Advising clients in Canada’s most tariff-exposed city

Guiding retirement plans amid uncertainty

Godfroy’s practice is focused on retirees and people approaching retirement. She says that of her client base, it’s the auto workers and families of auto workers who are in the most difficult position. Clients late in their careers, especially those approaching the 30-year point where they would get their full pension as Stellantis workers, are facing some hard questions and decisions. Others, she says, are dealing with the fact that their children who recently started working at feeder plants on a probationary basis have been laid off.

Even among those clients who don’t work at the plant, Godfroy says there is a general mood of apprehension and concern. She says her clients are watching the news more and making consumption decisions informed by the current state of tariff uncertainty. She says, for example, that among clients who can travel, the vast majority are now avoiding trips to the United States. Some clients are delaying projects like home renovations, or vehicle purchases.

While the whole community is feeling some of the impacts of tariffs, Godfroy says she’s paying particular attention to her autoworker clients and those who work at the feeder plants making parts for Stellantis. She notes that the tool and die industry has a tendency to be ‘feast or famine’ and that clients in that space may be facing some weakness now.

Advisors’ mistakes, best practices

Godfroy says that because of the typically older base of clients she serves, the current uncertainty has not caused much of an issue with savings. Most of her clients are already mortgage-free and live well within their means. She finds with retired clients she often still has to encourage them to spend rather than just save. That said, the wider climate of uncertainty has prompted some of Godfroy’s clients to revise their risk tolerances.

For advisors with clients in tariff-hit communities, Godfroy’s message is to stay in touch. Clients may be making decisions based off incorrect information, driven more by headlines than their own financial realities. Godfroy’s message is that without regular contact, an advisor can never know what’s going on in a client’s life and what they might be worried about.