Retirement planning: It's more than just about money

TORONTO, Nov. 9 /CNW Telbec/ - A sea change has occurred in retirement planning. Over are the days of number crunching and stringent household budgets. Canadians today no longer relate to the one-size-fits-all, cookie-cutter investor profiles that financial advisors have relied on for years. According to the 2010 Desjardins Financial Security Retirement Survey, respondents now want financial advisors to drop the usual lecture in favour of a more personal approach.

At the core of this change is the fact that the majority of respondents feel a disconnect between traditional retirement planning and the reality of their lives. In fact, 39% found the process stressful and only 8.3% were making retirement saving a priority. Instead, 84% said they were preoccupied with the pressures of making ends meet and maintaining a work/life balance.

This negative attitude towards retirement planning could be attributed in part to their lack of trust in the financial industry and financial advisors compared to last year. What stands out the most in this survey is respondents feel that the human element is absent from the entire financial planning process. Canadians now want financial advisors to demonstrate an understanding of their wants and needs instead of what they see as the usual money lecture.

Jean-Rémy Deschênes, Wealth Management Business Coordinator with Desjardins Group, suggests that financial advisors soften their bedside manner and show their clients more empathy. "It's no longer effective to just talk numbers with your clients. They need to see that you understand the scope of their financial situation and the reality of their lives," he said. "The client doesn't want to hear the advisor's own projection of what retirement should look like. They have to do a better job of listening to what interests their clients." 

Deschênes suggests that retirement plans now should reflect the clients' vision of how they will spend their time. For example, for some people, retirement might consist of spending time with their grandchildren. By digging deeper, the advisor may find that the client not only wants to have a comfortable retirement but also wishes to help their grandchildren financially. We believe strongly in this new approach.

Undoubtedly, we will walk the talk during our 2011 Desjardins RRSP Campaign. By connecting with clients on a more personal level, we will help them achieve their ideal retirement.

About the survey
The ninth annual Desjardins Financial Security Retirement Survey was conducted by Ipsos-Descarie. The results are based on 3,329 completed Internet-based questionnaires from August 11 to 14, 2010. Respondents were selected from a group of participants who volunteered to be a part of Ipsos' national "I-Say" panel. Given the non-probabilistic sample of the web survey, the calculation of the margin of error is impossible. Results were weighted to reflect the demographic composition of Canadians on the basis of region, gender and age according to Statistics Canada.

About Desjardins Financial Security
Desjardins Financial Security, a subsidiary of Desjardins Group, the largest cooperative financial group in Canada, specializes in providing life insurance, health insurance and retirement savings products to individuals and groups. Every day, over five million Canadians rely on Desjardins Financial Security to ensure their financial well-being. Desjardins Financial Security employs some 3,800 people and administers over $23.8 billion in assets from offices in several cities across the country, including Vancouver, Calgary, Winnipeg, Toronto, Ottawa, Montréal, Québec, Lévis, Halifax and St. John's. For more information, visit our Web site at www.desjardinsfinancialsecurity.com.

About Desjardins Group
Desjardins Group is the largest cooperative financial group in Canada and the sixth largest in the world, with assets of over $173 billion. Drawing on the strength of its caisse network in Québec and Ontario, and its subsidiaries across Canada, it offers a full range of financial products and services to its 5.8 million members and clients. Desjardins specializes in Wealth Management and Life and Health Insurance, in Property and Casualty insurance, in Personal Services, in Business and Institutional Services. As one of the largest employers in the country, Desjardins is supported by the skills of its 42,200 employees and the commitment of over 6,200 elected officers. For more information, visit www.desjardins.com.

For further information:

Source (for journalists only):
Sarah Twomey
Advisor, Media Relations
Desjardins Group
416-926-2700 or 1-877-906-5551, ext. 2015
[email protected]