When it comes to your financial well-being, working with a professional may be the difference between achieving your financial goals and falling short.
According to recent studies, Canadian households working with a financial advisor accumulate more than 1.5 times more assets than identical non-advised households over a period of only four to six years.[1] Having a financial plan and committing to regular saving yields results.
But those who seek professional guidance recognize a financial advisor does more than just invest your money. Your financial advisor is an expert who can review your financial plan on a regular basis to help keep you on track through life’s twists and turns.
Your relationship with your financial advisor is a two-way street that needs ongoing attention.
Your financial circumstances and needs will change over time, and it’s important that you keep your financial advisor informed of your current situation. Here are some events you should make your financial advisor aware of:
• You experience a major life event. Getting married, buying your first or a new home, or a baby on the way are exciting life changes that may require a shift in how you handle your finances.
• You’re having a financial challenge. Perhaps you’ve experienced an unexpected event – like the loss of a job, a health concern or divorce – that has the potential to set you back financially.
• Your finances are getting complicated. Managing multiple financial products across different portfolios can be both time-consuming and confusing.
• You want to leave a legacy. You might want to leave an inheritance to your family or favourite charity.
• You’ve decided on a retirement date. Retirement brings a fundamental shift from saving to spending.
Whatever your situation, your financial advisor can help you review and revise your plans accordingly. Financial planning is not an event it is a process.
[1] CIRANO – Center for Interuniversity Research and Analysis in Organizations. An Econometric Analysis of Value of Advice in Canada.
