3 ways to help clients win financially

Canadians agree that the best advice for someone trying to achieve a financial win is to suggest they:

• be patient and stick with their plans (35%);
• get organized (22%); and
• save a little bit every payday (22%).

That’s according to a recent survey by Credit Canada Debt Solutions and Capital One Canada, which also says that when people achieve a win, many (67%) will celebrate it by telling those close to them — a potential source of referrals for advisors.

Read: Clients need confidence boost from advisors

The survey finds helping clients feel financially secure is more important than helping them buy a house or a car. It adds Canadians rank those typical milestones as less important financial wins than feeling financially secure in their daily lives.

Here’s how the survey’s financial wins break down:

• Feeling secure in daily life (25%)
• Becoming debt-free (15%)
• Buying a home (12%)
• Living independently (8%)
• Buying a car (8%)

Further, 80% of Canadians surveyed report having a financial win this year. Many (85%) attribute their wins to planning, as well as using online banking tools (41%) and information from financial institutions (34%).

Read: Clients say their advisors fail on goals-based investing

“We know that money is a major cause of stress, which is why having a financial plan is so important,” says Canada’s financial literacy leader Jane Rooney, in a release.

The survey was in celebration of Credit Education Week, which runs November 7 to 11, 2016. Survey responses were collected from 600 participants across four major Canadian regions.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.