Building solid plans takes trust, with an approach that focuses on relationship management as well as investment management.Getty Images
A recent study revealed that 44 per cent of Canadians cited money as their leading source of stress, with almost half reporting they’ve lost sleep over it. There is a strong remedy, yet it’s one that many Canadians still lack: a professional financial plan.
The advantages of a plan should be clear. “You’re getting a financial wellness map that helps you navigate your financial future with confidence,” says Franceen Bernstein, vice president and head of Financial Planning at TD Wealth.
She identifies several factors that prevent Canadians from engaging with financial planners and receiving the support they need. Many don’t fully understand the role of a financial plan and its benefits, while others find it challenging to access an advisor. Additionally, some people believe they can manage their finances on their own or don’t think they need a plan just yet. However, setting financial goals is crucial to making informed decisions about your financial future.
“As soon as you have a financial goal, you should have a financial plan,” states Ms. Bernstein.
It’s true that some people may be able to craft a basic budget that simply looks at cash inflows and outflows. But taking a DIY approach to financial planning can often lead to significant gaps, she says.
“It’s almost like when you do your own self-assessment of your performance. You’re only going to flag the things that you can see. Our financial planners ask the tough or uncomfortable questions. They’re going to tease that information out of you because that’s how we build a comprehensive plan.”
She says a robust financial plan considers everything, from investment strategies and retirement planning, to estate planning and succession planning for business owners. This requires a deep dive into an individual’s current and future finances.
But, what makes for the best planning? Ms. Bernstein points to TD Wealth’s four-pillar method, which includes building net worth, protecting what matters with solutions like insurance, implementing tax-efficient strategies and leaving a legacy. Each pillar plays a critical role in ensuring that clients are prepared for both expected and unexpected life events.
Plans also aren’t one-and-done. They require maintenance and should be looked at regularly, especially when a financial change happens. Solid plans also provide for a proper balance.
“We want to be ready to help you figure out how to balance saving for a financial goal or paying off debt in a way that it still allows you to live life and enjoy it, as you should,” says Ms. Bernstein.
Finance is a highly personal topic. She says that people need to feel comfortable with whomever they choose to help them build their plan because it requires trust.
“We talk to our planners about being relationship managers and not simply investment managers,” Ms. Bernstein explains. “There’s a lot of unknown in terms of the markets. But building that relationship with clients allows us to stay connected to their short-term and long-term wants and needs, so we can appropriately align their investments.”
Access to a financial advisor is a barrier for some, either because of geography or time constraints. “But there are options that meet people where they are at,” she says.
For instance, TD Wealth Financial Planning Direct is a service with flexible hours, allowing people to work remotely with a team of financial planners weekdays from 8 am to 8 pm ET. “As long as you have a phone or internet, you can access this financial planning team,” says Ms. Bernstein.
Making the right planning and resources widely accessible is essential for fostering financial confidence and peace of mind. Ultimately, it’s helping Canadians to achieve their financial goals.
“We know many Canadians need and would benefit from these services. We hope they find their way to TD Wealth Financial Planning.”
Disclaimer:
TD Wealth represents the products and services offered by TD Waterhouse Canada Inc., TD Waterhouse Private Investment Counsel Inc., TD Wealth Private Banking (offered by The Toronto-Dominion Bank) and TD Wealth Private Trust (offered by The Canada Trust Company).
®The TD logo and other TD trademarks are the property of The Toronto-Dominion Bank or its subsidiaries.
Advertising feature produced by Globe Content Studio with TD Wealth. The Globe’s editorial department was not involved.