September 20, 2021 – As vaccinations rise and vaccination passport mandates emerge, an atmosphere of increased confidence is faced with the continuing complications of the Delta variant, generating a mix of emotions and ultimately causing Canadians to ask big questions about life changes they may want to make.
A recent poll of Advocis member financial advisors indicated that some of their clients are seeking to undertake a variety of major life changes as the pandemic continues. Early retirement was the most frequent topic, but home ownership and significant career changes were also brought up – and sometimes a mix of all three.
“I’m seeing and helping two-income households reduce to one income,” said Satpal Rai, a financial planner in Burnaby, BC. “I’m also assisting clients in navigating situations where one partner continues to earn outside the home while another starts a new business at home, as well as scenarios where clients are AirBnB’ing a portion of their home, or downsizing to move out of the city altogether.”
Other advisors are helping clients transition to side gigs that were unexpectedly compatible with the pandemic. “One of my clients did auto detailing work on the side,” said Sandra Phekoo, an Associate Financial Advisor at The Co-operators in Alliston, ON. “Because he did this work by travelling directly to the homes of clients, demand has skyrocketed under COVID, and this has now gone from being a part-time job for extra cash to being his full-time occupation – and the start of an excellent business.”
Advisors are also seeing financial decisions being driven by more personal major life changes as well. “I’ve had three new clients come to me as a result of separation and divorce during – and likely exacerbated by – the pandemic,” said Mike Reilly, a financial advisor in Victoria, BC. “It can be a very financially complex and emotional period for them, and a good advisor can make a vital impact.”
“We know that the value of professional financial advice is critical in periods of stress and emotional uncertainty,” said Greg Pollock, President and CEO of Advocis, The Financial Advisors Association of Canada. “As Canadians contemplate making big changes in their lives as this period of uncertainty continues, their advisors will be vital in ensuring that they make the best decisions for their circumstances and navigate them as wisely as possible.”
Julie Martini, Vice-President, Public Affairs and Marketing
Advocis, The Financial Advisors Association of Canada
Advocis, The Financial Advisors Association of Canada, is the largest voluntary professional membership association of financial advisors in Canada, representing more than 17,000 member-clients and 40 Chapters across the country. Advocis offers designations, continuing education opportunities, industry-leading publications and membership in a chapter network with comprehensive mentorship programs, study groups and practice development resources. For more information, visit http://advocis.ca.