Course-correcting financial plans in the wake of misinformation

We’ve all had the moment. You’re reviewing a financial plan when a client casually drops a bomb:

“I read that the CRA is going to start taxing TFSA gains over a certain amount.”

Or: “A friend told me to sell off all my investments because a recession is coming.”

Or even: “I saw a TikTok that said index funds are a scam and I should be buying crypto instead.”

Suddenly, you’re not just a financial planner. You’re a fact-checker, therapist, and damage control specialist.

Welcome to financial planning in the age of misinformation.

The New Reality

Planning used to start with discovery: values, goals, priorities. Now, it may start with unlearning. Clients arrive with strongly held beliefs formed by friends, influencers, algorithms, or the occasional “expert” in a Facebook group. It’s not that they don’t trust you, it’s that they’re overwhelmed by noise. And unfortunately, some of that noise is loud, confident, and completely wrong.

As planners, our job is to build a roadmap. But lately, more of us are finding that before we can plan, we have to gently guide clients back from ideas they picked up during late-night doom scrolling.

Step One: Don’t fight the feeling

Misinformation is rarely about the facts. It’s about fear, uncertainty, or a need for control. When a client believes cash is the only safe asset or that the market is “rigged,” facts alone won’t change their mind. Neither will a smug chart.

Start with curiosity. Ask where the idea came from and what it means to them. “What’s your biggest concern right now?” is more productive than “That’s not true.” Financial planning is personal and if you want the plan to stick, you have to speak to the emotion behind the misinformation.

Step Two: Bring it back to the plan

This is where your process matters. A well-built financial plan doesn’t rely on any single product, headline, or assumption. It’s designed to be flexible, goal-based, and client-centred; all things misinformation usually isn’t.

When a client wants to make a drastic change based on something they’ve heard, bring it back to their long-term goals. “How does this move help you retire at 62?” or “How would this change impact your ability to support your kids through university?”

If you’ve done your discovery work properly and understand your client’s full financial and emotional picture, then you have a strong foundation to revisit what matters.

Step Three: Lead with connection, not correction

Even the most carefully built plans can’t hold if there’s no trust. And that trust is increasingly being tested by outside forces. Many of the concepts that clients come across today don’t just offer new ways to make money, they provide identity, belonging, and a narrative that can feel empowering. In that context, misinformation isn’t just an opinion to be corrected – it can be a form of self-protection.

To a client, having their beliefs challenged can feel like a personal attack on their self-esteem. That’s why personal connection is one of the most effective tools we have. It’s the difference between “You’re wrong” and “I understand where you’re coming from, but let’s walk through it together.” Connection builds the kind of relationship where difficult conversations are possible. It’s what helps clients open up, listen, and shift course when needed.

There’s a growing ease with which misinformation spreads. The barrier to publishing has all but disappeared. The loudest voices online aren’t always the most qualified, just the most confident. The result? Clients come to us with ideas that feel urgent and persuasive. Our role isn’t to outpace that noise; it’s to cut through it with consistency, clarity, and empathy.

When a client knows you see them, they’re more likely to come to you and ask questions before making a major decision based on something they heard online.

The Real Value of Advice

What we do goes far beyond numbers and charts.

Sometimes it means having conversations to convince a client not to put their entire portfolio into meme stocks. We help people sort through the noise and focus on what moves them forward.

And in a world where misinformation is cheap and confidence is free, that kind of clarity is priceless.

Diandra Camilleri is an Associate Portfolio Manager at Verecan Capital Management Inc.