What You Can Expect to Find in a Retirement Plan

Clearly, a comprehensive plan is a critical component of the retirement planning process. Registered Retirement Consultants/Conseiller en Retraite and Conseillères en Retraite are encouraged to routinely develop, review, update and amend retirement plans as appropriate for their clientele.

As a prospective client of a Registered Retirement Consultant/Conseiller en Retraite and Conseillère en Retraite some of the features you should expect to find in a retirement plan include (but, are not limited to):

  • a description of the scope of services to be provided by the Registered Retirement Consultant/Conseiller en Retraite and Conseillère en Retraite based on the terms of the engagement
  • what the RRC/CR can and cannot do for you based on his or her qualifications and licensing (e.g. ability to implement all investment decisions, ability to implement insurance recommendations, etc.)
  • the method of compensation for the services provided by the Registered Retirement Consultant/Conseiller en Retraite and Conseillère en Retraite
  • potential conflicts of interest—real or perceived—on the part of the RRC/CR
  • a plan that is developed in accordance with the six-step retirement planning process as previously identified
  • a plan that is explained to you and that is delivered to you in writing
  • full disclosure of assumptions used in the plan (e.g. investment returns, inflation rate, age of retirement, age of death, etc.)
  • recommendations that are objective, reasonable and prudent and that above all else are in your best interests
  • a plan that clearly identifies your goals and objectives in all phases of retirement and that ranks these goals and objectives in order of importance to you
  • a plan that reveals your present financial situation (accompanied by appropriate financial statements such as statement of net worth and a statement of cashflow) and identifies opportunities, constraints and potential conflicts that may impede your ability to realize your stated goals
  • objective referrals to qualified professionals where the Registered Retirement Consultant/Conseiller en Retraite and Conseillère en Retraite is unable to provide a service or implement a recommendation contained in the plan and full disclosure of any referral fees that may be received by the RRC/CR
  • a commitment from the Registered Retirement Consultant/Conseiller en Retraite and Conseillère en Retraite to meet on a regular basis (annually at a minimum) to review and update/amend the plan as necessary