WFG Canada saw unprecedented growth in 2011, largely thanks to a surge of new independent agents joining the team. This may be a sign that people are looking for new ways to maximize their financial potential during tough economic times.
WFG, short for World Financial Group, is a unique financial services company that offers an array of products and services to individuals and families throughout the United States and Canada. As many WFG associates in Canada have learned, the sluggish economy is providing new opportunities to help people prepare for the future using more creative and responsible financial planning. And it all starts with saving.
Between 2005 and 2008, the rate of saving decreased dramatically; Canadians’ personal savings rate hovered around an abysmal 1.9 percent by the end of 2007.
But while the early to mid-2000s were characterized by overspending, over-borrowing and people living beyond their means, the financial crisis of 2008 changed everything. Many people lost their homes, even more people lost their jobs, and credit was no longer so easily accessible. The crisis made people realize how important it is to live within one’s means, pay off debts as soon as possible and save for the future. This type of behavior creates a financial climate in which even economic turmoil doesn’t mean financial ruin.
The team at WFG Canada believes that the new climate of saving and financial responsibility has helped the company grow in an extremely positive way. The change in the perception of saving is easy to see just by looking at recent statistics regarding personal savings accounts. During the end of 2008 and beginning of 2009, for example, the Canadian personal savings rate had increased from that abysmal 1.9 percent up to a healthy 4.7 percent. Today, people are realizing that spending every last dollar on things they don’t really need; always having to have the top-of-the-line item; or replacing things with newer versions when the older version still works just fine are unhealthy behaviors.
One thing that makes WFG unique is the attention its independent associates pay to their clients’ needs and goals. Part of the service that associates provide to each client is educating them on the best ways to save their money. This is essential before individuals or families are able to properly invest their wealth. After all, if there isn’t enough money to save, how can there ever be enough to invest for a brighter financial future?
WFG Canada Promotes New Culture of Saving