Tag: financial planner

Having a financial plan more than doubles your retirement confidence—here’s why so many Canadians are skipping it – MoneySense
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That’s a massive gap—and it’s widening at a time when more Canadians are rethinking their financial strategy. The survey of 1,045 Canadians found that 52% said economic uncertainty is causing them to consider creating a financial plan or overhauling an existing one.

Having a plan is clearly beneficial, so why aren’t more people doing it? According to the survey, there are three culprits: cost, complexity, and confusion about what a financial plan even is.

The barriers holding Canadians back

Nearly half (45%) of survey respondents haven’t worked with a professional planner before:
- 43% say they’re unsure about the process or whether it’s worth the money
- 42% think it’s too expensive
- Only 44% have a “very clear” understanding of a financial plan entails
But here’s the thing: among the 55 per cent of Canadians who have worked with a professional planner, 56% say the value was completely worth the cost. Another 37% said it was somewhat worth it—so that’s 93% who felt they got their money’s worth.

The KPMG report shows that 53% of Canadians believe a financial plan is “extremely valuable,” but it seems that misconceptions about cost and complexity are preventing them from taking that next step.

Also read: Financial planning for the first time? A guide for women on a single income

DIY plans beat no plan, but professional guidance wins

Of the survey respondents, there are three groups: 55% have a professional plan, 25% created their own, and 20% have nothing. Those who went the DIY route feel significantly more confident than those without (72% vs. 36%), but they still lag behind those who sought the help of a professional planner.

The generational split on technology

Age also seems to play a role in how Canadians view financial planning:
- 54% of Gen Z (ages 25–30) would prefer a self-service digital tool to a human advisor
- 41% of Millennials (ages 31–45) want tools plus human support
- Gen X (ages 46–60) is evenly split across all three options
- 56% of Baby Boomers (ages 61–79) want to work exclusively with a human advisor
There’s one thing every age group agrees on: 72% want real-time access to their financial plans, saying it would enhance their experience.

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The bottom line

The survey data appears compelling: professional financial planning delivers measurable results. But, at the end of the day, some plan is better than no plan. If cost or complexity is holding you back—or you simply prefer using online tools to do things yourself—have a go at creating your own plan. You can always check in with a financial advisor for feedback and suggestions to help boost your confidence and ensure you’re on the right track towards a comfortable retirement.

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About Jessica Barrett

Jessica Barrett is the editor-in-chief of MoneySense. She has extensive experience in the fintech industry and personal finance journalism.
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Jessica Barrett

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October 8, 2025
Financial planning for the first time? A guide for women on a single income – MoneySense

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While some financial advisors recommend the 50-30-20 rule, where 50% of your pay goes to fixed expenses, 30% to discretionary and 20% to savings, putting aside just 10% of your take-home pay for savings is OK, too. “We can be as efficient with that 10% as we can possibly be… meaning we could put your savings in a diversified portfolio where the expected returns are going to be higher and over a longer period of time.”

Ayana Forward, a financial advisor and founder of Retirement in View in Ottawa, acknowledges how hard it can be for single women—and all women—to create a plan to invest, particularly early in their careers. “You have all kinds of competing priorities,” she says, including possible childcare expenses, a mortgage, car payments and school debts. However, Forward encourages women to begin saving anything they can as soon as possible to build habits and benefit from compound interest, which is when your money’s interest starts earning interest of its own.

Here’s how that can look: Let’s say you take $100 a week from your miscellaneous allotment and invest it at an interest rate of 5% and watch it grow. After 30 years, if you had put that $100 in a savings account with no or a low interest rate, you’d only have $156,100—but because you invested it, you’d have $345,914. (Calculate your savings with our compound interest calculator.)

Prioritize what you love

What are your absolute must-haves in life? Your non-negotiables? You don’t have to give those up—you may just have to find an alternative way to make them work while meeting your savings goals. “My client, who is a college instructor, loves to travel, and her trips are usually tax deductible,” says Hughes. But to be able to afford her trips while continuing to save, she picked up a part-time job. “It gave her some extra income since she was determined to meet her goal, which was to own a place of her own,” says Hughes.

