Scotiabank Launches Advice+ for Pandemic Financial Planning

The new tool has an online self-serve hub for planning, investing, and budgeting.

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Need to Know

  • Scotiabank’s new financial planning hub, Advice+, offers both a self-serve online ScotiaAdvice Centre or the opportunity to book an online appointment with a Scotiabank financial planner.
  • The ScotiaAdvice Centre has three hubs: financial planning, investing, and budgeting.
  • According to a survey conducted by Scotiabank in May 2020, 62% of Canadians believe professional financial advice is more important now than it was before the pandemic.

Analysis

As more Canadians reassess their finances due to the unprecedented economic challenges brought on by the COVID-19 pandemic, Scotiabank has launched a new service, Advice+, to help guide customers towards better, more confident financial decisions.

Scotiabank Advice+, which the bank launched this week, offers two options for financial planning: an online hub, called the ScotiaAdvice Centre, which provides a comprehensive self-help approach to financial planning; and the option to book an in-person appointment with a Scotiabank financial advisor for more personalized, tailored advice.

The ScotiaAdvice Center splits its self-help advice into three tiers—financial planning, investing, and budgeting—with each hub providing no-nonsense advice from Scotiabank advisors, plus a glossary of terms, and step-by-step planning advice.

The online portion of Advice+ also includes a Banking 101 center that breaks down the basics of chequing accounts, borrowing, and other common banking activities. This information is presented in text form, supplemented by educational videos and comprehensive charts and graphs, all tailored to a customer base that is navigating complex financial questions for perhaps the first time.

“Helping our customers become better off is what our dedicated team of advisors does each and every day, and Advice+ helps deliver on that promise,” Dan Rees, group head of Canadian banking at Scotiabank, said in a press release announcing Advice+. “Now more than ever, Canadians are looking for targeted, personalized financial advice to help them navigate through these uncertain times. We’re very excited to bring Advice+ to life, empowering our advisors and customers with tools and solutions as we work through these complex times together.”

Ahead of the launch of Advice+, Scotiabank conducted a survey of 1,009 Canadians aged 18+ to assess how their financial priorities had shifted since the COVID-19 pandemic began. According to the survey, 62% of Canadians who had a financial plan ahead of the pandemic plan to update or revisit their plan due to COVID-19, and 12% of those without a financial plan intend to build one.

Additionally, more than 25% of those surveyed feel they only understand the basics about their finances, while 20% reported being uncomfortable with their financial situation since the pandemic began. The survey also showed that Canadians have adjusted their retirement and travel plans to focus on paying for day-to-day expenses.

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