Despite the fact that Canadians have been dealing with an ongoing pandemic for close to two years now, it turns out that their personal health is not the number one worry for the majority of Canadians.
The top factor causing stress amongst Canadians, according to the 2021 FP Canada Financial Stress Index (found on this article from the Cision website), is actually money.
In fact, the article even specifically mentions that the financial stress on Canadians can lead to health issues. The survey found that 51 per cent of Canadians had “lost sleep over money concerns”, as well as 31 per cent of Canadians reporting that they developed health problems as a direct result of financial stress (which was a substantial increase from the 18 per cent of Canadians who reported the same issue in the previous year).
While it would appear evident that money-related stress has been a thorn in the side of Canadians this past year, the Financial Stress Index offered a silver lining in the form of results indicating that Canadians who worked with financial planners (23 per cent) were less likely to experience the same emphatic stress about money that Canadians who were not using financial planners (39 per cent) would encounter.
One financial advisor who is providing all-around financial solutions that are planned out and presented in a completely organized, optimized, and simplified way—and thus, alleviating any money-related stress in the process for his clients—is Del Wilmot.
Del has worked in the financial service industry for almost 30 years, and he mentioned that the reason why he was intuitively drawn to this line of work was because of the passing of his father. Del’s father was 30-years-old when he passed away in a car accident, and he did not have a will written or much in the way of insurance, which seemed to strike a chord with Del.
“For the longest time, I didn’t really analyze why I gravitated to this line of work. But, I think deep down—almost subconsciously—I just wanted to help people be prepared for the twists that life can throw at a family. Whether that is because someone has died too soon, or because someone is unable to work and pay the bills due to an illness or injury, etc.” Del said. “I didn’t go looking for this line of work. I think it found me.”
Del started his independent financial planning firm, Wilmot Financial, with his wife Susanne (they are both co-owners) in 1994, serving clients in Centre Wellington and the surrounding areas.
Wilmot Financial offers a myriad of financial services. These services include life insurance coverage (Term Insurance for temporary needs like covering a mortgage, and Permanent coverage for issues like covering funeral costs and estate planning), living benefits (disability insurance, critical illness, travel insurance), investments (RRSP, TFSA, etc.), retirement planning, and numerous tax strategies, including helping clients create meaningful legacies for future generations by taking advantage of the generous tax incentives we have as Canadians to donate.
And while making financial decisions and planning for the future can be both complicated and overwhelming, Wilmot Financial has a tool that it utilizes to help clients better understand their finances in a simplified manner, as well as to help clients in making better choices about their financial futures.
The tool is called an “Asset-Map”, and according to Del it is an “easy-to-follow, mind map-like diagram where clients can see and understand their financial inventory all on one page in an easy-to-follow format”. And it is through this visualization tool, that Del is able to inform his clients about how they are ultimately progressing towards their own unique financial goals, and the Asset-Map truly covers all bases.
“Everything is accounted for—incomes, investments, real estate holdings, insurances, important people in the household, other key advisors, etc.—all in an organized, simple to follow one-page visual,” Del said.
Del also emphasized that the Asset-Map is crucial for the planning process and to eliminate any uncertainties that clients may have with their finances/investments/insurance/etc., which will then allow Del to offer the most optimal advice and services to his clients to ensure that they will have the best financial future that they can have.
“I know that many times a new prospective client will meet with me and have lots of various investments and insurance products, but no plan whatsoever. I think the planning should come first,” Del said. “Identify any gaps, then look at strategies to fill those gaps. So we make sure that the financial foundation is solid, and then address future planning opportunities. Whether that is retirement and how to best turn savings into an income, or philanthropy and strategies to take money that would have gone to the tax department in Ottawa, and turn that into charity and leaving more for family.”
And while Del noted that Wilmot Financial has experienced many different changes over the course of its almost 30 year existence, there is one thing that Wilmot Financial prides itself on that has remained constant since the financial services company’s inception … the personal touch.
“Many areas of our business have changed over the years—new financial product offerings, technologies, compliance, regulatory requirements, etc.—but something that hasn’t changed is that clients still appreciate working with an advisory firm that actually knows who they are when they contact our office,” Del said. “Our clients are not just some random account numbers. The level of personal service we provide, I think, is a big reason why so many of our clients introduce us to their friends and family.” It would also explain the dozens and dozens of glowing comments from clients on the Wilmot Financial website.
“At Wilmot Financial, our mantra is ‘Your Financial Life … Organized, Simplified, Optimized’. We focus on what matters, and on what we can control. We tune out the noise. The most common compliment we get from clients is our process and the way we organize, simplify, and optimize their financial situation, which gives them peace of mind and helps them sleep at night.”
If you are currently re-evaluating your existing financial advisory relationship and would like to get a feel for the type of work that Wilmot Financial does for their clients, go and check out the Asset-Map on their website here.
Once there, you can watch the short video which explains the Asset-Map tool further. And if you would like to connect with Wilmot Financial to assist with your financial needs, you can email them at [email protected] or give them a call at 519-787-4627.