Whether you pick up a side hustle or not, chances are there will still be a few sacrifices you’ll need to make. It comes down to looking at your budget and deciding what you want to prioritize in the immediate time period, says Cornelissen, and deciding what you can let go of for a while.

Or it can relieve you from doing the opposite, over-saving for fear of not having enough money. Knowing how much money is going in and going out of your account is key to making a plan for your money.

Revisit your employee contract

If you’re employed full-time, find out if your company offers a pension or an employer-sponsored plan, such as RRSP matching (where an employer contributes the same amount as an employee to a registered retirement savings plan). This will help you determine how much you need to save for retirement. “If you don’t have a pension, you’ll need to save more than someone who has a pension,” says Forward.

Also, when planning for your retirement explore government income sources that may be available, like the Canada Pension Plan (CPP) and Old Age Security (OAS). “You can go into your My Service Canada account to get those benefit statements so you know what you’ll be receiving from those programs,” says Forward. (You can log into your My Service Canada account using a unique password or use your bank account log in.)

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Renée Reardin

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October 28, 2024
When working with a financial advisor, understand what fees you’re paying – MoneySense

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Fee-based advisors, who charge based on asset size, typically work better for people with more assets and dollars to invest.

Tam said fee-based financial planning aligns the motivation of an advisor with the client.

“They’re not going to be motivated to do what we call churning your accounts, or selling and buying similar mutual funds, so they can make a commission,” he explained.

On average, fee-based planners charge a flat rate of 1% and provide holistic advice such as tax planning, estate planning or even everyday financial planning during uncertain economic times.

While uncommon, fee-only, advice-only financial planners are another way to seek help with your money. This type of planner reviews the client’s finances and makes recommendations. It’s then left up to the client to implement those recommendations.

These advisors simply provide guidance and do not sell investment products, Tam said.

“It truly is a decoupling of advice versus sales, which we think is a very positive thing,” he said.

The fee is typically charged at a flat rate, Tam added.

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The Canadian Press

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September 11, 2024

How much money should I have saved by age 40? – MoneySense

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All the while, you’ve got a serious case of FOMO every time you check social media—all those friends who are jetting off on lavish vacations, buying new cars and splurging on cottages. How are ordinary Canadians actually doing this? And how can you get ahead and save more?

What’s the average savings for Canadians in their 30s? How much should they have saved?

A lot of Canadians are managing to save, despite the above financial challenges and obligations. According to Statistics Canada’s 2019 figures (the most recent available), the average person under age 35 had saved $9,905 towards retirement (RRSPs only) and held $27,425 in non-pension financial assets. For Canadians aged 35 to 44, these numbers are $15,993 and $23,743, respectively.

The table below shows the average savings for individuals and economic families, which Statistics Canada defines as “a group of two or more persons who live in the same dwelling and are related to each other by blood, marriage, common-law union, adoption or a foster relationship.” In 2019, the average household savings rate was 2.08%.

	Financial assets, non-pension	No private pension assets, just RRSPs	Private pension assets and RRSPs
Individual under age 35	$27,425	$9,905	$25,263
Economic family under age 35	$105,261	$140,662	$60,305
Individual aged 35–44	$23,743	$15,993	$39,682
Economic family aged 35–44	$131,017	$138,488	$399,771

Source: Statistics Canada

The pandemic had a positive effect on savings; the disposable income of the average Canadian rose by an additional $1,800 in 2020, according to the Bank of Canada. That meant most Canadians were able to save an average of $5,800 that year.

Despite this pandemic silver lining, most Canadians aren’t saving enough for their age groups. When CIBC polled Canadians in 2019 on how much money they’d need in retirement, on average they guessed they would need $756,000. The actual amount you’ll need depends on many factors—to estimate your own number, check out CIBC’s retirement savings calculator.

