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At a time when many Canadians report financial stress, Certified Financial Planner professionals and Qualified Associate Financial Planner professionals help individuals take manageable steps toward financial confidence and resilience.Getty Images
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Tashia Batstone, President and CEO, FP CANADASUPPLIED
In times like these, many Canadians could benefit from a clearer path forward – and the confidence that comes with having a plan
If financial stress has been weighing on you, you’re far from alone. Recent research from Pollara shows that Canadians are less optimistic about the economy than at almost any other point in the last 30 years. Factors such as rising housing costs, along with economic uncertainty stemming from events south of the border, are contributing to that anxiety. Even so, there’s reason for hope.
Practical strategies can help Canadians regain a sense of control. Building a clear, realistic plan – made up of small steps that can be carried out consistently – is an important starting point. To get there, it’s important to understand what financial planning truly involves and how it can support your goals.
Why Many Canadians Don’t Seek Help
Financial planning can feel intimidating. It’s easy to assume that working with a planner is only for people with complex investment portfolios, or for those who can afford to focus on long-term financial plans instead of day-to-day money concerns.
The truth is that financial planning can benefit us all. At its core, it’s about identifying manageable steps you can take toward your financial goals. It’s also closely connected to everyday decisions, such as paying bills and understanding what you can realistically save.
When approached thoughtfully, planning can also strengthen your financial confidence and resilience. That confidence makes it easier to make informed decisions – and to withstand unexpected events that affect your finances.
Unfortunately, misperceptions keep many from seeking professional financial planning, creating an “advice gap” between the help people need and the guidance they actually pursue. At a time when financial stress is top of mind for many households, it’s a gap Canadians can’t afford to ignore.
The Value of Financial Advice
Financial planning is often imagined as a one-time exercise that results in a lengthy and complex document. In reality, a plan developed with the guidance of a professional financial planner should be practical, adaptable and grounded in real life.
Certified Financial Planner professionals (CFP professionals) and Qualified Associate Financial Planner professionals (QAFP professionals) have the expertise to help build plans that reflect this approach. Both certifications represent high standards of professionalism, education and ethical responsibility – and a commitment to helping Canadians make informed decisions for the future they imagine and the lives they’re living today.
FP Canada introduced QAFP certification in part to help reduce the advice gap by increasing access to professional financial advice. These professionals are well positioned to support individuals who are building their wealth or seeking guidance on foundational financial decisions.
Whether you work with a CFP professional or a QAFP professional, you can feel confident you’re supported as you take steps toward financial well-being.
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Small Steps Build Real Resilience
Your planner will begin the process by getting to know you. Through simple questions, they’ll gain insight into your financial circumstances, values, priorities and personal goals.
As your plan takes shape, you won’t need to address everything at once. You can start small and build over time.
For example, an initial plan might focus on:
- Financial management, including an assessment of your current and future financial position (your cash flow, debt, etc.)
- Tax planning to make the most of benefits and minimize your tax burden
- Retirement planning to help you develop plans that will help ensure financial security when you retire
As circumstances change – whether that means a new job, a growing family or the approach of retirement – your plan can evolve to include insurance, estate planning, investment planning and more advanced tax strategies.
FP Canada’s recently published definition of a financial plan reflects this realistic approach. It recognizes that planning can start small, focus on actionable steps and be revisited regularly as priorities shift.
This approach supports financial resilience – the ability to adapt, recover and maintain financial well-being when setbacks occur. A solid financial plan, combined with the confidence to make informed decisions as life changes, is key to staying resilient.
This is where working with a financial professional can make a measurable difference. Research from FP Canada’s Money & Milestones Survey shows that Canadians who work with a financial planner report significantly higher confidence in affording life milestones (79%) than those who don’t (59%).
Beyond confidence, many also enjoy a stronger understanding of their finances and the ability to better simplify their financial decisions. That clarity helps turn uncertainty into action – and action into long-term resilience.
Taking the First Step
A conversation with a financial planner – about cash flow, savings or near-term goals – can build the momentum you need to create a plan, develop stronger financial habits and grow your financial resilience.
If you’re ready to take that first step, FP Canada’s Find Your Financial Planner tool (findyourplanner.ca) makes it easy to connect with a CFP professional or QAFP professional who can help you begin your path to financial well-being.
In uncertain times, resilience isn’t about predicting the future. It’s about being prepared for it – one practical decision at a time.
If you’re ready to take control of your financial future, the Find Your Financial Planner tool on the FP Canada website can help you take the first step. Visit findyourplanner.ca
Advertising feature produced by Randall Anthony Communications with FP Canada. The Globe’s editorial department was not involved.
