Our guest this episode is Robb Engen—creator of the Canadian personal finance blog “Boomer & Echo” and advice-only financial planner based in Lethbridge, AB.
In this podcast, Dave and Robb discuss navigating retirement and the world of advice-only financial planning—what it is, why it’s not as common in Canada and Robb’s unconventional career path in finance. Much of the conversation has Robb sharing his expertise on retirement planning, covering everything from when to take your CPP to safe withdrawal rates to planning for big expenses and much more.
Whether you’re nearing retirement or just curious about fee-only financial planning, this episode is packed with insights you won’t want to miss!
Show Notes
(00:00:00) Intro & Disclaimer
(00:00:55) Intro to Robb Engen
(00:06:39) What is Advice-Only Financial Planning
(00:12:26) What Type of Clients Are Best for Advice-Only Planning
(00:17:09) Why Isn't Advice-Only Planning More Popular in Canada
(00:19:17) Upsizing in Retirement
(00:21:04) When Should You Take Your CPP?
(00:25:11) Spending in Retirement
(00:29:29) All-in-One ETFs
(00:30:56) Robo-Advisors Turning Into Speculative Investment Platforms
(00:35:01) Safe Withdrawal Rates in Retirement
(00:37:47) Planning for Large One-Time Expenses in Retirement
(00:42:57) Giving Kids Money for a Down Payment
(00:44:02) Housing Prices Are Unfair For The Younger Generation
(00:45:49) Postnups
(00:46:55) Options for Accessing Your Home Equity in Retirement
(00:50:43) Giving Money Away if You Have Enough for Retirement
(00:53:58) Life Insurance
(00:55:43) Grandparents Helping to Fund RESPs
(00:57:28) Robb’s Big Three Takeaways
(00:59:51) You Just Retired… Now What?
(01:02:40) Dave's Dad's "Solution" to Financial Planning
(01:03:46) Die With Zero
(01:04:48) Conclusion