How to prioritize financial goals and obligations in your 30s

With so much going on in your 30s, it can be very challenging to save when you have so much to pay for. After all, you may be carrying a lot of debt due to student loans, a car loan or a mortgage. In the third quarter of 2023, Canadians aged 26 to 35 owed an average of $17,159, and Canadians aged 36 to 45 owed $26,155, according to a report from Equifax.

Maybe debt is less of a concern for you, but you’re saving for a big goal—like a down payment on a home—and you’re feeling the strain of a high interest rate and inflation. Perhaps you’d like to start a family, but you’re worried about the costs of raising a child. Or you’ve dabbled a bit in the stock market and want to make a few more investments.

Whatever your situation, talking to a financial planner about your finances and your priorities can help you map out a customized financial plan that factors in your immediate goals—as well as long-term savings and retirement strategies. This might include focusing on paying off high-interest debt, putting aside money for a home, shopping around for life insurance and ensuring that you save each month.

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Anna Sharratt

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July 30, 2024

Greg Guenther of GRANTvest Financial Group Honored as a Top Financial Advisor of 2024

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NEW YORK, April 24, 2024 (Newswire.com)
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InvestmentNews celebrates 60 of the best financial advisors who excel at serving their clients. IN has conducted a thorough search and has selected the industry’s leading financial advisors with its inaugural Top Financial Advisors list of 2024.

This is a recognition of exceptional advisors nationwide who excel at delivering world-class advice and service.

Advisors were selected from thousands of nominations from wealth management professionals and their clients. They were then narrowed down based on the advisor’s weighted ranking in various categories.

In a divergent financial landscape, the Top Advisors of 2024 have emerged as dynamic performers, providing clients with trusted advice, innovative investment options, and value-added services.

“I am incredibly honored to receive this recognition. This award is a testament to our team’s dedication to financial excellence and our commitment to serving our clients,” says winner Greg Guenther, a financial planner and co-founder of GRANTvest Financial Group.

“I share this achievement with my clients and their families, whose trust motivates us to continually strive for excellence each day,” said Mr. Guenther.

“Greg deserves this award because he goes above and beyond to mentor the advisors and operations staff on best practices. We have all witnessed his dedication to his client’s investment and retirement planning efforts,” said Gaby Ventura, operations manager with the firm.

“He has always been committed to serving people, through his client-first approach, integrity, and thoughtfulness. The impact of his mentoring is extensive and very much appreciated.”

Proudly based in Monmouth County, NJ, Greg is the only financial planner from this area to be recognized as one of the top advisors in the nation.

“I’ve been fortunate to work with and serve amazing people at GRANTvest Financial without whom this award wouldn’t be possible,” said Greg.

The winning cohort set themselves apart through a commitment to their clients in the key areas of transparency, communication, education, and personalization.

Mr. Guenther along with his partner, Anthony Caputo, have worked as independent financial professionals for nearly two decades. The firm’s client base includes small business owners, corporate executives, professional athletes, and federal government employees.

GRANTvest Financial Group is one of the most highly regarded Registered Investment Advisors (RIAs) in the nation and has shown exceptional growth since its formation.

About the Research Process

Candidates for the award are judged on ten eligibility and evaluation criteria that are associated with providing high-quality services to clients. These criteria include industry credentials, experience and assets under management, and number of households served, among other factors. Professionals do not pay a fee to be considered or placed on the final list. Financial professionals are defined as individuals who help their clients prepare a financial plan and/or implement aspects of their financial plan.

Source: GRANTvest Financial Group

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April 24, 2024
Don’t get stuck on financial advice that doesn’t ring true – MoneySense

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Dividends are after-tax profits a company distributes among its shareholders, typically every quarter, and can be paid in cash or a form of reinvestment.

