Working with a professional to help you make sense of your finances can be a wise move, but for this relationship to work effectively it is important that you understand what to expect from your financial advisor.
What can your financial advisor help you with?
- Defining your financial goals and creating a step by step plan or strategy to achieve them.
- Planning for your future, including retirement, future education, and housing needs.
- Choosing the mix of investments and assets that suits your goals, lifestyle, time horizon, and appetite for risk.
- Building a legacy for your family to inherit in the future.
- Choosing the most tax-efficient methods of saving and investing.
- Choosing the most cost efficient investments available to investors.
What should your financial advisor inform you of?
- The range of services that they offer and how much, and by which method they are compensated.
- Your mutual responsibilities and obligations towards each other.
- What the planning process will look like and how much time and effect it will take to manage the plan.
What will your financial advisor need from you or need to ask you about?
- What your financial goals are.
- What your personal circumstances look like, such as your marital status, dependents, your job, earnings and tax situation.
- Any investments or assets that you currently have such as registered accounts, workplace pensions, property etc.
- Your appetite for risk and investment preferences.
- Information on your income and also your outgoings, including debts such as mortgages, loans or credit cards.
- Whether or not you have a will, and its contents.
- Your estate and inheritance planning situation.
If you’re looking to achieve your financial goals, talk to us. We can help.
