When it comes to getting advice about your finances, a financial professional like an advisor can help you plan for and reach your personal financial goals. Ideally, you want to work with an advisor who listens to your goals and wants to help you develop a unique strategy to achieve them.
Serge Robichaud is a financial advisor with Canada Life and Quadrus Investments, where he provides financial advice, manages client portfolios and insurance policies, and offers valuable insights to his clients. He has been working with his clients for years to help them achieve their financial goals while also offering his insights on financial subjects online.
“It’s essential for most people to work with a financial advisor because it allows them to sculpt out a concrete financial plan in place so you can be better prepared for the future,” says Robichaud. “Determining your specific financial goals based on your own unique situation is essential to developing a proper plan.”
Why Should You Have a Financial Advisor?
Money plays an essential role in your life – whether you’re saving up for a down payment for your first home, your child’s education, or even for your retirement. When it comes down to many big decisions, it’s far less stressful to consult with an expert rather than trying to do everything on your own. After all, many of us aren’t well equipped to manage that level of financial responsibility.
There are a lot of good reasons to work with an advisor when it comes to making important financial decisions. Let’s take a deeper look at the reasons you should consult a financial advisor.
Your Knowledge on How to Manage Your Finances or Investments
If you’re not sure how to choose investments to help you reach your personal financial goals, you may want to consider working with an advisor. If you need advice on balancing your spending and savings or even managing debt, an advisor with financial planning experience can certainly help.
Some advisors may also be equipped to help you make decisions about insurance coverage, tax planning, and estate planning.
You Don’t Have Time to Manage Your Investments
It’s possible in many cases that you’ve been wanting to get help to manage your finances but simply haven’t had the time for it. Or perhaps you could be overwhelmed and have no idea where to start. If that’s the case – you’re not alone!
“If you don’t have the time to actively monitor and manage your finances, you could choose to have a financial advisor handle it for you,” says Serge Robichaud. “In many cases, people are simply too busy to handle everything on their own and want to have a professional opinion backing up their decisions.”
You’re Not Interested in Managing Your Own Investments
If you want to invest but find yourself generally not all that interested in the day-to-day steps, working with an advisor may be right for you. Some investors choose to work with an investment advisor simply because they lack the interest in managing their own investments.
“Investing simply isn’t everyone’s favorite job or hobby,” Robichaud laughs. “However, it’s very important for everyone regardless of if you personally enjoy the craft or not.”
What Are the Different Types of Financial Advice Providers?
There are several types of advisors that can help you reach different goals. Remember, many advisors have their own individual fee structure – which is an important part of your decision to work with them or not.
But You May Be Asking, What Are the Different Types of Financial Advisors?
“Anyone selling investments or offering investment advice has to be registered by a securities regulator and/or require certain designations,” says Robichaud. “Make sure to always ask before you invest when you’re considering working with someone. It’s also essential to ask whether or not they’re a fiduciary, that can greatly impact your decision to work with them.”
People who provide financial advice include:
Personal Banker
Personal bankers are professionals who work at big banks and trust companies. There’s no direct cost to you for using their services, but the costs are built into your service fees or the cost of your investment. They’re trained to sell investments such as GICs and savings bonds. They also must be registered to sell mutual funds.
Investment Advisor
This is an advisor that manages your investments on your behalf and can provide investment advice on nearly every type of security. They often work for firms that are registered as portfolio managers. These firms exist either independently or owned by larger banks. However, some may only deal with wealthier clients with a minimum of $250,000 to invest, depending on the firm. They also may charge either a flat fee or an annual fee for their services based on the size of the portfolio.
Financial Planner
A financial planner tends to work with you to create a financial plan to help you reach your personal financial goals. They may advise you on a wide range of financial planning subjects, such as risk management, investment planning, tax planning, retirement planning and estate planning.
“Financial planners are generally paid in a few different ways, so you need to check in with them to verify how they’re compensated,” says Serge Robichaud. “The last thing you want is to walk into what you think is a consultation only to find out you could be paying more than you bargained for.”
Working with a financial professional may be able to help you prioritize what’s important to you financially so you can have a secure future. Before you take the leap, be sure to do your research before deciding what’s right for you.
