding your current financial situation, budgeting, and setting future goals are foundational steps for building financial resilience.
• Building an emergency fund and investing in long-term wealth, despite market complexities, is crucial in the modern era.

[10:56 ] Starting a Business and Financial Considerations

• All business plans include market research, business model, marketing strategy, and cost analysis.
• It’s vital to keep personal and business accounts separate to simplify balancing your finances.
• It helps to automate bill payments, as missing a payment can harm your credit score and make financing your business more difficult.
• Digital resources like BDC and Zen Business can make it much easier to start a business, even if you are early in your financial journey.
• Carissa emphasizes the value of working with a trusted business advisor to navigate the early stages of entrepreneurship.

[18:35 ] Build Strong Partnerships On Your Financial Journey

• Communication is key in both new and second marriages, starting with full disclosure of financial obligations and establishing clear money management practices. 

[19:42 ] Carissa: “In any relationship, first marriage or partnership or second communication is key. That is the foundation.”

• Carissa recommends cohabitation agreements or prenups to outline financial responsibilities and protect individual interests.
• Define what is "yours, mine, and ours" clearly in financial arrangements, particularly in second marriages. Doing so prevents misunderstandings and fosters transparency.
• Financial disagreements are a common source of conflict in relationships and highlight the value of open communication to build a strong financial foundation.

[23:21 ] Estate Planning Beyond Legal Documents

• Estate planning is more than just legal documents. Women need to organize details like family contacts and personal wishes.

[25:18 ] Margaret: “We think about it [estate planning] in the legal document terms, not the emotional side of the conversation. It's both. It really is both of those and we have to balance them out.

• Families are encouraged to discuss emotional aspects of estate planning, such as deciding who will care for pets or how assets will be distributed.
• The book Willing Wisdom is recommended for reframing your financial journey with thoughtful questions about values and personal priorities.
• Digital platforms like Willful are suggested as affordable and accessible tools to start or update wills and legal documents, making the process easier to navigate.

[26:59 ] Estate Planning and Investments

• 50% of Canadians lack a will. Starting this process is crucial for protecting assets and ensuring they are passed down as intended

[27:55 ] Carissa: “You've worked a good portion of your life, working so hard to accumulate these assets… You want to be able to protect that, and you want to be able to preserve as much as possible to go to the next generation ”

• Begin open, age-appropriate discussions about estate planning, focusing on values, beliefs, and priorities rather than just financial details.
• Use investments strategically to equalize estates when multiple assets are involved, such as a family cottage and investment accounts.
• For example, compensate one child who inherits a family cottage with an investment account to ensure fairness and reduce disputes.
• Estate planning that incorporates investments can reduce stress, and preserve family harmony.

[30:46 ] Audience Questions and Final Advice

• Carissa recommends consulting a financial advisor about your available options for managing your 401(k) accounts during layoffs.
• Margaret and Carissa discuss the benefits of life insurance in estate planning, highlighting its flexibility in offsetting estate imbalances and covering debts.
• Young women should start their financial journey early. 
• It’s more important than anything else to just start budgeting and investing.

[37:59 ] Key Advice For Navigating Your Financial Journey

• Carissa emphasizes the importance of understanding your financial situation while also developing a plan that gets you to your financial goals.
• Don’t be too hard on yourself, and celebrate financial achievements. Paying a student loan, saving a down payment, and building your savings are significant milestones.
• Stick to your financial plan and stay invested in your future.
• Margaret highlights the value of starting with small, regular investments. Having more time in the market is more important than trying to time the market.
• She encourages women to give themselves permission to seek a financial advisor. Trusted and professional support is invaluable on your financial journey.

About Carissa 

Carissa Lucreziano has over two decades of experience as a Certified Financial Planner. She is the Vice President of Financial and Investment Advice at CIBC, where she aims to simplify complex financial concepts to give people the ability to make informed decisions about their money.

As CIBC’s financial advice expert, Carissa leads a team dedicated to empowering Canadians through accessible financial education and smart advice.

Connect with Carissa Lucreziano on LinkedIn.

About Margaret 

Margaret Adaniel is the Vice President of Wealth Digital, Marketing, and Communications at CIBC, where she leads strategic initiatives to enhance client engagement and financial education.

Margaret is committed to fostering financial confidence by creating tailored solutions that address evolving client needs, leveraging her expertise in wealth management, financial literacy, and strategic communication.

Connect with Margaret Adaniel on LinkedIn.

About Dr. Rumeet  

Dr. Rumeet Billan is the founder and CEO of Viewpoint Leadership and former CEO of Women of Influence+. Her approach to entrepreneurship, business development, and leadership training prioritizes trust, belonging, and resilience to elevate the quality of her work.

Dr. Rumeet has been recognized as one of Canada’s Top 10 Power Women. She showcases a commitment to giving back to communities by helping improve access to education through schools and libraries and funding scholarships.

Connect with Dr. Rumeet on LinkedIn or her website.

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