Strategic wealth planning should align with individual aspirations and passions, ensuring that financial decisions support long-term personal goals.
Turning a Vision into Reality
A few years ago, a client approached Lana Robinson with a unique request—she wanted to transition into a second career as an interior designer as part of her retirement plan. Despite being a significant shift from her previous profession, Ms. Robinson saw the potential.
“It was a complete change from her past work,” recalls Ms. Robinson, who previously led the wealth strategies group at CIBC Private Wealth and now heads ultra-high-net-worth private banking and family office at CIBC Private Wealth. “But I told her, ‘That’s a great idea. Let’s define what that looks like,’ and we began structuring a plan accordingly.”
The planning process involved mapping out the specifics of her new career, such as determining startup costs and essential resources, ensuring she was fully prepared for the transition.
Through years of experience, Ms. Robinson has observed that financial well-being for women extends beyond monetary value. According to a recent WOI+ x CIBC survey, many women associate wealth with financial security (82.7%) and independence (71.1%).
Despite reaching a certain level of financial stability, women often worry about sustaining their desired lifestyle in retirement. Addressing these concerns with informed guidance is key to building confidence in financial planning.
Defining Financial Security
“When discussing financial security with women, the first question is: what does that mean to you?” says Ms. Robinson. “Many women are so engaged in their day-to-day lives that they may not have had the opportunity to fully consider this. As advisors, we help create space for these conversations.”
She emphasizes that financial security varies for each person. A trusted advisor plays a crucial role in helping clients articulate their financial aspirations and develop a strategy that aligns with their goals.
“For some, financial security means contributing to their community or pursuing personal interests,” she explains. “It’s about understanding what retirement and financial independence look like on an individual level.”
Balancing Priorities
A well-structured financial plan considers the client’s unique objectives, ensuring they feel secure and confident in their financial future.
“We begin by understanding the client’s vision,” says Ms. Robinson. “Establishing a meaningful connection helps clarify their goals before developing a financial strategy or investment plan.”
She acknowledges that individuals often face competing financial priorities. Retirement planning is one aspect, but some may also want to engage in philanthropy, support family members in purchasing a home, or manage caregiving responsibilities for aging parents. Finding balance may require adjusting certain expectations, but that doesn’t necessarily mean compromising on aspirations. For example, rather than purchasing a property in Florida, one might opt to rent for part of the year instead.
Unexpected life events such as career changes, health challenges, or the loss of a spouse can add financial stress. Advisors play a key role in helping clients navigate these uncertainties with confidence.
“By addressing these situations proactively, we can help alleviate financial stress and provide clarity,” says Ms. Robinson.
Gaining Confidence in Wealth Management
Managing wealth involves multiple factors, including strategic asset allocation, tax planning, and risk management. These complexities can add to financial concerns. According to the WOI+ x CIBC survey, while 68% of women feel in control of their finances, 42% worry about long-term financial security, and 38% experience stress over their current financial situation.
Ms. Robinson notes that much of this anxiety stems from uncertainty. It is the advisor’s responsibility to provide clarity, ensuring clients feel confident in their financial decisions. This becomes particularly important during times of market volatility when individuals might feel inclined to make impulsive financial choices.
“Taking the time to connect the dots—considering tax implications, market fluctuations, and long-term planning—helps provide a comprehensive view of financial stability,” she explains. Resources such as webinars and online tools can further enhance financial literacy and confidence.
Choosing the Right Financial Partner
Ms. Robinson highlights the importance of working with an advisor who understands and respects the client’s vision. The right advisor-client relationship fosters a sense of security and confidence in financial planning.
“When clients and advisors establish a clear vision together, uncertainty is replaced with confidence,” she says. “Find an advisor who listens, understands your goals, and supports you in achieving them. Your financial future should reflect your vision.”
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