The Wealthy Barber Podcast

Our guest this episode is Andrea Thompson — Founder and lead financial planner of Modern Cents, a virtual, advice-only firm she launched in 2022 after more than 16 years in the financial industry. A CFP who also writes and marks the national CFP exam for FP Canada, Andrea built her practice to serve Canadians who have cash flow instead of assets, making quality financial advice accessible to younger people and those below traditional asset minimums.

In this episode, Dave and Andrea dive into the rise of advice-only financial planning in Canada. They explore why she walked away from the traditional model to build Modern Cents, the factors fueling the model's growth, how advice-only planners find clients and where the pricing sweet spot lands. They also break down one of the model's biggest hurdles, the implementation gap between receiving a plan and actually executing it, along with the question of whether financial planners and investment advisors should stay in their respective lanes.

The conversation also explores Andrea's specialty in cross-border financial planning, including the common mistakes Canadian residents make with their US 401(k) accounts. They discuss the overlooked psychological and financial value of annuities and why so many people resist them, how young adults should balance saving for a down payment against retirement, and the case for term insurance over permanent cash value policies. 

Whether you're curious about the advice-only model, weighing the value of professional financial advice or navigating the complexities of cross-border planning, this episode is full of practical takeaways you can put to use right away. 

 

Show Notes

(00:00) Intro & Disclaimer

(00:55) Intro to Andrea Thompson

(02:43) Why Andrea Started Her Advice-Only Firm

(06:43) Factors Fueling the Growth of Advice-Only Planning in Canada

(07:55) Lead Generation for Advice-Only Planners

(09:25) How CFP Education Has Improved Over the Years

(11:55) Community and Collaboration Within Canada's Financial Planning Industry

(13:55) Overcoming the Implementation Challenge in Advice-Only Financial Planning

(21:23) Navigating Investment Execution for Advice-Only Clients

(23:47) Should Investment Advisors and Financial Planners Stay in Their Respective Lanes?

(28:03) Should You DIY Your Retirement Plan?

(29:52) What's the Pricing Sweet Spot for Advice-Only Planners?

(32:27) Cross-Border Financial Planning Challenges

(35:35) Common Mistakes with US 401(k) Accounts for Canadian Residents

(36:53) The Psychological and Financial Value of Annuities

(40:41) Why Don't People Like Annuities?

(43:34) Balancing Down Payments and Retirement Savings for Young Adults

(47:43) Childhood Money Lessons from an Actuary Father

(48:29) Term Insurance vs. Permanent Cash Value Insurance

(50:07) The Critical Importance of Disability Insurance

(51:29) Conclusion

Our guest this episode is Adam Bornn — founder of Parallel Wealth Financial Group and the creator of the Parallel Wealth YouTube channel, one of Canada's largest channels devoted to retirement planning. Adam returns to the show to focus on a single, high-stakes subject: how Canadians can build a retirement plan that actually works, and the common mistakes that quietly derail one.

In this episode, Dave and Adam dive into the realities of the retirement transition, from the most common mistakes people make to how to balance spending early with the cost of care later in life. They break down the "go-go, slow-go and no-go" years, why health and finding joy matter as much as the numbers, and when the ideal time to start planning really is. Adam also explains when it makes sense to convert an RRSP to a RRIF and how a TFSA can act as a flexible lever account inside a broader plan.

The conversation also explores the issues that complicate real-world retirement, including the squeeze on the sandwich generation, why more retirees are helping their adult kids financially, and how to plan around large age gaps or being single. Adam digs into some of the costliest missteps too, from taking CPP early when you don't need to, to letting registered accounts grow tax-deferred for too long and running into the OAS clawback. Along the way, they cover tax planning when liquidating cottages and rental properties, the limited role of reverse mortgages and HELOCs, and how to think about high market valuations and cash wedges in retirement.

Whether you're years away from retirement or already making the transition, this episode is packed with practical, tax-smart insights to help you avoid the mistakes that cost retirees the most. 

