Most people prefer to deal with their banker, thinking that it will be easier to keep all of their financial transactions in the same place, but the fact is the bank may not have access to some of the most important pieces of a complete financial plan. Some people even ask their lawyers and accountants for advice, especially when making decisions about their business or their estate.
The fact is that advice is usually cheap and easy to find.
But what advice is the right advice?
Can you find out the best way to protect your family and your business from a banker who has little to no knowledge about Life Insurance? Should you ask your accountant, who is most concerned about reducing your taxes in the short term, how a decision made today will affect you in the future? Are you getting a good image of the big picture from professionals who are focused on one area of expertise?
When you stop and think about it, taking a do-it-yourself approach to financial planning and pulling in bits and pieces of advice from specialized sources like this usually becomes overwhelming quite quickly. There are just too many investment and insurance options to choose from.
Developing a relationship with a professional financial security advisor can help cut through the noise and figure out what you should be focused on and help you build a complete financial security plan that puts your needs and goals first.
A good financial advisor will know that each product you purchase, whether it’s an investment in a Registered Retirement Savings Plan (RRSP) or some form of insurance policy, will perform a vital role in your overall plan and what specific need or goal it will help you to accomplish.
A good advisor also knows that helping you develop a sound plan is about way more than just making a sale. A comprehensive plan should also include advice on such diverse topics as tax strategies, estate planning, your retirement savings, child and continuing education, insurance and other forms of risk management.
A financial advisor is a hugely important member of a whole team of professionals you should have working on your behalf. Depending on your needs a team that can also include your banker, your accountant and a lawyer as needed.
Like the other experts on your team, a financial advisor is a specialist in the field and can help identify opportunities even the most financially-savvy investor may not know about. A financial advisor takes a holistic and long-term approach to your security that is based on consistency, understanding, and trust. And that is the kind of value added that I don’t think you can find anywhere else.
RRSP season is just around the corner, if you haven’t already done so, now is the perfect time to bring a financial advisor on board to help you develop a comprehensive financial plan, not just for this year, but for the rest of your life.
To learn more about the benefits of working with a financial advisor, drop me a line…
Mr. Lauren C. Sheil is a serial entrepreneur who has been in business for over 20 years. He is currently a Financial Security Advisor with one of Canada’s premier financial planning organizations. He holds dual licenses from the Financial Services Commission of Ontario (FSCO) for Life, Disability and Critical Illnesses Insurance and the Mutual Fund Dealers Association of Canada (MFDA) for personal investments. He is passionate about helping people to live life to the fullest while Eliminating Debt, Building Wealth and Leaving a Legacy.
He can be reached at firstname.lastname@example.org or by calling 613-295-4141.