Canadians value advice highly as they navigate today’s market environment

  • More than two-thirds (69%) of Canadians say they do not feel “financially healthy” given current economic conditions.

  • Almost half (46 percent) expect advice from their banking institution, but only 29 percent say they really want it.

WINNIPEG, MB, October 27, 2022 /CNW/ – In advance of Financial Literacy Month, IG Wealth Management (IG) today released a study on Canadians and personal financial planning. According to the study, Canadians feel insecure when it comes to their personal finances. However, those who use a financial advisor are much more likely to feel safe and “financially sound” when navigating current market conditions.

IG Wealth Management logo (CNW Group/IG Wealth Management)

The study, conducted in partnership with Pollara Strategic Insights, found:

  • Sixty-nine percent of Canadians said they did not feel financially healthy due to recent economic conditions.

  • Two-fifths (44%) say they are getting by financially, but could be better off.

  • Similarly, 44% fear they are not managing their finances in the best possible way.

  • One-third (31%) of Canadians who do not work with a financial advisor worry about their finances. However, that number drops to just 16% among those who work with one.

“It’s understandable that so many Canadians feel insecure about their personal finances given everything they see out there, whether it’s market volatility, inflation or rising interest rates. ‘interest’, said Christine Van Cauwenberghe, Head of Financial Planning, IG Wealth Management. “In many cases, people can feel overwhelmed and uncertain about how to navigate current market conditions. It’s no surprise that those who take advantage of the advice of a qualified financial advisor are less likely to be concerned about their situation.”

M/s. Van Cauwenberghe noted that at times like these, it is especially important for Canadians to work with a financial advisor who has the knowledge and expertise to examine all aspects of their financial world and ensure that they have a comprehensive financial plan so they can make better decisions and feel more confident.

Not All Advisors Are Created Equal

M/s. Van Cauwenberghe also highlighted the importance of understanding that while many financial institutions have staff capable of carrying out transactions, all may not be able to provide the full range of financial planning services required, including including the ability to provide comprehensive advice.

“When choosing a financial advisor, check their references to make sure they have expertise in financial planning. You should also make sure they take the time to learn about your personal situation and identify your individual goals before approaching you. immediately recommend specific products Some advisors are only able to provide investment advice and will start suggesting specific investment solutions before they have asked you many questions – it is a flashing red light that they are more concerned by selling a product than by creating a plan that meets your needs.

In fact, the study found:

  • One-fifth (21%) of Canadians turn to representatives of a retail bank for comprehensive financial advice.

  • Nearly half (46%) of Canadians expect to receive advice about their financial health from where they bank, but only 29% say they actually receive it.

“Canadians deserve better when it comes to financial advice,” said Ms. Van Cauwenberghe. “It is important to understand that not all banking representatives are certified financial planners. While you may feel comfortable going to your financial institution for advice on loans or investments, you may be missing out on crucial advice on all the other aspects that a financial plan should make.”

About IG Wealth Management

Founded in 1926, IG Wealth Management is a national leader in providing personalized financial solutions to Canadians through a network of advisors located across Canada. In addition to an exclusive family of mutual funds and other investment vehicles, IG offers a wide range of other financial services. IG Wealth Management has $105 billion in assets under advisement at September 30, 2022 and is a member of the IGM Financial Inc. (TSX:IGM) group of companies. IGM Financial is one of from Canada leading diversified wealth and asset management companies with approximately $238.1 billion of total assets under management and advice as of September 30, 2022.

About the Pollara Study

This study was conducted with an online sample of 1,500 Canadian adults between September 15 and September 20, 2022. Results from a random sample of this size can be considered accurate to ±2.4% percent, 19 times out of 20. Results have been weighted to reflect the Canadian population.

SOURCE IG Wealth Management

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