The New Financial Frontier: Planning for Brain Health and Wealth

TORONTO, ON – May 11, 2026 – As Canadians live longer, a quiet but growing anxiety is taking root in family financial discussions: the fear of cognitive decline. In a move that signals a significant shift in the financial services industry, Raymond James Ltd. has deepened its 25-year relationship with the Baycrest Foundation, aiming to tackle this issue head-on by merging brain health science with wealth management strategy.

The expanded collaboration, which recognizes Raymond James as a 2026 Baycrest Impact Partner, addresses a stark reality. New research from the firm reveals that nearly two-thirds (63%) of Canadians are concerned about how cognitive decline could devastate their financial future. Yet, when brain health enters the conversation, only 29 percent feel their family is aligned on matters of inheritance and estate planning. This initiative seeks to close that gap, transforming a topic often shrouded in fear and uncertainty into a manageable part of long-term financial planning.

A New Mandate for Wealth Management

The partnership represents a pioneering step in the evolution of holistic financial planning, an industry trend that moves beyond stocks and bonds to encompass a client's entire life, including health and longevity. By combining Baycrest's world-renowned research in aging and dementia with Raymond James's expertise in generational wealth planning, the program aims to equip families with the tools they need before a health crisis strikes.

"Brain health is an increasingly important consideration in financial planning as Canadians live longer and cognitive decline becomes more prevalent among our aging family members," stated Micol Haimson, Senior Vice President and National Director at Raymond James Ltd. "Through our relationship with Baycrest Foundation, we want to help families feel more comfortable starting these conversations earlier – and putting plans in place that protect themselves and their loved ones before a crisis happens."

This proactive approach is becoming essential. Financial impairment is often one of the first, subtle signs of emerging dementia, making it crucial for financial advisors and families to recognize early warning signs. The initiative will provide education on identifying functional changes that can affect financial management, a critical first step in protecting vulnerable seniors from poor decisions or exploitation.

Confronting Canada's Trillion-Dollar Dementia Challenge

The urgency of this partnership is underscored by staggering national statistics. In 2025, approximately 771,939 Canadians were living with dementia. That number is projected to surge to 1 million by 2031 and could exceed 1.7 million by 2050. The economic fallout is equally alarming. The total annual cost of dementia in Canada, including direct healthcare expenses and indirect costs from lost productivity, was estimated at $40.1 billion in 2020.

Without significant intervention, this figure is on a trajectory to reach a staggering $2.4 trillion cumulatively by 2050. Informal caregiving alone accounted for $21.8 billion in lost productivity in a single year, highlighting the immense strain placed on family members who step up to provide support. Healthcare system costs for an individual with dementia are 5.5 times higher than for those without, placing an unsustainable burden on public resources.

Planning for these costs is a challenge few families are prepared for. The price of specialized care can be immense, with assisted living facilities in major cities like Toronto costing between $5,500 and $10,000 per month, and continuous home care potentially reaching as high as $30,000 monthly. The Raymond James and Baycrest initiative aims to bring these daunting figures into the open, helping families budget for future care and explore financial strategies to mitigate the impact.

Easing the Squeeze on the 'Sandwich Generation'

At the epicenter of this crisis is the 'sandwich generation'—the roughly 2.5 million Canadians, predominantly women, caught between caring for aging parents and raising their own children. This demographic faces a unique and intense combination of financial, emotional, and professional pressures. Statistics show that women are more likely to be sandwich caregivers and often dedicate over 25 hours per week to unpaid care duties, frequently while holding down full-time jobs.

The financial strain is immense, with 70% of this group citing it as a major concern. Caregivers often face thousands of dollars in annual out-of-pocket expenses, forcing them to deplete savings, take on debt, and reduce or even stop working. The new program specifically targets this demographic, offering practical guidance on supporting caregivers and maintaining family harmony during difficult wealth-transfer conversations. By engaging with communities like Baycrest's Women Mind Matters, the partnership will facilitate crucial discussions about the intersection of caregiving, women's wealth, and family decision-making.

A Partnership Built on Proactive Planning

Building on a quarter-century of collaboration, the initiative will roll out a suite of resources, including expert-led webinars for clients, specialized education for financial advisors, and thought leadership content. The goal is to normalize conversations around cognitive health and integrate them into the fabric of family wealth management.

"Raymond James began its relationship with Baycrest 25 years ago, and we are proud to recognize them as a Baycrest Impact Partner in 2026," said Josh Cooper, President & CEO of Baycrest Foundation. "Today, their support reflects a shared commitment to advancing healthy aging, brain health and financial well-being, including the prevention and treatment of dementia, helping drive meaningful progress for individuals and families."

This commitment is consistent with Raymond James's broader corporate ethos. Through the Raymond James Canada Foundation, established in 2012, the firm has facilitated over $45 million in grants to charities, demonstrating a long-term investment in community well-being. By arming advisors and clients with knowledge from Baycrest's leading experts, the firm is not just protecting assets, but empowering families to navigate one of the most significant health and financial challenges of our time with foresight and dignity.