Our guest this episode is Meagan Balaneski — Portfolio Manager and Certified Financial Planner® with Aligned Capital Partners in Vermilion, Alberta. Meagan earned a place on the CFP® President’s List for top exam performance in 2013 and recently won the FPAC 2025 Financial Planning Award.

In this conversation, Dave and Meagan explore both the opportunities and challenges shaping the financial planning industry today. They dig into what a great financial plan actually is, why meaningful planning starts with deep, thoughtful questions and the strengths and weaknesses of the traditional Assets Under Management model. Meagan shares her perspective on the growing advice-only movement, fiduciary standards under the new RFP rules and whether products like cash value life insurance are being overused. They also tackle practical topics like disability insurance, insuring children and why there is so much misinformation around RRSPs.

Whether you work in financial planning, are seeking advice, or are simply curious about how the industry is evolving, this episode offers a thoughtful, insider look at where financial planning is headed.

Show Notes

(00:00) Intro & Disclaimer

(00:55) Introduction to Meagan Balanski

(04:54) Meagan’s Recent Financial Planning Award and Flow State

(08:46) What is a Financial Plan?

(10:09) Why Great Financial Planning Starts With Deep Questions

(12:29) The Assets Under Management Model

(15:30) Challenges of the Advice-Only Model and Implementation Gaps

(20:03) Reasons for Concern and Optimism About the Financial Planning Industry

(26:25) Fiduciary Responsibility and the New RFP Standard

(29:27) Is Cash Value Life Insurance Overused?

(34:15) Disability Insurance

(37:31) The Pros and Cons of Insurance on Children

(41:31) Is the Media Too Harsh on Financial Advisors?

(45:08) The Opportunity for Micro-Modular Financial Planning in Canada

(48:34) Debunking Misinformation About RRSPs

(50:42) Conclusion

Our guest this week is Julia Chung, CFP®, FEA, TEP — CEO of Spring Planning, President of FPAC and a Financial Planning & Family Enterprise Consultant with over 25 years of experience helping people navigate complex financial decisions.

In this episode, Dave and Julia explore what advice-only financial planning really means and why human-led planning matters more than ever. Their conversation ranges from the challenges of implementing financial plans to the rise of niche specialization in the industry and how retirees should think about the mosaic of retirement income. Julia also shares her insights on difficult but critical topics like planning for when one spouse passes away, choosing the right executor/POA and why adding kids as joint owners can be risky.

Whether you’re building a plan, managing a family business, or simply thinking more deeply about your financial future, this thoughtful and wide-ranging conversation is packed with insight.

Show Notes

(00:00) Intro & Disclaimer

(00:55) Intro to Julia Chung

(03:38) What Advice-Only Financial Planning Really Means

(05:46) What Type of Clients Are Best Suited for Advice-Only Planning?

(09:30) Human-Led Financial Planning

(12:03) Cooperation in the Advice-Only Planning Community in Canada

(13:16) Challenges with Financial Plan Implementation

(17:25) The Growth of Niche Specialization in Financial Planning

(20:55) The Mosaic of Retirement Income

(24:09) Retirement Planning for When One Spouse Passes Away

(26:43) Julia’s Views on “Competitors” in the Financial Management Industry

(28:21) Choosing the Right Executor

(30:35) The Pros and Cons of Corporate Executors

(31:50) Beware of Adding Kids as Joint Owners

(34:57) The Critical Importance of Powers of Attorney

(37:17) Financial Institutions Are Resisting POA Documents More and More

(39:27) Qualities to Look for in Your POA for Personal Care

(41:46) Debunking RRSP Misinformation

(44:05) Why Disability Insurance is Underrated

(47: 31) Paying Off Your Mortgage or Investing

(49:34) The Evolution of Family Business Transitions

(53:42) Recommended Reading: “Designing Your Life”

(55:17) Financial Pet Peeves and Conclusion

Our guest this episode is Jason Watt — a Canadian financial education leader and long-time contributor to the professional training and development of financial planners, advisors, and insurance professionals across the country. Jason has spent years helping shape how financial advice is taught in Canada, including previously serving as the lead instructor at Business Career College, where he developed curriculum and continuing education for industry professionals.

In this conversation, Dave and Jason explore the financial advice landscape in Canada — from the differences between financial planners and advisors to which credentials actually matter and what it truly means to act as a fiduciary. They dig into how the CFP program has evolved, the pros and cons of advice-only planning, why the middle market is so underserved, and how revenue models shape client outcomes. Jason also shares his thoughts on broken insurance licensing, commission conflicts, specialization in planning and why communication and psychology are becoming just as important as technical expertise.

If you’ve ever wondered how financial advice really works in Canada (or where it needs to go next!) this episode is packed with thoughtful insights, practical perspectives and reasons for optimism about the future of the profession.

Show Notes

(00:00) Intro & Disclaimer

(00:55) Intro to Jason Watt

(03:14) Pro Bono Financial Planning

(04:27) Jason’s Background with Business Career College

(05:53) What is a Financial Planner vs. a Financial Advisor?

(08:47) What Credentials Actually Matter for Financial Advisors?

(10:52) What Does it Mean to Be a Fiduciary?

(12:46) How the CFP Program Has Evolved

(16:36) Different Revenue Models for Financial Advice

(18:49) Why the Middle Market is Underserved in Canada

(21:00) Advice-Only Planning: Strengths and Weaknesses

(23:29) Specialization and Niches in Financial Planning

(24:22) Financial Advisors are Focusing More on Communication and Psychology

(26:06) Why Insurance Licensing is Broken in Canada

(31:28) The Commission Conflict in Insurance Sales

(32:53) An Idea to Redesign Licensing: Certify by Complexity (Not Products)

(34:56) Cross-Border Financial Planning Gets Complicated Fast

(37:39) The Updated “The Wealthy Barber”

(39:33) Canada Has Some Great Financial Educators

(42:17) Should You Commute a Pension or Leave It?

(44:01) Reasons for Optimism in the Financial Advice Industry in Canada

(48:31) Gambling Worries

(49:57) Housing Affordability and Expectations

(51:43) Conclusion