Compelling Reasons to Hire a Financial Advisor

Aug 3, 2022

It’s not uncommon for people to hesitate when it comes to hiring a wealth advisor or financial planner. The hesitancy is often due to the fact that many people think it’s counterproductive to spend money to have someone else help them make, manage or grow their wealth.

However, if you’re like many Canadians trying to pay down debt, save for the future or grow personal wealth to enjoy now and pass on to the next generation, having a financial advisor on your team can offer a great return on investment.

Professional Advice is Invaluable

Whether you’re a young professional who just starting out, a pre-retiree approaching the big day, or someone who is already retired, taking care of and understanding how to manage your financial assets may not be something you want to take on. And that’s where an advisor can be extremely helpful.

When & Why, You Should Consult with or Hire a Financial Adviser

By employing a reputable financial advisor to help you achieve your goals, you’ll be making an investment in your future prosperity. To that end, the following are just a few of the many compelling reasons to hire a financial advisor.

  • You’re getting married or contemplating entering into a common law relationship. You may wish to seek advice about combining your assets with another person’s.
  • You’re starting a family and need to begin planning for its future.
  • You’ve gotten separated, divorced or have been widowed and are looking for advice on how to manage your finances now you’re single.
  • You’re not meeting your savings or other financial planning goals.
  • Your debts are overwhelming. An advisor can help you build a realistic budget.
  • You know little about investing but want to start. However, you have no interest in doing it yourself. You’re looking for someone else to take care of it all.
  • You already have investments and enjoy managing them but feel the occasional opinion and advice from a professional would be welcome.
  • You’re at a stage in life, (no matter your age) where you’re ready to start planning for your retirement. Some people begin the process at 20, some in mid-life and others a few short years from their retirement date. It’s never too early or too late to begin to get the advice and tools you need for success.
  • Your income/earnings have increased significantly.
  • Your parents are ageing and you need help in planning for their care.
  • You’ve come into a considerable sum of money. It could be an inheritance, windfall or prize of some kind. What to do with it?
  • You need a strategy to minimise your tax liability.
  • You own a business.
  • You’ll be taking retirement soon and need a professional evaluation of your financial circumstances to find out where you stand and how to prepare for it.
  • Yours is a very complex financial situation and you’re finding it difficult to manage all on your own.
  • You wish to set up a trust fund or leave a legacy.
  • You wish to leave a part (or all) of your wealth to a special cause or charity on your demise.

As you can see, there are many reasons why an individual would want to consider enlisting the help of a personal financial planner or advisor. Even if only one item from the list above is of concern, it’s reason enough to give an advisor a call and have a consultation. Your future is at stake and sound financial advice is one of the keys to securing it for yourself and your loved ones.

If you do find yourself looking for help, we suggest you consider one of our credit union financial advisors at either Coastal Community Credit Union, Coastal Community Private Wealth Group or Interior Savings.

Recent Posts

Aviso Weekly Market Pulse: May 20th – May 24th

Market developments Equities: U.S. stocks climbed after data showed consumers tempered their inflation expectations in late May. The S&P 500 had its fifth straight week of gains, the longest bullish streak since February. It topped 5,300 and the Nasdaq 100 rose...

NEI Monthly Market Insights: April 2024

Robust earnings helped mitigate fear of persistent inflation Market sentiment turned bearish in early April for both equity and fixed income markets as sticky U.S. inflation data fuelled market fears that central banks will not ease monetary policy as quickly as...

Aviso Weekly Market Pulse: May 13th – May 17th

Market developments Equities: The stock market has been rallying recently, with the S&P 500 on track for its fourth straight weekly gain. This has been fueled by hopes of Federal Reserve rate cuts following some positive inflation reports, as well as strong...

Aviso Weekly Market Pulse: May 6th – May 10th

Market developments Equities: The S&P 500 closed near 5,225, for its third straight weekly gain, while the Dow rose for an eighth consecutive session. The stock market lost momentum after economic data pointed to a slowing economy amid persistent inflationary...

Aviso Weekly Market Pulse: April 29th – May 3rd

Market developments Equities: The economic data to close out the week was seen as a "Goldilocks" scenario by markets, indicating the economy is cooling enough for the Federal Reserve to likely start cutting interest rates as soon as September. The S&P 500 rose by...

NEI Monthly Market Insights: March 2024

Unstoppable equity market rally on soft landing narrative Resilient economic data throughout the first quarter supported the soft landing narrative and pushed equity markets around the world to new record highs. Global equities posted strong returns with the MSCI ACWI...