 

Show Notes

(00:00) Intro & Disclaimer

(00:55) Intro to Adam Bornn

(01:30) Common Retirement Transition Mistakes

(03:22) Balancing Early Spending & Late-Life Care

(05:25) Go-Go, Slow-Go & No-Go Years

(07:37) Finding Joy and the Importance of Health in Retirement

(10:56) Adam's YouTube Channel and Focus on Retirement Planning

(13:35) When Is the Ideal Time to Start Retirement Planning?

(15:40) When to Convert an RRSP to a RRIF

(17:35) The Power and Flexibility of a TFSA Lever Account

(19:23) Factoring in Lump-Sum Obligations to Your Retirement Plan

(21:36) Careless Tax Mistakes Can Cost You Huge Money

(23:18) The Sandwich Generation

(25:00) Why Some Retirees Are Helping Their Kids Financially

(28:14) Navigating Retirement Planning with Large Age Gaps

(30:07) The Disadvantages of Retirement Planning for Single People

(31:57) The Biggest Retirement Mistake: Taking CPP Early if You Don't Need To

(34:16) Avoid the Trap of Growing Registered Accounts Tax-Deferred For Too Long

(36:18) Optimizing to Avoid the OAS Clawback

(37:55) Tax Planning When Liquidating Cottages and Rental Properties

(40:53) The Limited Use of Reverse Mortgages and HELOCs

(41:40) High Market Valuations, Equities & Cash Wedges in Retirement

(44:38) Conclusion

Our guest this episode is Benjamin Tal — Managing Director and Deputy Chief Economist at CIBC Capital Markets. Benjamin has spent over two decades publishing CIBC's influential "In Focus" research, has been recognized by the International Monetary Fund as a leading expert on Canada's real estate market and has testified before Parliamentary committees on the country's most pressing economic issues.

In this episode, Dave and Benjamin dive into the state of Canada's economy heading into 2026. They break down what's gone wrong with Canada's real estate market, evaluate recent central bank decisions and unpack the impact of HST/GST relief and development charges on housing supply. Benjamin also explains the structural shift toward a rental culture in Canada and why rent control has been so disastrous for affordability.

The conversation also explores the widening productivity gap between Canada and the U.S. in the AI era and the possibility of universal income guarantees on the horizon. Along the way, Benjamin shares his perspective on monopolies and limited competition in Canadian industry, the overwhelming red tape facing small businesses, the real effects of immigration on the market and why CPI calculations may be understating the true cost of living.

Whether you're a homeowner, an investor or simply trying to make sense of where Canada's economy is heading, this episode is packed with sharp, data-driven insights from one of the country's most trusted economists. 

 

Show Notes

(00:00) Intro & Disclaimer

(00:55) Intro to Benjamin Tal

(02:32) Why It's Important to Connect Macroeconomics to Personal Finance

(03:15) Understanding Canada's Broken Real Estate Market

(07:23) Evaluating Central Bank Decisions and Interest Rates

(08:05) Impact of HST/GST Relief and Development Charges

(09:48) A Shift Toward a Rental Culture in Canada

(11:38) The Disastrous Impact of Rent Control

(13:22) How the Condo Market and Developer Landscape Is Changing

(16:18) Canada Versus U.S.A. Productivity & The AI Revolution

(20:56) Are We Headed Towards Universal Income Guarantees?

(21:45) Monopolies and Limited Competition in Canadian Industry

(22:23) Overwhelming Regulations and Red Tape for Small Businesses

(24:25) The Current Immigration Situation and its Market Effects

(25:52) Inaccuracies in CPI Calculations and the Real Cost of Living

(26:29) Conclusion

Our guest this episode is Robb Engen — a Qualified Associate Financial Planner (QAFP), advice-only financial planner and the longtime voice behind Boomer & Echo, one of Canada's most-read personal finance blogs. Robb returns to the show to share what he's learned helping regular Canadians plan, save and spend through retirement with confidence.

