Research & Resources
Helping clients achieve the best possible outcomes

As financial planning practice continues to evolve, independent, unbiased research arms planners with practical techniques that they can implement to help clients achieve the best possible outcomes.

Explore this page to access full research reports, research summaries and practice notes that you can use to apply key research findings in your own business.
Financial Planning Insights

Want key insights from all our research initiatives in one place? Here’s a compendium of research resources, packed with actionable insights!



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Retirement Drawdown Choices: RRIF, TFSA and Non-Registered Accounts

The FP Canada Research Foundation™ and Doug Chandler, an actuary specializing in retirement research, have released new research titled, Retirement Drawdown Choices: RRIF, TSFA, and Non-Registered Accounts. Carried out by Mr. Chandler, the research assesses the value of withdrawing more than required from an RRIF, and doing so at an earlier age. It delves into the value of accelerated withdrawal strategies - and examines whether it’s possible to create a set of guidelines for planners called upon to advise clients on these types of strategies. As part of the practice guidance, Chandler and representatives from financial planning software firms participated in a video conversation on the research.  This video can be accessed through the Practice Notes.

The Quality of Financial Advice: What Influences Client Recommendations

The FP Canada Research Foundation™ and HEC Montréal released new research, The Quality of Financial Advice: What Influences Client Recommendations. Authored by Philippe d’Astous, Irina Gemmo and Pierre-Carl Michaud, the research investigate the impact of human tendencies and bias on recommendations made by financial planners. It specifically focuses on the influence of familiarity bias, client gender, client involvement and compensation on planner advice and the inadvertent impacts of these biases and other human tendencies on recommendations to clients.


Values & Priorities of Millennials in Canada

The FP Canada Research Foundation and The Decision Lab released new research Values & Priorities of Millennials in Canada. Authored by Dr. Brooke Struck (Research Director, The Decision Lab) the research sheds light on the attitudes, perspectives and values of the generation that accounts for over a quarter of the Canadian population. The research unlocks insights that can help financial planners effectively engage with Millennial clients and drive stronger outcomes for their clients.


Psychological Barriers to Seeking Financial Advice (July 2021)

FP Canada Research Foundation and Smith School of Business at Queen’s University released the Identifying and Removing Psychological Barriers To Seeking Financial Advice, research. Authored by Dr. Lynette Purda and Dr. Laurence Ashworth, it examines barriers that impact consumer behaviour, affecting their tendency to seek professional financial planning advice.

Timing Decisions for CPP/QPP Benefits (December 2020)

The FP Canada Research Foundation has funded a study to investigate why the majority of Canadians take CPP and QPP benefits at 65 or earlier, when in many cases they should wait until age 70. Dr. Bonnie-Jeanne MacDonald at Ryerson University's National Institute on Ageing led the study. This research provides valuable insights to help planners better guide their clients to making the best possible choices when planning for retirement.

The Implementation Gap

The FP Canada Research Foundation has funded a study that seeks to uncover barriers to the implementation of financial plans delivered to Canadians by professional financial planners. Many financial planners note that their clients do not always take action on the plans they deliver and discuss with their clients. This is referred as the Implementation Gap—the gap between advice provided and action taken by the client.

The project has been conducted by BEworks, a management consulting firm dedicated to the practice of applying behavioural science to solve industry challenges. The goal of the research is to provide strategies for closing the Implementation Gap to improve client outcomes.

Understanding the Importance of Risk for Financial Planning (March 2018)

This study, conducted by Dr. Bonnie-Jeanne MacDonald of Ryerson University, explored the sources of risk in retirement planning, how these should be addressed and the degree to which individuals can improve financial outcomes by adjusting factors they can control.

Understanding Your Own Financial Wellness (Updated in 2020)

This study, conducted by CPA Canada help Canadians assess, articulate and ultimately improve their degree of financial wellness. The study showed that by framing their view of financial wellness and what it means to them, Canadians can better identify gaps between their current and desired state of well-being and more effectively communicate with the financial planners who can help them reach their goals.

Based on the Financial Wellness Study and with the financial support of the FP Canada Research Foundation, CPA Canada developed the Financial Wellness Guide, an interactive questionnaire that helps Canadians understand money basics and how to apply learnings to improve their own lives.


Predicting a Person’s Likelihood to Seek Professional Financial Help – Financial Stress & Self-Efficacy (2016)

This study, conducted by researchers Jodi Letkiewicz, Chris Robinson and Dale Domian of York University, examined the behavioural aspects of financial planning. The researchers focused specifically on two behavioural experiences or traits—financial stress and self-efficacy (the belief in one’s own ability to succeed)—and analyzed how both traits predict a person’s likelihood to seek professional financial help. Planners can apply the findings of this research to increase the likelihood that clients will both seek your professional financial planning advice and implement that advice.