Good financial advice is hard to find despite have the entire internet at our fingers. There is a lot of financial advice out there but it can be hard to filter through the noise to find the right advice for your individual needs. That’s why Canadians are using AI tools such as ChatGPT, Claude or Gemini for financial advice in the past year.

There are many reasons why people go online for financial advice. There’s the DIY-ethos of there’s info out there, so I don’t have to pay someone, which fair; the idea that you have to be rich to have an advisor which, no; the desire to get financially literate, and that some advisors will not take you on unless you have a minimum of $250,000 in investible assets.

How, why and where Gen Z and Millennials invest

Another thing is because financial advice overall isn’t tailored. When I started writing about money, one stat jumped out and stayed with me: Fidelity has mentioned it and according to the National Association of Insurance and Financial Advisors (NAIFA), 70% of women fire their financial advisor within a year of their spouse’s death because the advice they received was poor. 

I obviously do not have a partner or spouse but I have always preferred to work with women advisors because they get it. My advisor is also a racialized woman because gestures to self.

The fact that women fire advisors in such a large number especially after a life-changing event or that young people can’t find advisers they like is why I spoke with Lacy Garcia the founder of US-based Willow. It’s a wealth empowerment platform built for women, next-gen clients, and their families. A former financial services marketer, Garcia experienced firsthand how poorly the industry served women managing major life changes like divorce and caregiving. She’s also looking to address the lack of younger advisors in the US, something that is also an issue in Canada. 

I have to ask: why is wealth advice for women still so bad?It wasn’t designed by women or with women in mind. Historically, the brokerage and sales model was transactional and focused on competition and performance, while women tend to approach money with both heart and head and think more long term. A lot of the industry was built without considering women’s lives, like the gender pay gap, caregiving, and longer lifespans. So structurally, it just wasn’t created the right way.

When you say the products aren’t designed for women, what do you mean?
I’m really focusing on how they’re sold. The client-advisor service model came from a brokerage, sales-driven, transactional model. There’s pressure on advisors to keep bringing in business, and that doesn’t always leave room to spend time building trust. Women want someone who cares about them as a person. That doesn’t take long, but it does take intention.

About being a single edge case and a massive RRSPs

So this is really about how the relationship is built.
Exactly. When advisors take the time to understand someone, it improves retention, loyalty, and asset growth. That matters even more during the wealth transfer, because advisors with personal relationships are more likely to keep women clients and their heirs.

I’ve seen studies showing that when a heterosexual couple loses the man, the woman often leaves the advisor within a year.
That’s a common pattern. People generally say about 70% of women leave after widowhood or divorce.

I’ve always believed every woman should think of herself as single when it comes to her finances, whether she’s married or not.
I love that. It’s self-empowering and important. We’re also seeing more women choosing that path. By 2030, 45% of women between 22 and 44 or 45 are expected to be single and childless.

Financial planning, personal finance, and wealth management still seem to be catching up.
That’s exactly why we developed Willow, to help the industry catch up. It’s a free concierge matching service focused on women and their families, though we don’t turn anyone away. The underserved are women and younger people. We train and certify advisors, but it’s not just credentials. It’s also EQ, coaching, active listening, and personality fit.

Spite is not a retirement plan but it can help

Is the lack of younger advisors also an issue in the US?Yes. A lot of the advisor population is aging out. At the same time, the shift is creating a friendlier environment for younger advisors, and there’s more focus on hiring and supporting women. The CFP Board and other firms have been working on changing the brand and perception of financial advising.

What are younger clients actually looking for?
They want a personal connection and a trusted advisor. They want timely information, not spam. They don’t want unnecessary meetings or friction. They want someone knowledgeable who can be a resource, and they expect seamless technology.

So basically, give me an app or I’m not doing it.
Exactly. The smart advisors are adapting to that. Technology helps them focus on the personal touch when it matters most.

Where does AI fit into all this?
Everyone should be experimenting with it. We’re kind of AI-powered, but backed by human QA. AI can handle busy work and make advisors more efficient, but if you’re acting as a fiduciary, you still need that human judgment and accountability.

Algorithmic pricing is going to SUCK for singles

A lot of people think you have to be rich to work with an adviser. How do you push past the idea that you need at least $250,000 in investable assets?
That barrier needs to go. Some advisers work with clients under $250,000, and many people should still be working with a financial professional. For smaller balances, a one-time fee or yearly planning relationship may make more sense. It may also mean managing your own assets without paying ongoing fees. The key question is what kind of help you actually need.

What should single people plan for specifically?
If nobody else would step in financially, you have to be your own emergency fund. Scenario planning matters. Don’t just think about cash for immediate emergencies,  think about what happens if something changes dramatically. It’s like planning a will or a backup plan. If you’re single, you need to ask, “What if?”

I do have an emergency fund, and I also have critical and disability insurance.
That’s smart. Insurance is really important. You need to think through insurance, emergency savings, and access to other resources. You also need to think about how you could downsize your lifestyle if needed. Ask yourself what your need-to-haves are versus your nice-to-haves.

What else should people know about Willow?
It’s free, with no pressure or obligation. If someone wants to explore working with an advisor, getting a financial plan, or doing self-directed investing, we lead with education and guidance. All the advisers we work with go through our program, and they’re credentialed, referenced, background-checked, and in good standing. You may not find the perfect advisor, but we can help you figure out the right next step.

Tiny condos are an insult to single people

This interview has been edited for length and clarity. Note: interviews are not endorsements.

It was survey week this week so here are some interesting data points from three. These might turn into articles at a later date.

According to Money Mentors’ Financial Advice in the Age of Social Media & AI Report which was done in partnership with Angus Reid, nearly one in three Canadians (32%) looked for financial advice online in the past year: social media (16%), podcasts/news articles (16%) and AI tools (15%) were among the most commonly used online financial advice sources. Younger Canadians are leading that search, with nearly half of Canadians aged 18-34 (47%) seeking financial advice online, compared to 17% of Canadians aged 55+.

Other interesting data points: Among Canadians who sought financial advice online, 69% said online information is faster to access, while 36% said online advice feels more relatable, personal or easier to understand

Online financial advice is influencing real financial decisions tied to savings (37%), investments (37%), budgeting (28%), debt repayment (23%) and credit products (18%

Here’s another survey: Edward Jones Canada with Gallup found that while 48% of Canadians feel grateful about their finances, only 12% are financially fulfilled.  

Last one: A new survey from Capital One Canada found that Canadians are experiencing measurable financial gains after talking more openly about their finances, with 61% of respondents reporting concrete returns after doing so, from increased savings (29%) to paying down debt 20%). 

This week’s readings:

By me: Caught in a global hotspot? What happens next and how (Canadian Family Offices)

Welcome to the K-shaped economy: Why are so many people struggling financially while the stock market is soaring? (CBC)

I’m giving the CRA an extra million this year and here’s why (Toronto Star)

What people are giving up just to pay their bills (The Cut)

The debt situation in Canada (Credit Canada, Instagram)

Funding public housing can help reduce homelessness. I know it’s obvious but not obvious enough. (Andrew Boozary MD, Instagram)

I’m back to thinking about the book only 20% of the time. so here’s a reminder you can buy my book pretty much anywhere. I want to thank all of you who pre-ordered it. The latest royalty report said that I earned out half my advance by December 2025. The book came out in January. You’re all amazing.

If you like my work, consider upgrading, it’s less than $5 a month or a one-time tip. All funds go towards hosting and paying other writers. And taxes, obviously.