July 1, 2021
Inflation is on the rise. During the pandemic, the North American stock markets reached their highest-ever values. Many companies report excess profits. The tech sector has soared, with some companies’ stock capitalization exceeding one trillion dollars. Real estate has skyrocketed. Statistics Canada reports that inflation from April 2021 to April 2022 is 3.6%.1 As far as investments go, opportunities for wealth creation soared despite the pandemic.
Reach your financial objectives. Because inflation is on the rise the cost of goods and services will be increasing in the future. Almost three in four advised households said they feel they’ll have enough money to retire comfortably. Households with an advisor for 15 years or more on average accumulated 2.73 times the assets of non-advised households.2
Prepare for retirement. Research shows that more than four in five advised households have registered retirement savings plans (RRSPs), compared to just 36% of non-advised households.3
The key to financial wisdom
The Financial Planning Standards Council studied 15,000 Canadians to assess the value of comprehensive financial planning. Some of the findings discovered include:
- Clients financial goals and retirement plans were increasingly on track.
- Clients experienced an improved ability to save and meet discretionary spending targets.
- Clients have increased confidence in dealing with financial challenges.
- Clients gained a higher level of understanding of personal finance with a sense of emotional well-being.
1 Statistics Canada
2 New evidence on the value of financial advice, The Investment Funds Institute of Canada.
3 The value of advice: report, The Investment Funds Institute of Canada
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