Retirement planning not just about money, says RBC
RBC's "Your Future by Design" debunks retirement myths and
conventions
TORONTO, November 20, 2006 — The words "retirement
planning" will soon disappear from our lexicon, says
RBC Financial Group, as the concept of life planning takes
hold. After four years of soliciting information and perspective
from people getting ready for, or entering into 'retirement',
RBC Financial Group is bringing a new approach to retirement
planning that signals a pivotal shift away from how most financial
institutions deal with this important life transition.
"The genesis of RBC's life planning approach was the
result of one-on-one conversations about retirement planning
that our financial advisors were having with clients that
almost always turned into discussions about the 'total' person,"
explained Mike Reed, head, retirement client strategies, RBC
Financial Group. "Retirement planning is not just about
finances-it's also about the broader needs and goals that
people have in life. Having a financial plan and an investment
portfolio for retirement are the means to get to that goal."
With that premise in mind, RBC collaborated with one of North
America's leading retirement experts Barry LaValley, president
and founder of The Retirement Lifestyle Center, to bring a
unique life planning approach to Canadians through a series
of "Your Future by Design" client seminars. LaValley's
research even suggests that health issues are more of a key
concern for retirees than financial security
"The traditional approach to financial planning is to
start with the money aspect and then have the client design
a lifestyle plan around the available resources," noted
LaValley. "RBC has flipped that process around."
"Your Future by Design" focuses on seven key aspects
of retirement life that clients are encouraged to consider
first, before they start working on a financial plan. These
key aspects include: family, health, home, lifestyle, work,
legacy, and mind and spirit.
"Life planning is about having a clear vision of how
you want to live your life," said Reed. "Our job
is to understand how our clients see all aspects of their
lives, and future possibilities, before sitting down with
them to create a financial plan that will make those possibilities
real. Those approaching retirement today have many more options
and issues to consider than their parents did at this same
stage. As a result, they are making life choices that run
the gamut from volunteering abroad, starting a business and
returning to school."
"That is not to say that financial security isn't important,"
said RBC's Reed. "Our goal is to work with each client
to help them understand how their available resources can
be best utilized to meet their lifestyle goals. We want to
take as much stress as possible out of their life planning
process, when it comes to thinking about their money."
Some of the other myths that the "Your Future by Design"
seminar is debunking include:
- retirement is a defined event that happens instead of
a life transition;
- retirement marks the end of a career, active contribution
and fulfillment;
- you only develop a retirement plan once.
More than 3,500 clients in ten cities across Canada will
have attended RBC's "Your Future by Design" seminars
by February 2007 and additional workshops are being planned
in nearly 40 more communities across Canada. RBC's "Your
Future by Design" personalized approach is also delivered
by RBC's 1,600 accredited financial planning advisors in branches
across the country.
For client stories (video and print) about the lifestyle
choices Canadians are making, visit RBC's "Redefining
Your Retirement" website at: www.royalbank.com/redefine.
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RBC can coordinate media access to clients who have taken
the "Your Future by Design" seminars and have participated
in life planning.
Media contact:
Kathy Bevan, Media Relations, (416) 974-8810
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