What An Advisor Can Do For You
A financial professional – A key element of achieving your financial goals
Even the most seasoned investor may benefit from working with a financial advisor. Accumulating assets is only one step in a comprehensive financial plan. A financial professional can help you define your financial priorities, manage your cash flow and provide an articulated tax and estate plan to ensure more of your assets remain in the hands of your family. Regardless of your goals and level of knowledge, a good advisor is the one addition that can improve any investment portfolio.
What can an advisor do for you?
With their experience and expertise, advisors can take the mystery – and anxiety – out of planning your financial future. They can:
• Evaluate your current overall financial situation
• Help you put together a comprehensive plan
• Explain different types of investments, including potential risks, benefits and costs
• Suggest an investment portfolio that suits your needs and goals
• Help you save for your child’s education
• Structure your investments to reduce or defer taxes
• Help you make clear-headed decisions during periods of market volatility
• Review your progress toward your financial goals
• Plan your retirement income by co-ordinating your personal investments, pension and government benefits
• Guide you through your estate plan
Creating a Strategy
Once your advisor understands your financial situation, the next step is to review your goals and aspirations. These may include saving for a home, paying down debt or planning for retirement. In addition, your advisor will help you clarify your personal values and attitudes about risk, as these will play an important role in deciding which investments are best for you.
When your advisor has assessed your goals and tolerance for risk, he or she will provide you with a written recommendation of a plan to meet your needs. Take time to carefully review the plan – again, don’t be afraid to ask questions or voice any concerns.
Make the Most of Your Meetings
Remember, your meetings with your advisor are all about you. Come prepared and don’t be afraid to ask questions. Good advisors monitor the intricacies of the market and make their living by sharing their knowledge. Keep in mind that your advisor will have a lot of questions for you as well, so be prepared
with the materials suggested in the checklist below. Your advisor will use this information to get a clear picture of your financial situation.
Annual Visit
Once you and your advisor have implemented your financial plan, it’s a good idea to get a financial “check-up” at least once a year. This will give you a chance to review the progress you have made toward your goals, factor in any personal changes in your life and perhaps fine-tune your portfolio to meet both your current and longer-term financial goals.
