Recipients of residential school settlement money should seriously consider putting together a financial management plan, says a local financial planner.

Colby Blair of the Royal Bank of Canada told participants in this week's conference on residential schools that it is well-known that one of life's breaking points is a change in financial status positive or negative.

'The most important thing is that you know what you want to do with the money and you start doing it,' Blair told former residential school students from around the territory who were attending the three-day conference at Yukon College.

'Because really, that's what finance is all about.'

Blair recommended Yukoners who will be receiving a payout under the Indian Residential School Settlement Agreement seek sound financial advice from whomever.

But seek it, he emphasized, and stick to it.

Succeeding in financial planning is all about sticking to the plan, Blair said.

'If you're not satisfied, go somewhere else until you get good advice.'

He said it's a client's right to demand good advice, and good service.

Banks, Blair added, want your business.

'Use that, be empowered by that,' he said. 'If you do nothing else, make some plans.

'Determine what you want to see happening, because nothing is going to be more important for you,' Blair said.

He acknowledged there is the opportunity for individuals to pool resources to reach different goals, though it becomes a little more complicated with partnerships and joint-investments.

But there's nothing wrong with that, if that's the direction individuals want to pursue, he said.

Wise investment, Blair said, can lead to healthy growth in a sum of money.

The federal government is estimating the average common experience payout under the Indian Residential School Settlement Agreement will be $28,000, to approximately $84,000 for former students who are still alive today.

The common experience money does not include additional compensation sought under the settlement agreement by former students who suffered sexual or other forms of abuse while attending residential school.

Under the settlement agreement, students who suffered abuse are entitled to up to $275,000 for the most severe cases.