Financial planning services are an important part of dealer advisors’ businesses. More than four out of five advisors surveyed for Investment Executive’s 2024 Dealers’ Report Card said they crafted financial plans for their clients. That group said 58.9% of their clients, on average, have financial plans in place.
Advisors generally sought the freedom to choose their own software. But if their dealer provided software, they appreciated the additional planning tools and support.
The 2024 performance average was 8.0 for the “financial planning support & technology” category, down from 8.2 in 2023. The category’s importance average was 8.8, up from 8.7 in 2023.
Among the advisors who work with firms that offered structured financial planning support, six firms had sufficient responses to be rated, ranging from 7.2 to 9.2. Two of the six firms had results that changed by half a point or more compared with last year: CI Assante Wealth Management (7.3, down from 8.2) and Investment Planning Counsel Inc. (IPC; 8.2, up from 7.6).
One CI Assante advisor in Alberta believed the firm made financial planning experts available only to advisors with high-net-worth clients or clients who invest a large amount in a CI Assante product. Other advisors expressed similar concerns.
Joady Guyot, vice-president of advisor engagement, said CI’s wealth planning group is part of the firm’s investment arm, not its dealer arm. As a result, that group’s services are available only to clients who buy products with fees that cover advice. Nonetheless, offering other “planning solutions is a big part of who we are for everybody,” she said.
CI Assante acquired WealthBar Financial Services Inc. in 2020, which owns financial planning software company Snap Projections. That investment garnered praise: “I use Snap Projections, and it’s so good,” said a CI Assante advisor in Atlantic Canada.
Several CI Assante advisors said the firm offers the software at a discount.
The dealer continues to invest in planning software and support, said Sean Carswell, senior vice-president of client experience with CI Assante. Alongside Snap Projections, advisors also use NaviPlan.
As for IPC, “They have excellent support for comprehensive financial plans, but not for mini financial plans,” said an IPC advisor in Ontario.
Another IPC advisor in Ontario said the planning system felt “a bit antiquated” and “very segmented.”
“I’d like to see a quicker turnaround from the support [team],” said a third IPC advisor in Ontario.
Comprehensive planning by advisors remains one of the dealer’s key priorities, said Sam Febbraro, executive vice-president with IPC. Conquest Planning’s software is available to all advisors, he said, and it’s especially important “in the high-net-worth area where things get a little more sophisticated.”
IPC will continue investing in the support advisors receive through its private wealth division, Febbraro said. The staff includes portfolio managers who “work as an extension of each of the advisors’ teams,” helping manage clients’ goals, plans and investment policy statements.
Sentiment was mixed at the remaining four dealers. Desjardins Financial Security Investments Inc. (DFS Investments) was rated 7.2 for planning support in the 2024 Report Card, with no rating in 2023 due to insufficient responses. The dealer introduced Conquest Planning software in April and CapIntel in May (research for the 2024 Report Card was conducted until April 29).
Some advisors acknowledged their financial planning technology and support situation was improving, with one DFS Investments advisor in Ontario saying they received training and peer support. But another advisor in Ontario said training was “limited and non-existent.”
The dealer’s wealth planning support is evolving, with the firm investing more over the next 12 to 24 months, said André Langlois, vice-president of Independent Networks sales and distribution. Desjardins Group’s 2023 purchase of the Worldsource Wealth businesses delayed planned enhancements, he said, but “vast improvement” is coming.
Walkthroughs of the new tools have occurred, he explained, and the second phase of training is being designed with advisors’ input.
IG Wealth Management was rated 9.2 by its advisors, down from 9.4 the year prior. The dealer has great planning technology and support, said an IG advisor in Atlantic Canada, “so much so that everybody wants it.” The firm was Conquest Planning’s inaugural client in 2020.
Carte Wealth Management Inc. also was rated on the higher end of the scale (8.7, up from 8.4 in 2023). Advisors there tend to use either Conquest Planning or Snap Projections — and a few advisors said they liked having a choice between firm-supported tools and ones they buy.
At Manulife Wealth Inc. (rated 7.3, compared with 7.6 in 2023), financial planning resources have been in flux. Advisors mentioned that discounts were offered for certain software providers, such as NaviPlan, and that a small financial planning support group was available. Both initiatives were appreciated, and several advisors hinted at upcoming changes.
Richard McIntyre, Manulife Wealth’s president and CEO, confirmed the dealer is exploring alternative tools. He didn’t name any platforms, but said, “When you think about planning, which is our [core] business, a lot of people [advisors] do it in different ways and clients have different requirements.”
This article appears in the September issue of Investment Executive. Subscribe to the print edition, read the digital edition or read the articles online.