IG Wealth Management Study: Majority of Canadians Seek a More Modern & Digital Approach to Financial Planning

  

•   59 per cent who currently use an advisor want a more digitized client experience
• More than half who don't have an advisor are more likely to work with one who provides financial planning advice in a clear and visually compelling way

WINNIPEG, MB, March 31, 2021 /CNW/ - According to a study released today by IG Wealth Management (IG), Canadians are looking to the wealth management industry to provide a more modern, digitally enabled client experience.

The study, which was conducted by Pollara Strategic Insights for IG, found that among Canadians who currently work with a financial advisor:

• Almost two-thirds (62 per cent) say there is room for improvement in the service they are being provided;
• more than half (59 per cent) say they would like to see their financial advisor adopt more modern digital solutions such as next generation financial planning software; and
• 87 per cent report that, in the future, it will be increasingly important for advisors to provide cutting-edge digital experiences for their clients.

Similarly, the study also found that more than half of Canadians who do not currently work with an advisor say they are more likely to work with one who can present their financial plan in a clear, simple and visually compelling way, and can offer different personal finance scenarios quickly.

"Canadians want the same type of digital experiences from their advisor that they're used to having in other parts of their life," said Damon Murchison, President & CEO, IG Wealth Management. "That's why we made the decision a few years ago, through our parent company IGM Financial, to embark on an ambitious digital transformation journey."

Mr. Murchison noted that IG's investments in technology have led to new, more convenient ways for clients to work with their IG advisors through video conferencing, online signatures, and paperless transactions. IG has also developed the patent pending IG Living Plan Assessment, which scores every area of an individual's financial life to quickly and simply see where they are and where they might have opportunities to strengthen their well-being.

"By going digital, our clients have more transparency and can build and manage their wealth more efficiently. They don't have to wait for forms to be mailed in and processed manually.  For our advisors, it means less paperwork and an ability to focus even more on maximizing and optimizing their clients' financial well-being."

One of the centerpieces of IG's ongoing transformation has been the selection of a modern financial planning platform. Conquest Planning Inc.'s financial planning software uses artificial intelligence, advanced analytics and real-time collaboration to help IG's advisors and clients work together to navigate through the complexities of planning for today and tomorrow to create personalized IG Living Plans.

The platform complements IG's comprehensive and holistic approach to financial planning and helps the firm elevate the practice to a new level, providing IG clients with an even more transparent and collaborative experience that is tailored to their unique needs. IG advisors are able to build out and stress test different scenarios as well as adapt plans quickly to reflect changes in clients' lives. 

"Canadians want to work with advisors who can combine their extensive financial planning experience and insights with best-in-class tools in order to provide a seamless, modern experience.  We're well positioned to do so," concluded Mr. Murchison.

The financial planning software platform is currently being rolled out across IG's advisory network.

About IG Wealth Management
Founded in 1926, IG Wealth Management is a national leader in delivering personalized financial solutions to Canadians through a network of Consultants located across Canada. In addition to an exclusive family of mutual funds and other investment vehicles, IG offers a wide range of other financial services. IG Wealth Management has over $105 billion in assets under management as of February 28, 2021 and is a member of the IGM Financial Inc. (TSX: IGM) group of companies. IGM Financial is one of Canada's leading diversified wealth and asset management companies with approximately $244 billion in total assets under management as of February 28, 2021.

About the Pollara Study
This study was conducted with an online sample of 1,512 adult Canadians and was conducted between February 17 and 19, 2021.  Results from a probability sample of this size could be considered accurate to within ±2.5 percentage points, 19 times out of 20. Results have been weighted on the basis of age, gender and region, using the latest StatsCan data, to be representative of the Canadian population as a whole.

SOURCE IG Wealth Management

Media Contact: Rebecca Ellison, IGM Financial, 647-983-4963, [email protected]