In an environment of ever-increasing economic uncertainty, Canadians are redefining their expectations of financial planning. According to KPMG in Canada's latest report, Beyond the Plan: Reimagining Financial Planning for the Canadian Consumer, a majority (62%) view "peace of mind" as the most important outcome of a financial plan. This sentiment underscores the evolving role of financial planners – from one-time advisors to ongoing partners in navigating life’s dynamic and complex financial challenges.
With 55% of Canadians engaging with financial planners to structure their futures, yet 45% steering their finances independently, an opportunity emerges for banking professionals to tap into a critical need: redefining the value of financial planning for clients.
Key findings from the research:
- Personalization is critical. Approximately 64% of Canadians value highly personalized financial plans, with Baby Boomers prioritizing peace-of-mind planning for health and legacy, Gen X balancing multigenerational needs like retirement and education, and younger Canadians seeking clarity around milestones like debt management and home ownership.
- Technology is an enabler – not a replacement. While 54% of Canadians appreciate in-person meetings, 46% desire flexibility with virtual and digital tools. Banking professionals can meet clients’ expectations by delivering a hybrid model, combining personal and technology-driven tools for better accessibility.
- Barriers for engagement remain. Among Canadians managing finances independently, uncertainty about the value of financial planning is a persistent challenge. However, 96% of this group still acknowledge the importance of having a financial plan to achieve their goals, opening the door for institutions to demystify the value proposition.
