2021: A year of preparation and perspective as Canadians see the value of planning for the future
A new survey by Investment Planning Counsel shows that now, more than ever, investors are looking to their financial advisors to achieve their goals
TORONTO, Oct. 18, 2021 /CNW/ - Investment Planning Counsel (IPC) released a year-over-year survey that shows Canadian investors are more focused on future-planning priorities in 2021 compared to last year.
The study, conducted in partnership with Environics Research, reveals:
- In the last year, the importance of retirement savings spiked to fifty-six per cent, compared to 2020 (49%);
- While most Canadians are feeling confident that they can retire when they want (71%), there are some who have abandoned their life-long goals (29%);
- When seeking expert advice, retirement planning (45%), overall health & well-being (23%), and inheritance planning (23%) are the most popular topics;
- 56% say that they want to enter the semi-retirement phase before age 65, working some hours, but not yet drawing on their retirement income.
"This year, we are seeing the re-evaluation of financial priorities," said Sam Febbraro, Executive Vice President at Investment Planning Counsel. "Investors are more focused on the future, with goals shifting toward retirement savings, portfolio diversification and getting professional advice. Canadians are relying on their financial advisors to manage their investments; ensure their portfolios can continue to grow while withstanding market volatility, and that they can generate sustainable income throughout retirement."
Canadians are benefitting more from financial advice
The impact of advice surged through the pandemic as 92 per cent of those surveyed see the positive impact of advice, jumping 10 per cent from 2019. The survey shows investors in Canada are contacting their financial advisor more frequently and more than three-quarters (76%) of those surveyed count on the guidance of their advisor to be financially successful in the future.
- Sixty-five per cent say an advisor will help them stay on track to achieve their investment goals, compared to 39 per cent in 2019;
- Most Canadians (83%) agree their financial advice expert understands and respects their priorities;
- Since the beginning of the pandemic, more than 60 per cent of investors have taken steps to diversify their portfolio.
"Investors are seeking expert advice more than they did in the pre-pandemic years," said Mr. Febbraro. "Almost all Canadians (91%) want to know that their advisor understands their personal situation. They trust their advisor to help them navigate in these uncertain times and prepare for major life transitions. Our job as advisors is to give them that peace of mind and get them to the finish line through personalized guidance and advice."
About Investment Planning Counsel
Investment Planning Counsel Inc. (IPC) is an integrated wealth management company founded in 1996. IPC supports Advisors in delivering a distinctive client service experience by providing client-focused advice that helps Canadians live their dreams. With $32.5 billion in assets under administration at September 30, 2021, IPC is a member of the IGM Financial Inc. (TSX: IGM) group of companies. To learn more, visit www.ipcc.ca.
About the Environics Research Survey
The research study was conducted for IPC by Environics Research, August 10-25, 2021. It was an online custom survey of 1,001 English- and French-speaking Canadians, ages 30 and up, owning more than $100,000 in investable assets.
SOURCE Investment Planning Counsel
Cameron Penner, Proof Strategies, [email protected]
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