Beyond the plan: Reimagining financial planning for the Canadian consumer

In an environment of ever-increasing economic uncertainty, Canadians are redefining their expectations of financial planning. According to KPMG in Canada's latest report, Beyond the Plan: Reimagining Financial Planning for the Canadian Consumer, a majority (62%) view "peace of mind" as the most important outcome of a financial plan. This sentiment underscores the evolving role of financial planners – from one-time advisors to ongoing partners in navigating life’s dynamic and complex financial challenges.

With 55% of Canadians engaging with financial planners to structure their futures, yet 45% steering their finances independently, an opportunity emerges for banking professionals to tap into a critical need: redefining the value of financial planning for clients.

Key findings from the research:

• Personalization is critical. Approximately 64% of Canadians value highly personalized financial plans, with Baby Boomers prioritizing peace-of-mind planning for health and legacy, Gen X balancing multigenerational needs like retirement and education, and younger Canadians seeking clarity around milestones like debt management and home ownership.
• Technology is an enabler – not a replacement. While 54% of Canadians appreciate in-person meetings, 46% desire flexibility with virtual and digital tools. Banking professionals can meet clients’ expectations by delivering a hybrid model, combining personal and technology-driven tools for better accessibility.
• Barriers for engagement remain. Among Canadians managing finances independently, uncertainty about the value of financial planning is a persistent challenge. However, 96% of this group still acknowledge the importance of having a financial plan to achieve their goals, opening the door for institutions to demystify the value proposition.

KPMG’s findings highlight the undeniable shift in consumer expectations surrounding financial planning. Whether banking leaders serve young investors, Gen X clients, or Baby Boomers, the need to find a balance between personalized, lifecycle-specific approaches and leveraging technology cannot be ignored.

Financial planning isn’t just about designing static roadmaps; it’s about building trusted partnerships that adapt to life’s unpredictable changes. Download the full report below to uncover deeper insights, practical strategies, and invaluable tools to strengthen client trust, enhance service delivery, and navigate Canada’s dynamic financial landscape.

For financial advisors and wealth institutions aiming to elevate the quality of financial advice provided to Canadians and build stronger client relationships, KPMG is here to help. We offer comprehensive support across data, people, processes and technology to help financial advisors and wealth institutions deliver personalized, impactful, and timely financial advice to Canadians, maximizing value in today’s dynamic financial landscape.