When life changes, your plans should change with it

In my two decades in financial services, I’ve noticed that many of the biggest financial stress points people face aren't triggered by markets, they're triggered by life.

And for women, those life moments often come with a distinct set of vulnerabilities. Not because women are less capable investors or less sophisticated decision makers. But because women’s financial lives are more likely to be shaped by interruptions, caregiving responsibilities, longevity, and transitions that arrive with layered complexity: divorce, job loss, retirement, the passing of a spouse, becoming a parent (and the career impact that can come with it), and major health events.

While these moments can be a disruption, they can also serve as a launch point for transformation. A life transition can be a challenge, but it can also be a jumping-off point to help you build financial resilience and mental resilience at the same time.

The gendered reality behind the numbers

While every person’s situation is different, I often see women carry a distinct set of concerns, rooted in a very practical question: “Am I going to run out of money?” That fear is amplified by longevity. I also hear, again and again, that women don't want to be a burden on their children. They also value independence.

Divorce is another transition that can reshape everything. Research shows that women’s finances decrease by 41% on average after divorce¹, almost twice as much as men’s, and that 74% of divorced women and widows report being hit with negative financial surprises after their marriages end². Those surprises might be about cash flow, debt, insurance, taxes, or investments that were managed by someone else. Regardless of the details, the theme is the same: the change is rarely “just paperwork.”

This is exactly why I believe advisors need to approach these moments differently.

A real client story: certainty after a shock

A recent client conversation crystallized for me what women often need most during a transition: not a lecture about the market, but a path back to certainty.

I met Cindy (not her real name) after a presentation. As the room emptied, she approached me quietly and asked, “Do you have a few minutes to chat?” We ended up talking for more than an hour.

Cindy spent 23 years climbing the corporate ladder and became the only woman on her company’s executive team. At the peak of her career, she was diagnosed with Stage 3 breast cancer. She stepped away from work and went on long-term disability. Five years later, she beat cancer, but she never returned to her career.

Now 62, Cindy’s biggest questions weren’t about markets, stock picks, or the economy. They were much more personal. Would she be okay, she asked. Would her savings last? Could she maintain her lifestyle? Would there be anything left for her two children?

Together, we built a financial plan and stress-tested different scenarios. When we reviewed the results, the plan showed that she could comfortably support herself well into her 90s and still leave a meaningful inheritance for her children.

She was happy and relieved by the result, not because she'd made an extraordinary return, but because, for the first time in years, she felt certainty.

That’s the part of planning many people underestimate: wealth is rarely only about maximizing returns. For many families, it’s about knowing that if life takes an unexpected turn, you’ll still be okay, and you’ll still have the freedom to care for yourself and the people you love.

How advisors can support women through major life transitions

When a client comes to me in the middle of a major shift, I don’t start with spreadsheets. I start with questions like, "How do you feel?" Why is this change so destabilizing? What matters most to you right now?

From there, the work becomes practical. In my experience, these steps help women regain or maintain control and confidence during transitions:

• Stabilize first, then strategize. When emotions settle, decisions get clearer. We can tackle the “boring” parts of finance more effectively once someone feels steady.

• Revisit goals—and what you hold today. We review current holdings and whether they still support the client’s goals, especially if timelines have changed.

• Assess risk in a way that respects both the math and the person. We look at risk appetite (how much risk you want) and risk ability (how much risk your situation can support). Often, the answer is a balanced approach, rather than extremes.

• Create a portfolio with a clear purpose, designed to either supplement income or fully provide it, assigning asset mix, income sources, and spending expectations. 

• Structure withdrawals—how much, and from which accounts—in a way that efficiently manages taxes.

• Solve for timing gaps (like early retirement). For those who retire early, we often build a cash bridge between retirement and the start of government benefits.

Why this matters at Manulife Private Wealth

The fact is, the financial industry wasn't originally designed with women in mind. Even today, women remain underrepresented among financial advisors and portfolio managers. Yet many women, as investors and as professionals, thrive with a stable, disciplined, long-term approach.

That’s also why I value the philosophy at MPW. The focus is on disciplined, long-term investing rather than chasing short-term momentum. For many women, that alignment matters. During life transitions, this approach can turn investing from a source of stress into a source of stability.

Life transitions will keep happening. The goal isn’t to avoid change. The goal is to meet it with a plan.

1 Source: U.S. Government Accountability Office, Retirement Security: Women Still Face Challenges (2012). 2 Source: UBS Global Wealth Management, UBS Investor Watch: Own Your Worth (2019).