An Edmonton father and son have launched PlanDIY, a free financial planning app designed to help Canadians make plans without paying fees, meeting with an adviser or sharing sensitive personal information. FP Advisors founder Dave Falkner and his son Corey Faulkner, a retirement estate planner, introduced the app ahead of Financial Planning Month in October. They say it is intended to make planning less intimidating, particularly for people with lower incomes or those who do not fit the traditional adviser-client model.

The app combines mathematical models with qualitative information users provide, then applies artificial intelligence to interpret the information and produce a plan. Users can complete the process on their own without booking a consultation. The founders say the approach is intended to serve about 90 per cent of the population.

“One of the gaps in this industry is providing (financial planning support) to individuals with lower levels of income, or who don’t fit a traditional model, who aren’t willing to work with an adviser, or maybe not ready for working with an adviser,” Corey said. “So there’s this massive amount of people in Canada that go underserved.”

Dave said the app is meant to address a range of situations, from the point when a young person leaves their parents’ home to saving for a house while managing credit card debt. “We built this to be applicable to 90 per cent of the population,” he said. “What we created covers basically from the time you are kicked out of your parents’ home until … their primary focus of ‘I want to save for a house, and I don’t think I can afford it, and I have some credit card debt.’ PlanDIY will adapt to that profile and will advise that young person on what they need to do.”

PlanDIY is a passion project for Dave, a semi-retired financial planner. He said he had long been uneasy about the limited access lower-income individuals and families have to financial planning advice without hassle. Meanwhile, financial planning companies regularly advertise investment services to people with high net worth.

“They tell you, ‘If you have $500,000, reach out to us and we’ll save you.’ Well, if you managed to get $500,000 without their help, why do you need their help now?” Dave said. “I wanted to build something that would give the average Canadian good advice without the fear of going into some marketing tunnel and being chased.” The app’s stated approach is to provide guidance without sending users into a marketing process or requiring an adviser consultation.

Based on reporting by Edmonton Journal.