Amidst economic fluctuations and cost-of-living concerns, Canadian consumers are fundamentally shifting how they approach wealth management. According to KPMG in Canada’s recent report, Beyond the Plan: Reimagining Financial Planning for the Canadian Consumer, the traditional target of financial planning is expanding. Wealth advisory is moving from a transactional investment service to an adaptive personal partnership.

In fact, the report indicates that a substantial majority (62%) of Canadian consumers view "peace of mind" as the most critical outcome of their financial strategy. This signals a clear transition in how institutions must define and deliver value to clients.

Key Survey Findings

The KPMG 2025 Financial Planning Survey highlighted the current engagement split in Canada: 55% of Canadians collaborate with professional financial planners, while the remaining 45% manage their personal finances independently. Key takeaways include:

1. Personalization is Crucial

Approximately 64% of Canadians seek highly customized, lifecycle-specific planning. Generational priorities differ significantly:

  • Baby Boomers: Prioritize peace-of-mind plans surrounding personal healthcare, estate preservation, and legacy transfers.
  • Gen X: Balance complex multigenerational needs, focusing simultaneously on their own retirement and funding child education.
  • Younger Generations (Millennials & Gen Z): Search for clear milestones and immediate roadmaps related to debt reduction, savings, and home ownership.

2. A Hybrid Advisory Model is Preferred

While technology is a massive enabler, it has not replaced human relationship depth. The survey reveals a near-even split in communication preferences:

  • 54% of Canadians value in-person meetings.
  • 46% prefer the flexibility of virtual appointments and digital planning tools.

Financial firms that implement a hybrid model—blending secure digital platforms with real-person advisory services—are best positioned to build lasting client loyalty.

3. Overcoming the Value Perception Gap

Among the 45% of Canadians who manage their money independently, uncertainty regarding the direct value of planning remains a significant barrier. Yet, an overwhelming 96% of these self-directed planners acknowledge that having a structured financial plan is important to reaching their milestones. Demystifying the planning process is a key opportunity for advisory firms.

"Financial planning is no longer a static, one-time document. It has evolved into an ongoing, trusted partnership that adapts dynamically as a consumer's life events unfold."

Frequently Asked Questions (FAQ)

1. What is the primary expectation Canadians have from a financial plan?

According to the KPMG 2025 survey, 62% of Canadians prioritize "peace of mind" as the most critical outcome of their financial plan, indicating that clients value security and stability over purely transactional growth metrics.

2. What proportion of Canadians use professional financial planners?

The survey shows that 55% of Canadians actively partner with professional financial planners to construct their portfolios, whereas 45% manage their financial situations independently.

3. What is a hybrid advisory model in financial planning?

A hybrid model combines the convenience and accessibility of digital tools (such as client portals and virtual consultations) with the personalized, relationship-driven value of in-person advising. The survey notes that 54% of Canadians prefer in-person meetings, while 46% prefer digital options, highlighting the need for both channels.

4. Why do self-directed planners hesitate to hire financial professionals?

The primary barrier is a lack of clarity regarding the cost-to-value proposition of advisory services. However, because 96% of self-directed individuals agree that a structured plan is vital to achieving their financial goals, demonstrating how professional guidance yields tangible value is key to converting these clients.