Less than 14% of Canadians have a retirement plan - Are advisors to blame?

    OTTAWA, Feb. 19 /CNW Telbec/ - Robert Abboud, Certified Financial Planner
(CFP) and author of the book, No Regrets, A Common Sense Guide to Achieving
and Affording Your Life Goals wants to get the message out. For years we have
been seeing study after study reporting on how Canadians are not prepared for
their retirement, "well it's time we do something about it" says Abboud.
    Abboud lays the blame for the lack of retirement plans on the financial
services industry and individual advisors. "It's ridiculous, I've been in this
business for over 16 years and every time I ask new clients for a copy of
their existing financial plan, there is none".
    Abboud believes that Canadians aren't aware of what they should expect
from their advisor. "At the very least every financial advisor, including
those at the banks, should offer their clients a basic retirement projection,
which would let them know how much they need to save each month to reach their
retirement goal". This projection takes no more than 20 minutes to do; it
should be part of the basic service offered. Clients should be asking for
    Canadians' savings rates have fallen to historic lows while spending
rates are at historic highs. The combination of these two elements is
economically lethal.
    If we in the financial industry don't help clients see how much they need
to save they will likely spend the money instead.
    Abboud's book, No Regrets, A Common Sense Guide to Achieving and
Affording Your Life Goals, offers up advice on how to find what he calls a
"personal finance coach", what to expect from your financial advisor and what
a comprehensive financial plan should look like.

For further information:

For further information: Robert Abboud, CFP, (613) 841-8550,
rob@wealthstrategies.com, www.lifegoalsplanning.com

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