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Financial planning
and advice

Financial planning myths

Myth #1. A tax refund is a good thing

While it might seem natural to be thrilled to receive a hefty tax refund, we explore the advantages of not getting a tax refund. Read more

Myth #2. A will is an estate plan

There’s much more to estate planning than making a will. Find out what it involves, including trusts, beneficiaries, charitable donations and tax efficiencies. Read more

Myth #3. Always go fixed over variable

It’s a fallacy that a fixed mortgage is always a better option than variable. Discover the pros and cons of each and how to choose the best option for you. Read more  

Myth #4. You need $1M to retire – and other retirement myths

How much you’ll need in retirement will depend on your personal circumstances. We explore this and four other retirement myths. Read more

What is financial planning? And why is it important?

There is far more to financial planning than just investing. While investing can help you to grow your savings faster, financial planning is about managing every aspect of your financial life, so that you have greater financial security, now and in the future.

Comprehensive financial planning will help you to:

  • Enjoy a financially comfortable retirement.
  • Manage your cash flow better (including making a budget and reducing debt).
  • Share your wealth (including leaving a will and charitable giving).
  • Prepare for the unexpected.
  • Save for major expenses.

Comprehensive financial planning can be achieved, in the most tax-efficient way, with the help of a certified financial advisor. Plus, a strong financial plan will adapt as your circumstances change, so you always feel financially confident. 

The benefits of financial planning 

A great financial plan can have an immediate positive impact on how you feel about your finances. It can improve your financial confidence by helping you to:

  • Discover ways to pay less in interest and reduce your debt.
  • Save and plan for your future.
  • Know that you can cope with the unexpected.
  • Have more peace of mind, knowing your finances are under control.
  • Grow your wealth much faster. 

What should a financial plan include?

Some financial planners concern themselves only with the investments that you’ll need to grow your money for major expenses and your retirement. However, this is only one part of your financial story. Comprehensive financial planning should also include every aspect of your financial life, including: 

  • Managing your cash flow, including by reducing debt and lowering interest payments.
  • Building and maintaining an emergency fund so your financial plan stays on track.
  • Strategies for minimizing taxes.
  • Saving for retirement and major expenses, such as a wedding or a child’s education.
  • Estate planning (leaving a will, powers of attorney, charitable donations, etc.).
  • Choosing the best mortgage to fit in with your overall plan.

The IG Living Plan advantages 

Our Living Plan delivers true, custom-built financial planning that takes into account every aspect of your financial life. It provides an interactive digital experience that lets you monitor your progress in real time, including your savings goals, cash flow and net worth. It also allows for “what if” scenarios so you can plan better for major life events. 

Find out more about the IG Living Plan

What does a financial advisor do?

A good financial advisor gets to know all about you, including your current financial situation, where you want to be and your comfort level with risk. They’ll then create a financial plan suited to your unique needs, with recommendations for the investment products that will help get you there. 

How financial advisors help


They help you to create, and stick to, a rigorous budget and financial plan, give you advice on reducing your debt, prepare you for the unexpected and invest your savings in ways that help you to retire when you want to retire. 

How to choose a financial advisor


For true financial planning, you should work with either a Certified Financial Planner, Registered Financial Planner or planificateur financier (in Quebec). Before choosing your advisor, here are some key questions to ask them to help you make your decision. 

Why work with an IG Advisor?

Your IG Advisor will start by exploring your family’s current and future financial goals and concerns. Then, with the help of our team of industry-leading experts, they’ll build your IG Living Plan, which is designed to evolve as your life changes.  

They’ll play a proactive role at all stages of your life, monitoring all factors that can impact your finances and altering your plan accordingly, to pave the way to greater financial well-being.

Learn more

Frequently asked questions

  • Who provides financial planning?

    Anyone in Canada (apart from Quebec) can call themselves a financial planner or financial advisor, so it’s important to check a financial planner’s qualifications before hiring them. You ideally want to work with a financial planner with sufficient training and the years of experience that mean they’ll do a great job of looking after your finances.

    Anyone selling mutual funds, stocks or bonds must have specific training and be registered with a securities regulator. You can use the Canadian Securities Administration’s search tool to check if a financial planner is registered.

