Edmonton father-son duo launch free financial planning app for Canadians earning below $500,000

Dave Falkner, a semi-retired financial planner and founder of FP Advisors, and his son Corey Falkner, a retirement estate planner, have launched PlanDIY, a free do-it-yourself financial planning application designed for Canadians earning below $500,000 — the threshold where traditional financial advisers typically engage clients.

The app uses a combination of mathematical models, non-invasive qualitative information gathered from users, and AI interpretation to generate a financial plan users can complete on their own without booking a consultation or sharing sensitive personal information. The Falkners built it to be applicable to 90 per cent of the population, with coverage spanning from when someone leaves their parents' home until they are ready to save for a house while managing existing credit card debt.

"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 Falkner said. "There's this massive amount of people in Canada that go underserved."

Dave Falkner said he has long been uneasy about how little access lower-income individuals and families have to hassle-free financial planning advice. High-net-worth individuals are relentlessly advertised to by financial planning companies offering investment services. "They tell you, 'If you have $500,000, reach out to us and we'll save you,' " Dave said. "Well, if you managed to get $500,000 without their help, why do you need their help now? 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 launches ahead of Financial Planning Month in October. The Falkners have not disclosed development costs, funding sources, or a business model for monetization.