Poll also reveals lack of financial planning among younger Canadians
Canadians value professional investment and financial planning advice but say there are several reasons why they have not consulted an advisor.
A new survey from CIBC and FP Canada shows that 46% of respondents are interested in getting help to plan their retirement finances but around one third say that they believe that working with a professional will be too costly.
Financial plans are lacking for many who took part in the poll with 30% saying they have no plan at all. Among under 35s, a quarter of respondents wish they had a financial plan but do not compared to just 12% of older people who said this.
Only 30% of participants have worked with a financial professional on a retirement plan, 29% on an investment plan, and 28% on a retirement plan.
However, deciding on the definition of a financial plan would be a good start with 54% saying it details long- and short-term investment products, while 51% say it as a detailed plan of one's financial circumstances, goals, and strategies to achieve them.
The survey also highlighted the most important factors when choosing a financial professional:
- Credentials/educational background (38%)
- Investment performance (35%)
- Referral (35%)
- Competitive fees (33%)
"Working with a financial professional to develop a personalized, financial plan that takes into account your short and long-term goals can help you make more informed financial decisions and, ultimately, make your ambitions a reality," said Carissa Lucreziano, VP of Financial and Investment Advice, CIBC.