Heath said a company that pays a high dividend reinvests less of its profit into growth, potentially losing out on opportunities to up its market value. In Canada, stocks with high dividends come from a narrow slice of the stock market—banks, telecoms and utilities.

“Ideally, an investor should consider a combination of stocks with high and low dividends to have a well-diversified portfolio,” he said.

Contribute to RRSP, save on taxes

“There’s a lot of taxpayers, investment advisers and accountants who really promote the concept of putting as much into your (registered retirement savings plan) as you absolutely can,” said Heath.

As a financial planner, he thinks the contrary. Heath says using RRSP contributions to get the biggest tax refund possible is not necessarily the best approach for people in low tax brackets and can hurt them in the long run when they withdraw those savings at a higher tax bracket in retirement.

“Sometimes, it’s OK to pay a little bit of tax, as long as you’re paying at a low tax rate,” he said.

Instead, tax-free savings account (TFSA) contributions could be better for someone with a low income.

It can be wise to use the low tax bracket by taking RRSP withdrawals early in retirement, even though it might feel good to withdraw only from your TFSA or non-registered savings and keep your taxable income low.

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The Canadian Press

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March 26, 2024
Dating dilemma: When to talk about finances – MoneySense
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There’s often a stigma around discussing money, but I’ve found it really helpful to have these conversations early and often. My husband and I have monthly budget review chats, and we’re constantly discussing our financial goals and how we can achieve them. Money has never been a taboo topic for us, and we discussed our debt loads, salaries, savings and attitudes towards money shortly after we started dating. It’s a trend that’s continued into our marriage, although now the topics of conversation are things like life insurance, registered education savings plans (RESPs) for our kids, wills and estate planning, and retirement, instead of whether we can afford that weekend trip to NYC.

I love that money is an easy topic of conversation for us. I didn’t choose my life partner based on his financial footing, but in an increasingly challenging economic climate, financial health may be as important as looks, personality and intelligence when it comes to what people look for in a love interest. (See, for example, the short-lived new dating app exclusively for singles with good to excellent credit.) There’s a hitch, though: many Canadians find it incredibly hard to talk about money with a romantic partner.

The most difficult topics for Canadian couples

My husband and I are the co-founders of Willful, an online will platform. We were curious to know how comfortable Canadians are with discussing taboo topics, so, together with the Canada Will Registry, we commissioned an Angus Reid study to find out. It revealed that other than trauma, money is the hardest thing to talk about with a partner for the first time, followed closely by sex and death. This has led to Canadians delaying the discussion. The study, which polled over 1,500 Canadians, found that of the 77% who are in relationships, one-third (33%) didn’t start discussing finances with their partner until after a year of dating. Another 7% said they’ve never discussed their finances with a partner at all, and one-third have never talked about end-of-life planning.

Avoiding money talk? You’re likely missing key financial details

Over a third of survey respondents (39%) said they felt or will feel nervous discussing finances with their significant other for the first time. In addition, many respondents said they wouldn’t know how to access key documents and information in the event of an emergency. Over half of those in relationships say they don’t have a will, and even fewer know where their partner’s will is stored.

This wasn’t surprising to us at Willful—we hear stories daily about people dealing with a loved one’s estate and trying to find key information like passwords to accounts, legal documents like wills, life insurance documents and other key info. In fact, that’s what inspired my husband and I to start Willful. His uncle passed away without having his end-of-life plans organized, and he was the sole breadwinner in the family. We saw first-hand how difficult it is to honour someone’s legacy while trying to find information and end-of-life wishes. That’s why we’re passionate about ensuring that Canadians are now having the important but tough conversations that will save their loved ones burden and conflict down the road.

4 money moves to make as a couple

So how do you get more comfortable talking about money with your partner? MoneySense’s articles about money and relationships (see links below) share these strategies:
- Discussing finances early and often
- Being upfront about key information like debt load, credit scores and savings
- Setting a “money date” so you can get into a money mindset at a set date and time
- Considering combining your finances through joint accounts and other tactics in order to have a shared financial picture and shared goals
Whether you’re in a new relationship or already married, discussing money with your partner can set the stage for your shared financial success—and help you avoid conflicts over money—in the future.

