This blog post was written by: Jo-Anne Stark, Practice Lead, Scotiatrust Western Region
Reports indicate that by 2028, women in Canada will control nearly $4 trillion in assets.[1] In just the past decade, that figure will have doubled.
The implications for estate planning professionals are profound.
The most significant wealth transfer in Canadian history is already underway as assets pass from one generation to the next and surviving spouses inherit family wealth. Yet much of the financial services and estate planning industry was built around assumptions, priorities, and communication styles that historically reflected male decision-making patterns.
For advisors, lawyers, accountants, and trust professionals, this represents both a challenge and an extraordinary opportunity. Those who continue to rely on a one-size-fits-all approach may find themselves increasingly disconnected from one of the most influential client segments in the country. Those who learn to listen differently, ask better questions, and tailor their advice will build stronger relationships and earn greater trust.
Understanding women as wealth holders requires appreciating some of the realities that often shape their financial lives. Women generally live longer than men and are more likely to spend part of their retirement years alone. Many have experienced career interruptions due to caregiving responsibilities for children, aging parents, or both. Women continue to face income disparities, and in many traditional households they may have had less involvement in day-to-day investment decisions even though they were often managing the household finances.
Given these realities, an important question emerges: have professionals done enough to adapt their planning conversations?
Too often, there is an assumption that the priorities of women clients mirror those of men. In practice, that is not always the case.
Many men arrive at estate planning meetings focused on wealth preservation, tax minimization, investment performance, and business succession. Women may be equally concerned about these issues, but they often frame success more broadly. Conversations frequently extend beyond the balance sheet to include security, independence, family wellbeing, caregiving responsibilities, health concerns, and the long-term impact of wealth on future generations.
While estate planning professionals are accustomed to questions such as:
- How can I reduce taxes?
- How can I transfer assets efficiently?
- How can I preserve family wealth?
- Who will control the business?
- How can I protect assets from creditors?
Women often introduce another set of equally important considerations:
- If I become a caregiver, how will that affect my future?
- How do I avoid becoming a burden on my children?
- How do I treat children fairly when their circumstances differ?
- What happens if I lose capacity?
- How do I maintain independence as I age?
- How do I prevent family conflict after my death?
The difference is subtle but important. In meetings I’ve attended over the years, men often arrive asking what will happen to their assets in various scenarios. Women frequently arrive asking what will happen to them and the people they care about.
This is, of course, a generalization. However, it reflects a theme that many estate planning professionals encounter repeatedly. A conversation focused exclusively on legal documents, tax efficiency, and investment performance may miss the deeper concerns driving many women’s planning decisions.
So how can professionals adapt?
The first step is surprisingly simple: lead with curiosity rather than with solutions.
Many professionals are trained to identify a problem and recommend a strategy as quickly as possible. Yet the most meaningful planning conversations often begin by putting the legal documents and tax strategies aside. Before discussing trusts, wills, or beneficiary designations, take the time to understand what matters most to the client.
Ask questions that invite reflection rather than simple answers.
Instead of immediately asking who the beneficiaries will be, ask who depends on her today. Ask what keeps her awake at night. Ask which family relationships concern her most and what she hopes her wealth will accomplish for future generations.
Questions about caregiving can be particularly revealing. Is she currently supporting aging parents? Does she anticipate caregiving responsibilities in the future? What impact has that responsibility had—or could it have—on her own financial security and retirement plans?
The answers often reveal far more than a net worth statement ever could.
Just as importantly, listen for the part that is not being said.
Behind discussions about inheritances, trusts, and powers of attorney are often concerns about family harmony, independence, fairness, vulnerability, or legacy. Sometimes the issue is not the amount of money being transferred but the impact that transfer will have on relationships.
One of the most powerful questions a professional can ask is not, “How much do you want to leave?” but rather, “What do you hope your inheritance will accomplish?”
That single question can open the door to conversations about education, caregiving support, philanthropy, entrepreneurship, family values, and the opportunities a client hopes to create for future generations.
At the end of the day, the future of estate planning is not about creating separate plans for men and women. The legal tools remain largely the same. The difference lies in how we uncover the goals those tools are designed to achieve.
As more women assume control of family wealth, professionals who continue to focus exclusively on assets, taxes, and legal structures may miss the bigger picture. Those who recognize this shift and adapt their conversations accordingly will be better positioned to earn the trust of a rapidly growing client segment.
The greatest opportunity may not be in offering different planning solutions. It may be in asking different questions.
[1] https://www.investmentexecutive.com/news/markets/canadian-women-to-control-nearly-4-trillion-by-2028/