In this episode, Dave and Robb take a deep dive into one of the biggest paradoxes in retirement planning: why so many Canadians who have done everything right are still afraid to spend their savings. They break down the "golden tax planning windows" in your sixties, the trade-offs between RRSP and TFSA withdrawals and why DIY retirement income planning is much harder than the accumulation years that came before it. Robb also explains how to budget for lumpy, one-time retirement expenses and why the current RRIF minimum withdrawal rules deserve a rethink, especially for single retirees.

Whether you're approaching retirement, already there or just trying to think more clearly about decumulation, this episode is packed with practical, no-nonsense insights from one of Canada's most trusted personal finance voices.

 

Show Notes

(00:00) Intro & Disclaimer

(00:55) Intro to Robb Engen

(03:15) The Longevity of Robb's Blog Boomer & Echo

(05:56) Why Robb Focuses on "Regular Canadians"

(09:12) The QAFP Designation

(11:19) RRSP vs. TFSA: Retirement Tax Brackets & Delaying CPP

(14:21) The Ideal Age to Start Retirement Planning

(15:31) Why It's Hard to DIY Retirement Income Planning

(17:28) Golden Tax Planning Windows in Your Sixties

(19:17) Budgeting for Lumpy and One-Time Retirement Expenses

(20:30) Rethinking RRIF Minimum Withdrawal Rules for Singles

(23:22) Many Retirees Are Hesitant to Spend

(25:13) How to Get Retirees to Safely Spend More

(27:56) Countering Retirees' Fears of Overspending

(29:25) Unlocking the Tax-Free Compounding Power of TFSAs

(32:05) Is It Wise to Plan Around Worst-Case Monte Carlo Simulations?

(33:55) Robb's Advice-Only Model

(37:36) Will the AUM Model Come Under Pressure?

(39:44) The Value of Advisory Continuity and Turnover Realities

(41:15) Robb's Worries: Navigating Media Anxiety and Alternative Investments

(43:51) Dave's Thoughts on Alternative Investments

(46:05) "One More Year" Syndrome

(48:00) Employer RRSP Matches

(49:50) Conclusion

Our guest this episode is Dr. Daniel Crosby — psychologist, behavioral finance expert and Chief Behavioral Officer at Orion Advisor Solutions. Daniel is the bestselling author of several books on the psychology of money, including "The Behavioral Investor" and "The Soul of Wealth," and is the host of the popular podcast "Standard Deviations." His mission is to help investors and advisors understand how psychology shapes financial decisions and what true wealth really means.

In this episode, Dave and Daniel dive into the psychology behind investing and the behavioral biases that quietly sabotage even the smartest investors. They break down the four major investor biases, why overconfidence is the most damaging of the bunch and Daniel's "Three E's" framework for overcoming them. They also explore why money is emotional rather than purely mathematical and the role behavioral fintech design can play in helping people make better long-term decisions.

The conversation also explores the rise of the "gamblification" of investing, the impact of social media on young investors and why personal benchmarking tends to serve people far better than chasing the S&P 500. Along the way, Daniel shares his framework of believing, belonging and becoming as the keys to a good life, his perspective on managing anxiety in uncertain times and why so many investors still fall into the trap of buying high and selling low.

Whether you're a seasoned investor or just starting to think about your relationship with money, this episode is packed with insights that will help you understand yourself as much as the markets.

 

Show Notes

(00:00) Intro & Disclaimer

(00:55) Intro to Daniel Crosby

(03:02) Daniel's Path From Psychology to Finance

(05:21) Statistics on Reading

(06:48) The Four Major Investor Biases

(13:12) The Three E's to Overcome Biases

(18:25) Why Overconfidence Is the Most Damaging Bias in Investing

(19:02) Money Is Emotional, Not Just Mathematical

(22:50) Daniel's Role at Orion & Behavioral Fintech Design

(24:56) Personal Benchmarking vs. Chasing the S&P 500

(25:45) Mental Accounting & The House Money Effect

(26:50) The Gamblification of Investing & Young Men

(30:36) Social Media's Damage to Young Investors

(33:51) Believing, Belonging & Becoming: Keys to a Good Life

(38:56) Managing Anxiety in Uncertain Times

(42:05) Why We Buy High & Sell Low

(44:19) Conclusion