Read more about money and relationships:

This article was created by a MoneySense content partner.

This is not advertising nor an advertorial. This is an unpaid article that contains useful and relevant information. It was written by a content partner based on its expertise and edited by MoneySense.

About Erin Bury

Erin is the CEO at Willful, a company that makes it easy to create a will online in less than 20 minutes. Willful has helped Canadians create over 300,000 documents since 2017.
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Erin Bury

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March 15, 2024
Three reasons why a will and estate plan mean true love – MoneySense

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1. The gift of security

Love also means security. Yet, surprisingly, half of Canadians don’t have a will, according to a 2023 Angus Reid poll. Having a one is gifting family a safety net—a well-defined plan can guide loved ones through the financial complexities that often accompany the loss of a family member.

In the event of your passing, a detailed will eliminates the guesswork, ensuring your family is taken care of, and it minimizes potential conflicts over your assets. With solid plans in place, your family isn’t left grappling with uncertainty about how to navigate the intricacies of your estate.

You will need to designate beneficiaries on your registered accounts and specify how your other assets should be distributed. This thoughtful act underscores your commitment to their well-being.

2. Preserving your legacy

Your estate plan is more than just a distribution of assets; it’s a reflection of your life’s work and your values. When you articulate your wishes, you give your family a tangible way to remember and honour you. Whether it’s passing down a cherished family heirloom, endowing a scholarship in your name or donating to a cause close to your heart, your estate plan becomes a testament to the values that define you.

Your estate plan becomes a living tribute, ensuring that the essence of who you are is preserved and celebrated for generations to come.

Get personalized quotes from Canada’s top life insurance providers.All for free with ratehub.ca. Let’s get started.*This will open a new tab. Just close the tab to return to MoneySense.

3. Easing the burden during difficult times

Death is an inevitable part of life, and when it happens, the grief can be overwhelming. From funeral arrangements to property distribution, a will provides clear directives for your assets and plans, sparing your family from the emotional strain of navigating complex legal matters while mourning your passing. They won’t question if their (or other family members’) actions are what you want—because what you want is written out.

By writing up these details in advance, you are giving your family the precious gift of space to grieve without the added stress of managing the intricacies of an estate. As an estate administrator, I’ve seen first-hand the big difference this can make for families.

A love note for the future

While a will and estate plan may not be wrapped with ribbons and bows, their impact is immeasurable. This Valentine’s Day, I urge you to consider the significance of a will, which is a gesture that secures your families’ best interests. It’s an investment in the future, a declaration of love that speaks volumes about your commitment to the well-being and prosperity of those you hold dear. I’m not saying to replace your planned V-Day gift with a will, but definitely add it to your shopping list.

Read more about estate planning:

About Debbie Stanley

Debbie Stanley is an estate and trust professional, and CEO of the estate firm ETP Canada. She is a writer, speaker and regularly featured guest on Zoomer Radio.

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Debbie Stanley

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February 6, 2024
10 SMART financial goals to set for 2024 – MoneySense

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You may have to book more sessions after your initial visit, or one might suffice to help you get organized. Heath says, it’s ultimately up to you to determine if you need an ongoing relationship that’s valuable to you and justifies the ongoing fee. “Some clients like the peace of mind and discipline,” he says. “Many couples appreciate having an impartial third party to mediate their financial decisions. Plenty of singles benefit from having someone to talk to candidly about finances in lieu of a partner.”

The best way to prep for a financial planning session is to ask the planner what they require from you, and then have your documents ready to meet with them, Heath says. That way you can get the most out of your time together, and come out with a solid plan.

7. Invest in GICs or other investments

Arguably, the best financial gift you can give your future self is investments. Depending on where you put your money, you could grow it with compounded interest.

