It’s a common misconception that only millionaires benefit from the services of a financial planner but the truth is many people will find value in the advice of an expert.
What can a financial planner do for you?
- review your financial situation by looking over your tax returns, income sources, assets, wills, insurance policies and retirement and estate planning documents
- help you establish financial goals and identify your needs now and in the future (retirement)
- create a financial plan
- explain the different savings and investment options (mutual funds, RRSP’s, retirement savings and pensions, stocks, bonds etc..)
- guide you through the types of insurance to protect your family and assets
- reduce the impact of taxes
- connect you with professionals including accountants, lawyers etc.
- review your progress
Seven reasons to seek financial planning advice
- you want to learn more about ways to boost your savings (build a nest egg, pay for university)
- you’ve experienced a major life change (marriage, divorce, starting a family)
- you’re not sure where to invest your money (time frames, level of risk)
- you’ve had a windfall (won the lottery, received inheritance)
- you’re taking care of an aging parent (estate planning)
- you’re just starting out in your career (start saving early)
- you want impartial advice of your financial plan (unbiased professional input)
Are you interested in meeting with a financial planner?
- review their credentials (CFA etc.)
- talk to them ahead of time (it’s important to feel comfortable)
- learn more about their fee structure (fee-only, commission based)
- write down your questions ahead of time
- bring your financial information to your meeting (income, saving information, current investments)