Canadians are taking a closer look at the resilience of their income according to Investment Planning Counsel
The pandemic has focused the minds of Canadian investors who are concerned about weaknesses in their finances – and know they need professional help.
Most of the investors polled by Environics Research and Investment Planning Counsel said that they had re-evaluated their priorities during 2020.
The most common concerns were stability of income, short-term cash flow, and the resilience of their retirement savings.
One in five respondents has modified a life-long goal feeling that it is now unachievable and 40% of investors now expect to outlive their money with the same percentage saying that job stability is now more important.
Advisors are the solution
This increased concern is prompting investors to reach out for advice from financial advisors (FAs).
Although investors are optimistic about the future overall, but almost three quarters think they will not be financially successful in the future unless they get professional advice.
Clients have increased their communication with their advisors and 93% said that it’s important that their FAs know their personal situation.
However, this close relationship does not negate the need for convenient and client-friendly digital channels with 60% noting that it is increasingly important to being able to connect with their advisor this way.
