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Women want to be intentional with their giving, seeking guidance from advisors about the most effective strategies
When one of her long-time clients mentioned she donated $15,000 a year to various charities, Rebecca Broadley, a Calgary-based wealth advisor at Richardson Wealth, was taken aback. The woman wasn’t ultra-wealthy, just intentional with her money.
“It wasn’t about having a lot of extra funds lying around,” explains Ms. Broadley, adding that each gift traced back to a life experience, like a parent’s illness, a childhood impacted by tight budgets and a community cause that once helped her.
It’s a pattern Ms. Broadley says she is seeing more often as women take a greater financial lead, a shift that is set to accelerate with women expected to control about half of all accumulated wealth in Canada by 2026 through earnings, inheritance, divorce or widowhood.
Philanthropy, she adds, has become a natural expression of those values, less about transactions and more about memory, identity and a sense of responsibility that often leads to some of the most meaningful planning conversations of the year.
Kate Murdoch B.Comm, CIM®, CFP®, TEP®, Wealth Advisor, Investment Advisor, Portfolio ManagerSUPPLIED
“You get women talking about why,” she says. “Maybe their mom went through a health issue, or they grew up relying on certain community supports and they want to give back to the people or organizations that once helped them.”
That focus on aligning charitable giving with personal values and long-term planning is central for Kate Murdoch, a Victoria-based portfolio manager and wealth advisor at Richardson Wealth. She says the rise of women’s wealth is already reshaping where philanthropic dollars are flowing, especially toward women’s health.
“There is a real interest in supporting research and advancement that has historically been underfunded,” explains Ms. Murdoch. “Women want their giving to reflect their lived experience.”
While there has been a longstanding dialogue around women not wanting to seek professional financial advice, that isn’t something Ms. Murdoch sees in her practice. “My clients are thrilled to receive advice when it is explained well and when it aligns with their goals,” she says.
Rebecca Broadley CFP®, CIM®, Senior Wealth Advisor, Senior Investment AdvisorSUPPLIED
The larger challenge, she adds, is the industry itself. Only about 15 per cent of Canadian wealth advisors are women, while roughly 80 per cent of women switch advisors after a major life transition, like the death of a spouse or a divorce.
“It is a supply issue,” explains Ms. Murdoch. “Women are looking for someone they feel comfortable with, someone who will listen first.”
For her, meaningful planning comes from listening to her clients and finding out exactly what their goals are. Once those goals are clear, her job is to bring clarity and structure to the giving strategy, determining with clients how much they can give without affecting other family goals, whether they prefer to give during their lifetime or through their estate and whether it’s important to involve their family in the process.
“For many women, creating a legacy that includes their children or grandchildren is incredibly meaningful,” she says.
Then there are the decisions about how to give.
Donating appreciated company shares can give what Ms. Murdoch calls a “double benefit,” since the charity receives the full market value of the shares and the client gets both a donation tax credit for the full value of the shares and avoids paying tax on capital gains. For clients with corporations, donating shares through the company can create a third benefit by allowing shareholders to take a tax-free dividend from the capital dividend account.
“It is a very effective tool,” she says.
Ms. Murdoch’s favourite structure, however, is the donor-advised fund or, for those with enough wealth, the private foundation. She recalls clients who had enough in their “third bucket” of surplus wealth that they created a foundation with $1-million, which later grew to $2-million. They invited their grandchildren to serve on a grant-making panel, where they meet annually and decide how to distribute the required five per cent each year.
“It was an incredible exercise in generosity and leadership,” Ms. Murdoch says. “They passed on their values during their lifetime and the foundation continues today.”
Ms. Broadley says charitable giving can be both generous and strategic.
“Most people don’t realize there are options beyond writing a cheque,” she explains, adding that she often brings up these options closer to year-end, when clients have taxes on their minds. “You can donate mutual funds or stocks in kind, which means you give the investment directly rather than selling it first. You don’t pay capital gains tax, and you still get a charitable receipt for the full market value.”
Those who are unsure where to give can opt for donor-advised funds as a flexible alternative to creating a foundation.
“You can start with as little as $25,000, invest the money and decide later where you want to give,” she says. “It’s a great option for people who want the tax benefit and the time to make thoughtful decisions.”
For both advisors, the uptick of philanthropic giving by women shows not just a financial shift, but a cultural one. Women want their giving to reflect who they are. They want to make a meaningful impact. And increasingly, they want a plan that brings their family into the conversation.
“Women are asking thoughtful questions,” Ms. Murdoch says. “They want advice, they want clarity and they want a strategy that supports their goals. When you can bring all of that together, you can create incredible long-term impact for the client and for the community.”
Discover more stories and insights on the Women & Wealth hub.
Learn more about Richardson Wealth’s approach to empowering women at https://richardsonwealth.com/wealth-strategies/women-wealth/
Advertising feature produced by Globe Content Studio with Richardson Wealth. The Globe’s editorial department was not involved.