FP Canada Research Foundation
Helping your clients achieve financial well-being
Up until May 2023, research was funded and released under the Canadian Foundation for Financial Planning's former name and purposes the FP Canada Research Foundation. The organization funded research designed to improve the financial well-being of all Canadians by examining ongoing practices in financial planning decision-making, the impact of human behaviour on effective financial planning and the benefits of financial planning on society as a whole.
Explore this page to access the full research reports, research summaries and practice notes developed as part of that work.
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!
Financial Planning Insights - Downloads
Leveraging Equity in Residential Property to Provide Retirement Income
The FP Canada Research Foundation™ has funded new research conducted by the University of Lethbridge and West Virginia University. Titled, Leveraging Equity in Residential Property to Provide Retirement Income, the research investigates why only a small proportion of individuals leverage home equity release schemes (HERS) to fund shortfalls in retirement income. It examines how Canadians feel about accessing their wealth - and the knowledge, attitudes, and perspectives of professional financial planners when it comes to recommending HERS.
Leveraging Equity in Residential Property to Provide Retirement Income - Downloads
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.
Retirement Drawdown Choices - Downloads
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.
Quality of Financial Advice - Downloads
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.
Values & Priorities of Millennials in Canada - Downloads
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.
Psychological Barriers to Seeking Financial Advice - Downloads
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.
Timing Decisions for CPP/QPP Benefits - Downloads
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.
The Implementation Gap - Downloads
Understanding the Importance of Risk for Financial Planning
Updated: 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 the Importance of Risk for Financial Planning - Downloads
Understanding Your Own Financial Wellness
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.
Understanding Your Own Financial Wellness - Downloads
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.
Predicting a Person’s Likelihood to Seek Professional Financial Help - Downloads
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