    There are several designations available to financial planners in Canada, including Certified Financial Planner, Personal Financial Planner, Registered Financial Planner or planificateur financier (in Quebec). Certified Financial Planner is the most robust designation, as it requires the holder to have completed and passed a complex training program, and to have a minimum of three years of experience.

    The vast majority of IG Advisors either have a Certified Financial Planner designation or are working towards one. 

  • Do I need a financial plan?

    Most people should have some kind of financial plan. Often, the more money and assets you have, the more important a financial plan is. However, for people starting out on their careers, a financial plan can help them to improve their cash flow, reduce their debts and free up more money to save for their future.

    One of the most important aspects of a financial plan is to help you work out where you are, where you want to be and how to get there. Good financial planning can help you to feel more in control of your finances and reach your financial goals faster.   

  • How does financial planning work?

    Good financial planning is a comprehensive and ongoing process that takes into account every aspect of your finances. It provides strategies that can help you to reach your goals, in both the short term and long term.

    You’ll meet with your chosen financial planner/financial advisor and they’ll get to know you and understand your financial situation, where you want to be and your risk tolerance level. They’ll then put together a plan, including a budget, and suggest investments that can improve your finances and help you reach your financial goals.

    A good financial planner will then constantly monitor your plan and meet with you periodically to ensure that it still fits in with your current situation. They’ll adjust it whenever you have a major life event, such as getting married or having a baby, and revisit it often as you approach retirement. 

  • When do you need a financial plan?

    Most people who have an income and want to improve their finances should have a financial plan. Whether you’re starting out in your career or approaching retirement, if you don’t have a financial plan, you need one. It can help you reach your financial goals sooner and have greater financial confidence.

    There are five key components of true financial planning: saving for a comfortable retirement; improving your cash flow; sharing your wealth; being able to cope with the unexpected; and planning for major expenses.  

  • Is financial planning worth the money?

    While financial planning doesn’t usually come for free — and can vary in price depending on the services you receive — the value of financial planning from a qualified professional has been researched extensively in Canada.

    In its “Value of Financial Planning” study, the Financial Planning Standards Council uncovered some revealing data concerning households with financial planners versus those without.  

    • Those with a comprehensive financial plan are almost twice as likely to feel that their finances are on track.
    • 50% of people with a financial planner are on track to retire compared to 22% of those without a plan.
    • Almost two-thirds of people with a financial planner are able to cope with unexpected financial emergencies, compared to less than a third of those without one.
    • Almost twice as many people with a financial planner are able to take annual vacations.
    • When it comes to overall financial wellbeing, those with a comprehensive financial plan are 85% better off than those with only a limited plan. 

    Montreal-based researchers Claude Montmarquette and Nathalie Viennot-Briotfound carried out studies to discover the value of having a financial advisor for Canadian households. Their research discovered that having a financial advisor increased household investment assets:

    • By 69% after only four years.
    • By 290% after 15 years. 

    So clearly, according to these pieces of research, financial planning is worth the money not only from the point of view of increasing your assets substantially, but also in the way that it improves your financial well-being, your financial confidence, your standard of living and how you feel about retirement. 

     

More on real financial planning

Retirement planning

Real retirement planning goes beyond RRSPs: it takes into account your lifestyle, retirement goals, expenses and all sources of income.

Learn more

Tax planning

Expert advice on how to maximize your tax deductions and credits, and minimize the taxes you have to pay on your income and investments.

Learn more

Home ownership planning

Our holistic approach to financial planning includes ensuring you have the right mortgage for your evolving needs.

Learn more

Estate planning

A comprehensive estate plan ensures that your money goes to your loved ones, as per your wishes, and in the most tax-efficient way possible .

Learn more
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Mutual funds and investment products and services are offered through Investors Group Financial Services Inc. (in Québec, a Financial Services firm). Additional investment products and brokerage services are offered through Investors Group Securities Inc. (in Québec, a firm in Financial Planning). Investors Group Securities Inc. is a member of the Canadian Investor Protection Fund.Mortgages are offered through I.G. Investment Management, Ltd., registered as a mortgage brokerage in NB, ON (license no. 10809), NS (license no. 3000240) and as a financial services firm in QC (license no. 2400376104).

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