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Advisors report better attitudes toward financial planning

The year 2022 began with a healthy dose of catch-up spending in the wake of the pandemic. However, it only took a few months for the rise in interest rates and inflation to bring many of our fellow citizens back down to earth.

Worried about rising interest rates and rising food prices, many Canadians are now asking to meet with their financial advisor to find out where they should go and to get advice on how to get the most out of their money in all aspects of their lives , both in the supermarket and in anticipation of Christmas presents, says Julie MartiniVice President, Strategic Engagement, in the company Advocacy.

In this month of financial literacy, November, advisors note that clients are open to planning, budgeting and looking for sales. “We clearly see a change in the attitude towards spending compared to the beginning of the year. »

In a recent survey by Advocis, 73% of its members said the most important measures their customers are taking to deal with inflation is to reduce spending on food, clothing and impulse buys where possible. Around 40% report that customers shop more often in discount stores and buy products from no-name brands.

According to Julie Martini, the current situation shows how important it is to be able to have access to competent specialists for such important advice throughout the year.

“This way of telling ourselves that we don’t need professionals is scary in difficult times,” she says. When you feel the reassuring presence of an advisor, you can see the value these professionals can represent. »

“We’re certainly in the middle of Financial Literacy Month, but that doesn’t stop most advisers from supporting their clients throughout the year and considering that part of their job is to educate them,” she says.

“It’s so important to understand basic concepts like budgeting, insurance, investments, taxes and death,” says Ms. Martinis; it is a matter of quality of life. I think we all know there’s still a long way to go on this front before it becomes an integral part of what people learn as they grow up, but we know it would be a good step in that right direction,” so everyone has access to expert advice, feels monitored and supported, as well as peace of mind.

Adults aren’t the only ones who would benefit from brushing up on their financial skills, she warns. It is important to also expose the children to it, because it will influence the way they manage their financial reality later on.

Last year, Advocis developed a platform that deals with how you correctly align your life goals from primary school. Called financialadviceforall.com or FAFA, it offers nothing more than a financial advice kit for young people and a book to help children understand the concept of money. According to Ms. Martini, the platform has been used by parents, teachers and even counselors, so much so that a teen edition is now available. Its content comes from various Canadian financial organizations.

“The tool has been picked up by many of our members who use it together with their customers. The teachers use it too. This makes financial understanding in particular fun and interesting and gives students tools and knowledge that they will stick with. »

Advocis has also created a financial education game called roadblock. Inspired by board games, it offers a course full of obstacles that only allow children to progress if they answer the questions correctly.

Advocis also very often asks advisers to write articles on topics that they believe are of particular importance to consumers.



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