About this episode

Andrea Thompson discusses the rise of advice-only financial planning and shares insights on cross-border financial tips.

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…

People in this episode

Host: Dave

Guest: Andrea Thompson

Topics covered

• advice-only financial planning
• cross-border financial planning
• financial advice accessibility
• young adults and finance
• investment strategies

Mentioned in this episode

Organizations: Modern Cents, FP Canada

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