The advantage of using a qualified financial professional

May 8, 2021

Unless you have inherited money, you might feel like “not enough money” is the top stress agitator today. The Baby Boomer population, many of whom are working long after the traditional age of 65, reveal that a lack of financial planning often means the inability to retire. Because fewer rely on a pension plan, there is an increased need to plan for retirement. You need saved capital from which to provide retirement income.

HSBC Bank undertook a study that revealed that over 40 percent of Canadians believe they will need to work at least part-time, while 15 percent feel they will never retire!

According to, Millennials, age 18-34, now the largest populace in the workforce, have overtaken the sizable Boomer population and have the potential to plan for their financial future. They have time on their side to activate a solid financial plan best guided by a financial professional. They can reduce their student loans, begin to use credit cards wisely, and listen to the right people who are educated to lead the planning process.

Exploring the value of advice 

Building confidence in the future Almost three in four advised households said they feel they’ll have enough money to retire comfortably.1

Reaching financial objectives Households with an advisor for 15 years or more on average accumulated 2.73 times the assets of non-advised households.1

Preparing 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.2

Getting on track with a financial plan More than four in five Canadians with comprehensive financial plans report feeling on track with their financial affairs, compared to only 44 per cent without a plan.1

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:

• Financial goals and retirement plans were increasingly on track

• Clients experienced an improved ability to save and meet discretionary spending targets

• Increased confidence dealing with financial challenges

• And higher levels of understanding of personal finance with a sense of emotional well-being.

Achievements aimed for Assessment of your cash flow; net worth; tax scenarios to indicate any current or estate complications while addressing your capital needs; insurance coverage; investments aiming at retirement income provision and considering future educational needs; employee benefits; estate planning; and capital gains, to meet your goals and objectives. A financial professional can also investigate any guidance you might need for parents or children who are dependents.

Up-front discussions A dialogue before engaging in the planning experience can explain the entire appropriate financial process regarding your distinct needs and the mutual responsibilities and how compensation will be handled (some offer several options). The planning relationship engages the client in the role of an active participant in achieving certain necessary tasks. A periodic review cycle can be established as you both work to meet your defined goals over time.

1 New evidence on the value of financial advice, The Investment Funds Institute of Canada.
2 The value of advice: report, The Investment Funds Institute of Canada


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