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Retirement planning not just about money, says RBC


RBC’s “Your Future by Design” debunks retirement myths and conventions

TORONTO, November 20, 2006 — The words “retirement planning” will soon disappear from our lexicon, says RBC Financial Group, as the concept of life planning takes hold. After four years of soliciting information and perspective from people getting ready for, or entering into ’retirement’, RBC Financial Group is bringing a new approach to retirement planning that signals a pivotal shift away from how most financial institutions deal with this important life transition.

“The genesis of RBC’s life planning approach was the result of one-on-one conversations about retirement planning that our financial advisors were having with clients that almost always turned into discussions about the ’total’ person,” explained Mike Reed, head, retirement client strategies, RBC Financial Group. “Retirement planning is not just about finances-it’s also about the broader needs and goals that people have in life. Having a financial plan and an investment portfolio for retirement are the means to get to that goal.”

With that premise in mind, RBC collaborated with one of North America’s leading retirement experts Barry LaValley, president and founder of The Retirement Lifestyle Center, to bring a unique life planning approach to Canadians through a series of “Your Future by Design” client seminars. LaValley’s research even suggests that health issues are more of a key concern for retirees than financial security

“The traditional approach to financial planning is to start with the money aspect and then have the client design a lifestyle plan around the available resources,” noted LaValley. “RBC has flipped that process around.”

“Your Future by Design” focuses on seven key aspects of retirement life that clients are encouraged to consider first, before they start working on a financial plan. These key aspects include: family, health, home, lifestyle, work, legacy, and mind and spirit.

“Life planning is about having a clear vision of how you want to live your life,” said Reed. “Our job is to understand how our clients see all aspects of their lives, and future possibilities, before sitting down with them to create a financial plan that will make those possibilities real. Those approaching retirement today have many more options and issues to consider than their parents did at this same stage. As a result, they are making life choices that run the gamut from volunteering abroad, starting a business and returning to school.”

“That is not to say that financial security isn’t important,” said RBC’s Reed. “Our goal is to work with each client to help them understand how their available resources can be best utilized to meet their lifestyle goals. We want to take as much stress as possible out of their life planning process, when it comes to thinking about their money.”

Some of the other myths that the “Your Future by Design” seminar is debunking include:

* retirement is a defined event that happens instead of a life transition;
* retirement marks the end of a career, active contribution and fulfillment;
* you only develop a retirement plan once.

More than 3,500 clients in ten cities across Canada will have attended RBC’s “Your Future by Design” seminars by February 2007 and additional workshops are being planned in nearly 40 more communities across Canada. RBC’s “Your Future by Design” personalized approach is also delivered by RBC’s 1,600 accredited financial planning advisors in branches across the country.

For client stories (video and print) about the lifestyle choices Canadians are making, visit RBC’s “Redefining Your Retirement” website at:

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RBC can coordinate media access to clients who have taken the “Your Future by Design” seminars and have participated in life planning.


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