Women’s Mastery Series: Building a Positive Financial Mindset

A casual conversation among friends and colleagues quickly evolved into a five-session pilot course. While discussing the need for financial literacy among women, the question “What is the power of a financial mindset?” sparked a collaboration between five women: Jessica Arakgi and Claire Blessing, Wealth Advisors | Client Relationship Managers at Nicola Wealth, and Danielle Skipp, Nicola Wealth’s Managing Director, Ontario, Monique Moran, CEO of Growth Assembly and Nicola Wealth client, and myself, Sarah Cestnick, Performance Marketing Coordinator at Nicola Wealth.

A BMO survey confirmed our belief in the necessity for change, revealing that over a third of Canadian women feel uncertain about their financial future, impacting their ability to achieve financial progress. Furthermore, the majority reported lacking a financial plan, with 78 percent expressing a desire for increased access to financial literacy resources. Therefore, drawing from our diverse backgrounds and under Nicola Wealth's Women's LEAD initiative, the "Women's Financial Mastery Series" was launched on November 2, 2023.

At the core of the series was the objective to cultivate financial confidence among women, whether they opt to collaborate with wealth professionals or navigate their financial journey independently. The empowerment of women to influence those in their circles creates a ripple effect that inspires broader change.

The driving force behind the series has undeniably been its participants. Week after week, the women showed up with an earnest desire to openly share their backgrounds and goals regarding wealth. Early on, the need for normalizing financial conversations and literacy in the home was highlighted as a desire for many, and it wasn’t long before the women were nodding in agreement that their fears often led to mistrust in financial advisors. The women left that first night empowered by their personal strength, recognizing that harnessing a positive financial mindset can be a powerful force for shaping one’s financial future. This set the tone for the subsequent sessions.

As the series unfolded, we welcomed guest speakers who enriched the dialogue, diversifying the discussions to encompass topics such as financial planning through life events and generational wealth. From retirement and education to running a business and sudden illnesses, participants explored various life events warranting proactive financial planning. Discussions on wills, probate, estate planning, and gifting ignited enthusiastic participation, while questions regarding goal setting, net worth summaries, financial independence, tax strategies, pre-marriage vs. post-marriage planning, and more were addressed.

The sessions were carefully curated with actionable insights for the women, with a greater goal of nurturing personal confidence and financial literacy. This is why the fourth and fifth sessions proved pivotal for the series. In these sessions, Jessica and Claire shared their “wealth” of knowledge on diversified investing for wealth building, providing the attendees with tangible next steps in their wealth planning journey.  

As the series concluded in April, the initial question – “What is the power of a financial mindset?” – was answered. Many participants embraced the calls to action, leading to tangible manifestations of change. Families revisited once-sensitive topics like wills, individuals discussed diversifying personal assets through shared investment strategies, and collaborative efforts with Jessica and Claire resulted in personalized financial plans. Networks expanded, friendships formed, and new business concepts emerged. The ripple effect was evident. Attendees witnessed a growing confidence with each meeting, truly inspiring those involved.  

Change can begin anywhere, and women associated with Nicola Wealth aimed to contribute to that conversation by fostering a safe environment for change. They sought to empower and equip the next generation.