Frequently Asked Questions

What is a financial plan?

Your online plan helps you balance what you need and want today with your future goals and objectives. It helps you take control of your money and live the life that you want. Specifically, your plan visually shows your financial path based off your current financial situation, future goals, and how you allocate your money. You will also get recommendations on where you should put your money every month (RRSP, TFSA, debt payments, etc..).

Additionally, you will see an overview of your current net worth (assets & liabilities) and spending breakdown. You can edit and update your online plan anytime and your Plan Hero can help you make adjustments.


How often do I update my plan?

The best thing about having an online plan is that you can edit and adjust it whenever you want. We usually recommend that you update your plan at least every four months with updated account values (assets and debts owed), and any changes to your financial objectives. If your financial situation changes, say from something like an unexpected promotion, you can quickly update your plan anytime in a couple minutes.


What if my plan shows that I can't achieve all my objectives?

First off, don't worry, you are not alone! Many Canadians struggle to properly plan for large life events like retirement. Your plan is based off all information that is available to you today, so unknown events like getting a promotion at work might not be fully factored in.

Secondly, seeing where there are shortfalls in your financial future isn't a bad thing. In fact, this presents an opportunity to adjust components of your plan. For example, maybe you lower what you expect to spend buying a new house in a few years, or you reduce your monthly dining-out expense by $100 and re-invest that into your RRSP. The great thing with an online plan is that it allows you to adjust your goals, expenses, and savings plan until you reach a realistic scenario. Your Plan Hero is always able to help you build a realistic plan.


Are you different than other financial planners?

Yes! We believe the current system is broken and want to make unbiased financial planning affordable for everyone.

Canadians who are looking for professional advice today have limited options:

  • Bank Branch Financial Advisor: Although this advice is often free, it doesn't take your complete financial picture into account. The 'advice' is focused on selling the bank's products, which means that you usually end up with a more expensive financial product. There is a lot of media coverage on how bank employees are pressured to sell products you don't need.
  • Investment Advisor: Some investment advisors offer basic financial planning, however this is usually secondary to their objective of managing as much of your money as possible. Additionally, most investment advisors only work with those who have over $500,000 in investable assets. A 1.5% management fee, means that you would pay $7,500 every year for this advice. We also put your financial success ahead of anything else, so we might recommend that you pay off high interest debts before you start investing.
  • Fee-For-Service Planner: These planners are growing in popularity as Canadians seek out non-sales driven advice. They offer a valuable service for those with complex estate and tax planning requirements, but their fees can reach over $5,000, putting their service out of reach for many. This more traditional financial planning approach is very time consuming and it's usually all paper based.
Since our planning software is free, it's accessible to anyone! We don't think that it makes sense to build your plan and then send you off to set up your investments or insurance with companies that might not have your best interest in mind. We research the best financial products and offer them to you when it matches your plan objectives and will improve your financial well-being.

This also allows you (and your Frame Plan Hero) to have all of your important financial information in one place. Bonus - no trees have to die to get a beautiful financial plan!


How does Frame make money?

One of our core values at Frame is transparency, which is why we don't hide how we make money. With our technology, you can get a free plan created in minutes instead of taking days working with a traditional financial planner and having to spend thousands of dollars. Your Plan Hero will work with you to see what components you should implement to have a better financial future.

We make money when we help implement your plan by connecting you with the appropriate financial service or product provider. Frame is a licensed insurance advisory firm (Alberta only), so if we source an insurance product that fits your plan, we collect a brokerage commission fee. This doesn't cost you anymore than if you were to get the insurance product on your own. In fact, we can shop around for the best products and rates for you. We might also recommend that you work with one of our investment management partners, and as your financial advisor, we collect a referral fee based on assets under management when you create an account. Lastly, we might recommend a third party product or service, like a high interest savings account, an online mortgage broker, or a really good credit card, and we collect a referral fee on for making this connection. This doesn't cost you anything extra!

Since we are independent of any financial institution, we always look for the best products and services that fit your unique situation. We've helped many clients save thousands by helping them reduce investment fees, providing affordable insurance, and sourcing the best mortgage rates. When using our free software, there is no obligation to use any products or services that we might recommend.


Is this another budgeting app?

The short answer is no. Budgeting is part of financial planning, but we don't think you should constantly stress over tiny financial decisions. Having a plan with a set savings framework will give you the confidence to spend money on things that bring you joy.

Budgeting apps are great at showing you where you spent money and they might help you save more, but they don't go beyond that. We are a comprehensive financial planning tool that shows your financial path, helps you reach your goals, and ensures you make the best decisions with the money you are saving. We also help with other aspects of your financial life like investments, insurance, borrowing, and debt reduction.


Is Frame a Robo-Advisor?

No, we are an online financial planning platform. The media might refer to a service like us as a 'robo-planner'. Although we automate much of the planning process, we still have human Plan Heros that can help you every step of the way.

The term 'robo-advisor' refers to companies that use technology to manage your investment portfolio. Frame is not a robo-advisor as we don't hold or manage your investment funds. If it fits in your plan, we can connect you with one of our investment partners to set up a balanced and automated low-fee ETF portfolio.

There is much more to personal finance than investing, and everyone has a unique financial situation. For some of our members, setting up a budget and paying off debt might take a priority to investing.  


Is my information secure?

Keeping our user and client data secure is extremely important to us, which is why our platform uses bank level encryption. All Frame team members adhere to our strict internal privacy policy. The only people who will see your financial information are qualified Frame Plan Heros. We will never share your personal information with any third parties without your consent.

Our systems are audited by security experts to ensure there are no vulnerabilities. 


Is Frame available across Canada?

Since your financial plan is online, and you can connect with us in whatever way is best for you (email, phone, chat), Frame is open to all Canadians outside the province of Quebec. We are working on being able to offer Frame to Quebec residents and to French speaking Canadians. Certain recommended financial products and services might only be available in select provinces.