AdviceCafé: Brewing Affordable Financial Advice for Canadians
What is it?
AdviceCafé is a place where anyone can grab a cup of unbiased financial advice without worrying about being sold a financial product. AdviceCafé is comfortable, cozy, and non-judgmental and 100% online! We park all our financial biases at the door and we invite members to do the same!
This advice-only offering is available for the small annual fee of $249 +tx, to anyone who’s looking for general financial advice so they can get more life from their money. It takes as little as 10-20 minutes to get started, and you could be making meaningful financial change within 30 days.
No product sales. No commissions. No pressure.
What are some typical topics we help members with?
Cash Flow & Debt Management
- Behaviour-based cash flow management concepts
- Understanding the cost of debt including mortgages, new purchases, and re-financing
- Debt management concepts
Financial & Retirement Planning
- Understanding and building your credit
- Understanding different types of investments and how various account types work (RRSPs, TFSA, FHSA, LIRA)
- The differences between Defined Contribution and Defined Benefit Pension plans
- How to stay on top of your estate planning, wills, power of attorney, and health directives
Benefits & Insurance
- How life insurance, critical illness and disability insurance work
- Making the most of your employee benefits plans, coverage and claims
What about working with my existing financial advisor?
AdviceCafé doesn’t replace your relationship with your existing advisor or institution. You can take what you learn by working with one of our advisors and apply it with an existing financial professional, or use it to manage things on your own.
How does it work?
When you sign up to be a member of AdviceCafé you are immediately provided with unlimited access to the following:
Live Support & Personalized Financial Tools
LIVE AdviceChat ask any question, any time! Open 8am-8pm Central Time. Automated responses address simple, frequently asked questions, while humans respond to the rest!
AdviceCafé App (desktop and mobile) create a financial profile so the professional assigned to their case can understand their current financial situation.
Digital Resources & Learning
- SideDrawer App (desktop and mobile) for:
– With 256 bit Encryption secure document storage (higher than many banks);
– Secure file sharing;
– Collaboration with other professionals. - The Morning Brew from AdviceCafé- monthly digital e-newsletter, featuring informative, relevant and timely topics
- AdviceCafé Financial Learning Library, full of informative action-based interactive eLearning courses and videos to help members become more financially aware and confident
Member Benefits & Exclusive Services
- 15% Discount 15% discount on all AdviceCaféa la carte services, including:
– Comprehensive financial plan (individual, families, business owners)
– Financial audits (investment portfolios, insurance, mortgages)
– Legal wills (Willful, or other), POA, and legal estate services
– CRA tax preparation and filing (personal T1, corporate T2) - Exclusive Access to AdviceCafé branded merchandise.
No product sales. No commissions. No pressure.
What is the AdviceCafé App?
An initial consultation (virtual) is set right away, and the client must complete their profile prior to that session. Their advisor will answer any questions and review their current finances, all while making suggestions and providing practical, non-product related advice such as:
- Implementing behaviour-based spending strategies
- Easy to execute debt management tips
- How their credit score works
- Concepts to help save for important short-term goals, not just long-term goals like retirement
- How to free up cash flow to fund financial goals
- How to determine an accurate retirement income goal
- How to pay off debt more efficiently
- How much to save for emergencies, short term goals, and the future
- How to model health financial behavior in their family
The advisor will also recommend specific included financial eLearning materials they can access to enhance their understanding and implementation of the advice. Advisors providing AdviceCafé services will not sell individuals financial products of any kind to clients.