When you’re looking to sell or purchase your home, you know the importance of using a good real estate agent to help you navigate the process. When you’re sick, you know that it’s always best to see a doctor and get the right solution for your problem. But when it comes to your finances, are you better off working with an advisor?
Your financial portfolio can determine your future, and your family’s future. Given its obvious importance, it’s undoubtedly important to work with a professional advisor to not only help you set realistic goals, but also help you achieve them. A financial advisor will guide you towards products that your portfolio will benefit the most from, based on your unique needs and circumstances.
When searching for an advisor, look for experience in planning tax-efficient investment and insurance portfolios, helping clients increase their wealth through savings plans, short and long-term investment strategies, and proven retirement planning capabilities.
The alternative to working with a financial advisor is typically to do it on your own. In many cases, the risk of making mistakes and poor decisions far outweighs the fees that advisors charge. In a recent Canadian study, investors that worked with an advisor accumulated 3.9X more assets than those that did not work with a financial advisor.
When it comes to making financial decisions, there are complex considerations to be considered. And the stakes are high. In some cases, by having an advisor explain the options available to you, you may choose a different path than if you had done it on your own. From risk management, to estate planning, to asset allocation, to providing you a greater understanding of your portfolio, to selecting strong plans, insurance products, and investments that will work for you, it’s clear that there are key benefits to working with a financial advisor.
As your life changes, so do your financial needs. Marriage, children, and the health status of your parents and family can all impact how your portfolio is structured. Don’t make the mistake of failing to speak to an advisor about planning for your financial future.