Financial advisors in Canada now have the option of outsourcing all of the computer work involved in the preparation of a financial plan, leaving them more time to meet with clients, according to the head of an Edmonton financial planning firm.

“Advisors earn their living meeting clients and managing their financial affairs, not by sitting in front of a computer entering data,” says Dave Faulkner, president of Financial Plan Advantage Ltd., the firm offering the new service. “The process we have developed not only saves the advisor valuable time; it keeps the financial planning engagement on track with the implementation of recommendations relating to ‘critical needs’ in as little as three to five business days.”

A critical need involves anything that may affect the client’s financial future if it is not addressed immediately. By focusing first on the critical needs the advisor is putting effort into areas that will have the greatest impact on the client’s financial situation.

“There is a real benefit to the client when you approach financial planning in a way that puts their most pressing needs first,” explains Mr. Faulkner. “The advisor also gains a better understanding of the client’s commitment to the financial planning process. Often when advisors do not charge for a plan they can end up in a situation where they have done a lot of work for nothing.”

With Canadians retiring younger and living longer, financial planning is poised for significant growth. The challenge for many financial advisors will be in finding the time. A 2006 survey of CFP advisors lists time management as their No. 1 challenge. The same survey also revealed the percentage of advisors that provide clients with a financial plan has decreased in the past two years. For many financial advisors, outsourcing all or part of the work involved in preparing a financial plan may be the only way for them to remain competitive in the future.

Financial Plan Advantage Ltd is a financial planning firm located in Edmonton that works exclusively with other financial advisors to prepare financial plans on a fee basis