SOURCE: FP Canada’s 2020 Cross-Country Checkup
Professional financial planners guide Canadians through turbulent and uncertain times
Canadians continue to deal with the biggest public health and financial crisis in living memory, which has put many in a precarious position. Many Canadians are struggling with the state of their finances and aren’t confident about their ability to weather the fallout of the current storm.
For many Canadians, the COVID-19 pandemic has meant reduced income and/or added debt due to job loss or business slowdown or shutdown. Even those who have maintained their income are uneasy about what tomorrow will bring. The pandemic has delivered a message that is hard to ignore: unpredictable and uncontrollable forces can damage our financial well-being.
Another important message emerges from this crisis: a careful financial plan developed in concert with a professional financial planner can help Canadians of all ages and wealth levels be better prepared and more resilient in the face of financial turbulence, as they look to renew their financial confidence.
When you choose the services of a CFP professional or a QAFP professional, you’ll know you’re working with an individual who will always put your interests first. And you’ll know you’re dealing with someone who is qualified, has the knowledge, skills, abilities and ethics to serve your needs.
Certified Financial Planner professionals and Qualified Associate Financial Planner professionals recognize the importance of helping clients build resilience and regain their confidence amid the “new normal” of these pandemic days.
Build confidence with a professional financial planner
A recent survey conducted by FP Canada shone light on these feelings of financial vulnerability among a sizable proportion of Canadians. In our November 2020 Cross-Country Checkup survey, nearly two out of five (40 per cent) respondents said their bank accounts couldn’t withstand a financial emergency – a significant increase from the 33 per cent who said the same two years earlier. In addition, 65 per cent of respondents in 2020 said they are not confident they will achieve their financial goals.
The survey highlighted the value of navigating through this turbulence with a professional financial planner in your corner. Three-quarters of respondents who work with a financial planner say they are confident they can ride out a financial emergency. And among those who say they are confident they will achieve their financial goals, nearly three-quarters say they have a financial plan in place.
Financial planners are also seeing a greater focus on other components of “preparing for the unexpected,” with more clients seeking help with estate planning, wills and powers of attorney, and life, critical illness and/or disability insurance needs.
Consumers who last spring may have focused on their immediate needs and stresses now seem to be embracing the importance of long-term financial planning and trusted counsel from a professional.
The value-add of a financial professional
At a time when confidence has been shaken, Canadians can greatly benefit from the unique expertise offered by professional financial planners.
When you choose the services of a CFP professional or a QAFP professional, you’ll know you’re working with an individual who will always put your interests first. And you’ll know you’re dealing with someone who is qualified, has the knowledge, skills, abilities and ethics to serve your needs.
2020 was a year of unique challenges, and for many, that “worst-case scenario” for their personal finances became a reality. But Canadians are resilient, and 2021 represents an opportunity to renew their commitment to their financial well-being, and there is no shortage of certified and qualified professional financial planners ready to help them achieve it.
Advertising feature produced by Randall Anthony Communications with FP Canada. The Globe’s editorial department was not involved.