#63 — Sandi Martin: Financial Lessons from One of Canada’s First Advice-Only Planners

Our guest this episode is Sandi Martin — one of Canada's first advice-only financial planners and a Certified Financial Planner who left retail banking to build a practice built around her values. Sandi co-founded the Financial Planning Association of Canada, co-hosted the Because Money podcast and has spent over a decade championing a simple idea: helping everyday Canadians figure out what "enough" really looks like. In this episode, Dave and Sandi dive into the advice-only model and why she walked away from the bank to build it. They unpack the CBC Marketplace exposé on the Canadian banking industry, the aggressive marketing of lines of credit and what really happens behind the sales culture most Canadians never see. Sandi also explains her transition into the advice-only space, the early strategies she used to find clients and why she has chosen to run a solo operation rather than scale. The conversation also explores the everyday planning questions that trip people up, from the emergency fund debate (cash savings versus lines of credit) to the RRSP versus TFSA decision and why accounts are best understood as tools rather than goals. Sandi shares her perspective on the financial nuances of divorce and partnerships, the essential role planners play in building retirement income, the often-overlooked costs of late-life healthcare and assisted living, and why high-fee mutual funds still dominate in Canada.  Whether you're rethinking who you take financial advice from or simply want a clearer, no-nonsense view of how planning actually works, this episode is packed with practical takeaways you can implement right away.   Show Notes (00:00) Intro & Disclaimer (00:55) Intro to Sandi Martin (03:24) The CBC Marketplace Exposé on the Canadian Banking Industry (09:52) The Problem with Aggressive Marketing of Lines of Credit (12:00) Sandi's Transition into the Canadian Advice-Only Space (14:25) Early Marketing Strategies for Getting Advice-Only Clients (17:37) Why Sandi Runs a Solo Operation (19:49) Financial Planning Nuances in Divorce and Partnerships (24:08) Maintaining Autonomy and Control Over Your Work Schedule (25:55) Emergency Funds Debate: Cash Savings vs. Lines of Credit (29:14) The RRSP vs. TFSA Debate and Viewing Accounts as Tools (34:05) The Essential Role of Planners in Retirement Income Strategies (38:45) Factoring Late-Life Healthcare and Assisted Living Costs into Your Financial Plan (42:40) The Dominance of High-Fee Mutual Funds in Canada (47:08) The Benefits of Talking Openly About Money (49:37) Conclusion