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