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!
💈💈💈
The Wealthy Barber Podcast is Canada’s go-to source for approachable, entertaining, and free financial education. Hosted by none other than David Chilton—former Dragon on CBC’s ”Dragons’ Den” and the best-selling author of ”The Wealthy Barber” and ”The Wealthy Barber Returns”—this podcast is here to help Canadians manage their money better. Much better.
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