GICs, for example, are low-risk investments that are great for saving towards life goals like tuition or a wedding. Putting your money in a GIC is like making a loan to a financial institution. You deposit your money for a set amount of time like 30 days up to 10 years, depending on the term, and the institution gives you back your money plus the interest earned on your deposit at the end of the period. If you think there’s a chance you’ll need the money sooner, consider a cashable or redeemable GIC. The interest rate will be lower than with non-redeemable GICs, but you can cash out anytime.

One thing to note is the risk/return tradeoff with investments. Riskier investments like stocks can come with higher potential returns. Many young investors start out with exchange-traded funds (ETFs), which are a basket of assets like stocks. ETFs have built-in diversification, which helps reduce your portfolio risk. If you’ve never invested before and you’re not sure how to begin, consider speaking with a financial advisor and signing up for the MoneySense Invest newsletter. And keep reading. Find out if investing is right for you and how to get started:

8. Make a will and powers of attorney

An Angus Reid survey found that 80% of Canadians under 35 don’t have a will. If you’re just starting out in your career and haven’t accumulated many assets, you might wonder why you’d need a will.

If you were to pass away without a legal will, the government would divide up your estate—your bank accounts, possessions, investments and other assets—between your parents or next of kin. It might not be split up in the way you wish it to be, and if you have a common-law spouse, they would likely be left out. This could cause a lot of worry and distress for your loved ones in an already difficult time.

If you want to write a will and you don’t have a complicated tax situation, an online will platform like Willful or Canadian Legal Wills could work. However, if your situation is a bit more complicated, you may wish to speak with a financial advisor or lawyer who works with estate plans.

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Margaret Montgomery

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December 29, 2023
Client Advisor Mary Ballin Earns CDFA® Designation

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Earning the Certified Divorce Financial Analyst credential furthers her mission to empower and inform during tough life transitions.

Press Release
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updated: Apr 24, 2018

SAN FRANCISCO, April 24, 2018 (Newswire.com)
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Mosaic Financial Partners is pleased to announce that client advisor and CERTIFIED FINANCIAL PLANNER^TM practitioner Mary L. Ballin earned the designation of Certified Divorce Financial Analyst(CDFA^®), as awarded and maintained by the Institute for Divorce Financial Analysts^TM.

“A CDFA^® can explain various financial variables that can impact the decisions made during the divorce process,” said Ms. Ballin. “Divorce is a major life transition. Having a CDFA^® by your side can help reduce the stress of this change and can help you to understand the pros and cons of your various options while avoiding emotional roadblocks that may hinder you from having a smooth transition into post-divorce life. My personal passion is empowering women to make educated financial decisions, and earning the Certified Divorce Financial Analyst^® designation helps further this mission.”

I always say, during divorce, in the decisions that come with separating assets, every dollar is not created equal.

Mary Ballin, Client Advisor

Ms. Ballin is focused, always, on helping clients make equitable and secure decisions. “I always say, during divorce, in the decisions that come with separating assets, every dollar is not created equal. A CDFA^® will make you aware of the tax implications and other financial impacts of settlement options that you might not have considered otherwise.”

As the Mosaic name indicates, the fee-only wealth management firm uses a team approach of advisors and planners with multiple specialties. With “intellectual curiosity” ranking high among its core values, Mosaic is proud to exist at the forefront of the evolution of wealth management culture.

About Mosaic Financial Partners, Inc.: The firm’s mission is to improve their clients’ lives by providing caring, knowledgeable, holistic financial solutions and customized advice to help clients attain their lifetime goals and aspirations. Committed to helping individuals, families, and businesses in the greater Bay Area, with two local office locations, Mosaic’s integrated team empowers all members of the community to make personal financial decisions and achieve their dreams. For more information about Mosaic, visit www.mosaicfp.com.

Contact: Elka Weber, mfp@mosaicfp.com, 415-788-1952

Source: Mosaic Financial Partners, Inc.

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April 24, 2018