With high costs of living, ongoing market volatility and uncertainty driven by global events, Canadians are under sustained financial pressure. Research from Pollara shows that economic optimism is at a historic low. In this environment, financial decisions can feel complex, yet many individuals are making them with limited guidance. The result is a persistent advice gap — one that leaves many Canadians without the support needed to feel confident and informed.
This gap is driven in part by misconceptions about financial planning and limited access to it. Many Canadians view working with a planner as overwhelming or believe that it’s reserved for the wealthy. This is borne out by FP Canada survey data. People feel that working with a planner is intimidating or too expensive, which helps explain why so many are not currently working with one. Others are unsure where to begin, whom to trust or which credentials signal credible advice.
The advice gap has also been reinforced, in part, by a historical emphasis on product sales over comprehensive financial planning. Interactions with financial services professionals that feel transactional can lead consumers to perceive financial planning as a one‑time event. They may also view planners primarily as product salespeople, rather than long-term trusted partners who are there to support their financial well-being.
In this way, a sales‑driven approach to financial services may inadvertently widen the advice gap. Simply put, it fails to provide the goals-based, holistic financial planning Canadians need to feel confident and supported.
Financial planning education is key
The path to financial confidence and resilience begins with a financial plan. Yet misunderstandings about what planning involves continue to prevent many Canadians from taking the first step. Financial planners — and leaders within the profession — play a critical role in changing this narrative. By actively educating new and prospective clients, as well as the broader public, they have the power to clarify the purpose and value of financial planning while making it feel relevant and approachable.
On that front, speaking with a unified voice across the profession is essential. It’s part of the reason FP Canada created its new definition of a financial plan, which recognizes the value of starting small, taking actionable steps and revisiting priorities as life changes.
While the definition outlines six core areas of financial planning, it also highlights the fact that not every plan must address all six to deliver meaningful value. As planners know, the most impactful progress often starts with a focused set of priorities.
For someone early in their financial planning journey, that might include financial management — such as budgeting and debt reduction — alongside investments and foundational tax and retirement planning, with insurance and estate considerations introduced as needs and circumstances evolve. Communicating this clearly to prospective clients can ease uncertainty, set realistic expectations and help them understand what creating a financial plan truly entails.
Whether through early planner-client conversations or broader public education initiatives, reinforcing these messages is essential. By helping Canadians better understand what financial planning is (and what it isn’t), the profession can build trust, increase engagement and ultimately help close the advice gap.
Advice from credentialed professionals
When Canadians understand financial planning as a dynamic partnership, they’re more willing to seek guidance. Credibility plays a key role in that decision. In addition to educating prospective clients, planners can encourage them to engage by clearly signalling their competence, accountability and commitment to ethical conduct.
Designations such as the Certified Financial Planner (CFP) certification and Qualified Associate Financial Planner (QAFP) certification connote high professional standards, along with knowledge and skillsets that reflect the diverse needs of Canadians.
While CFP professionals are trained to provide comprehensive financial planning at the highest level of complexity, the QAFP certification was introduced to support those who are still in the process of building their wealth. QAFP professionals are equipped to provide the foundational advice that so many Canadians need, and they have a critical role to play in closing the advice gap.
Planners who hold these designations can help the public recognize, and have confidence in, their qualifications. By promoting their designations with pride, they can help ensure that Canadians know who to trust, enabling them to take that important first step toward building a plan.
Improving access
Education and professional standards are essential, but they’re only part of the solution. Closing the advice gap also requires broader efforts to improve access to financial planning services.
Policy initiatives — such as a tax credit to help Canadians create their first financial plan — could lower barriers to entry to obtaining financial advice. FP Canada continues to engage with policymakers on this issue, among others. Likewise, leaders across the profession have an important role to play in identifying areas where Canadians could benefit from support, and advocating for change.
Philanthropy also matters. Organizations like the Canadian Foundation for Financial Planning help extend the reach of financial planning through education, one-to-one support and community-based initiatives. By supporting the work of this registered charity, either monetarily or through volunteer efforts, members of the profession can make a meaningful difference.
In the current economic environment, ensuring all Canadians receive the professional financial advice they deserve will require sustained effort. But by working together, we can help ensure that financial planning is not a privilege for the few, but a practical and accessible resource that supports the financial well-being of all. By closing the advice gap, we’re opening the door to financial confidence for everyone.