For many advisors, the decision to focus on a specific niche stems from lived experience.Nuthawut Somsuk/iStockPhoto / Getty Images
Whether navigating life abroad, running a business or juggling a demanding career in health care, demographic trends are prompting more Canadians to seek advisors who understand their unique circumstances.
For many advisors, the decision to focus on a specific niche stems from their lived experiences. That’s the case for Anna Golan-Reznick, a certified financial planner (CFP) with Objective Financial Partners Inc. in London, Ont., who specializes in cross-border matters.
“Having relocated between countries twice, I understand first-hand the unique challenges that expatriates face,” she says. “That experience, along with my family’s ongoing plans to move from Canada to Latin America, has given me both empathy and insight into the financial complexities of international transitions.”
Ms. Golan-Reznick says the pandemic accelerated interest in cross-border living, especially among mid-career professionals pursuing remote work abroad. But while the lifestyle can be appealing, it also brings a host of complications – from tax residency and benefit eligibility to investment account restrictions and health insurance gaps.
“Many Canadians think they can just pack up and go, but they don’t always consider issues such as deemed dispositions of Canadian assets, cross-border taxation, or how their [Canada Pension Plan] or [Old Age Security] benefits might change,” she says.
Ms. Golan-Reznick emphasizes proactive planning and often works with a team of cross-border accountants, estate lawyers and foreign tax professionals.
The most common misstep she sees is when people try to “figure it out later,” she says, which can leave them vulnerable to penalties and taxes while draining their savings.
Instead, she encourages clients to test-drive life abroad before committing – by renting a local apartment, grocery shopping and taking public transit – to get a real sense of day-to-day costs and lifestyle.
The rise of single women
Personal experience also shaped Jackie Porter’s niche – single female entrepreneurs.
“I’m a child of a single mom and was a single woman for a long time,” says Ms. Porter, financial advisor and CFP with iA Private Wealth Inc. in Mississauga. “I joined the industry to learn for myself how to be financially secure. Now, I teach single women how to become financially empowered to choose the life and legacy they want.”
With more women choosing to remain single longer – or even permanently – and pursuing careers and entrepreneurship, Ms. Porter has seen a powerful shift in how women manage their money.
“Single women are some of our most engaged clients,” she says. “They review their plans, come prepared with questions, and want to understand how decisions impact their earliest retirement date. Because they know they’re solely responsible, they take it seriously.”
Traditional planning models often miss key needs for this group, such as higher retirement savings targets, careful risk planning (as there’s no second income), and future caregiving responsibilities, both as providers and potential recipients.
“A big consideration is who will care for them if they become ill or incapacitated,” Ms. Porter says. “And if they don’t live to use their assets, where do they want that wealth to go? We talk about impact gifts, relatives they may want to spoil, and tax-efficient estate strategies.”
Psychological factors also loom large, she says. “Gen X and [baby] boomer women can feel vulnerable. If they’re dealing with an advisor who talks over them, they may not feel safe to ask questions or say ‘I don’t know.’”
That’s why Ms. Porter prioritizes plain language, emotional intelligence and creating space for open conversations – especially around topics such as co-habitation agreements, solo parenting and taking time off to care for aging parents.
“Singlehood today doesn’t mean what it meant in the past,” she says. “With the right plan, women have the freedom to build the future they truly want.”
Call the midwife advisor
While Aravind Sithamparapillai never planned to become a financial advisor to midwives, he found himself drawn into their world after accompanying his wife to multiple appointments during her pregnancies.
“I have a science background and had worked with labour and delivery equipment,” he recalls. “When the midwives saw how involved I was, they started asking me questions about finances, taxes and planning. That’s when I realized no one was focusing on this group.”
Mr. Sithamparapillai, a financial planner with Ironwood Wealth Management Group in Hamilton, has now worked with midwives for more than four years and says the demands they face are unlike anything he’s seen in other professions.
Midwifery has gained traction as part of the shift toward personalized health care, and the on-call schedule is relentless as births happen at all hours.
“Health care, in general, has been very challenging,” especially since the pandemic, Mr. Sithamparapillai says, “and with midwives even more so.”
Many midwives have told him the physical challenges of menopause exacerbate the already physically and emotionally demanding job, leading many to want to retire in their 50s.
Because of that, he structures his financial planning for clients around flexibility, early retirement modelling and cash-flow management. He’s also developed resources on tax planning for self-employed midwives and gives educational talks to graduating midwifery classes at McMaster and Toronto Metropolitan universities.
“Traditional advice models can technically serve anyone,” Mr. Sithamparapillai says. “But when you really listen, create a safe space, and speak their language? That’s when real planning begins.”
To better understand and support his clients, he’s been reading books such as Come As You Are by Emily Nagoski and The Menopause Manifesto by Jen Gunter.
“It’s helped me ask better questions and create a more open dialogue,” he says. “They’ve told me, ‘You’re the only one who gets it.’ That’s how I know I’m in the right niche.”