Advisors urged to help clients plan as grief leaves lasting impact on health, work, and finances
New findings from Empathy’s fourth annual report on The Grief Tax reveal the escalating toll of loss on Canadians—financially, emotionally, and professionally, as reported by The Canadian Press.
For financial advisors, the findings show a clear call to action: support clients with proactive estate planning before grief compounds into long-term hardship.
Empathy defines the Grief Tax as the cumulative financial, logistical, and emotional burden associated with loss.
The report shows that only 24 percent of adults had a will in 2025, and more than two-thirds lacked access to essential documents needed to settle affairs, a process that can take up to 20 months.
Without proper support, grief’s emotional toll is worsened by administrative tasks and workplace stress.
Executors, most of whom were women, reported high levels of panic attacks (75 percent), with 70 percent seeking medical or mental health treatment.
Overall, 66 percent of survey participants reported panic attacks, and 90 percent cited productivity and concentration challenges at work.
While companies may offer five days of bereavement leave, the effects of loss can last up to 18 months. During that time, 79 percent of respondents considered quitting, and 76 percent feared termination.
The Canadian Press also notes that financial costs tied to loss average $12,500, with 55 percent of respondents using credit cards and nearly 15 percent borrowing funds.
Sandwich Generation clients—Millennials and Gen X—who make up 67 percent of the workforce, reported the greatest emotional and financial strain.
According to Ron Gura, CEO of Empathy, the data signals a “need for open conversation and understanding” about grief’s multi-layered impact, including its hidden workplace and health costs.
In Wealth Professional, financial advisor Andrew Gardiner said he joined Beneva after a conversation about estate protection shifted his understanding of wealth management.
Gardiner emphasized that many Canadians assume estate planning will “just happen,” but in reality, taxes, probate fees, and delays can significantly reduce what beneficiaries ultimately receive.
“Most Canadians don’t realize how much of their wealth can be eroded,” Gardiner said, noting that estate planning is a key differentiator for advisors.
He identified Canada’s looming intergenerational wealth transfer as a critical moment, and said that advisors who don’t build relationships with clients’ beneficiaries risk losing assets under management when those clients pass away.
According to Wealth Professional, Selene Soo, director of product management at RBC Insurance, knows firsthand the challenges of settling an estate without a plan.
Soo lost a family member who did not have a will and had to navigate probate and inheritance issues amid emotional stress.
A January RBC Insurance survey found that only 24 percent of Canadians over 65 and 15 percent of the general adult population have an estate plan.
Soo said that many clients believe they are too young to need one, or think the process is too complex or expensive.
However, she noted that tools such as life insurance and segregated funds can bypass probate and open the door to these important discussions.
Soo believes that estate planning should begin immediately.
“Now,” she said when asked when advisors should raise the topic. Even basic planning can reduce taxes, prevent family disputes, and ensure that final wishes are respected.
Soo also pointed to AI planning tools and traditional supports offered by RBC Insurance as ways advisors can make estate conversations easier and more accessible for clients.
As baby boomers prepare to transfer wealth while supporting younger generations, financial advisors are positioned to provide meaningful guidance.
“It might be daunting at first,” Soo said, “but some upfront planning now can ensure that clients’ families and loved ones know what their final wishes are.”
