What Is A Financial Planner? Will I Need One?

A blog in which you get answers to the most pressing financial questions.

The role of a financial advisor is wide-ranging: these professionals can help you make decisions about what you should do with your money, which may include investments or other courses of action. A financial advisor will work with you to form a plan for your finances – helping you reach your goals and navigate any problems that may arise.

Whether Or Not You Should Work With A Financial Advisor

Working with a financial advisor can be a helpful step in securing your financial future. In some cases, they may be able to help you avoid areas with high fees and mistakes that could lead to other problems. However, you may not really need one. Finding an unbiased financial advisor is key if you want to know whether or not you need their services.

A financial planner may be able to help you with various matters such as:

  • investing;
  • saving/investing for retirement; and
  • budgeting and debt management.

In the big picture, a financial advisor helps you manage your finances better. They can put together a comprehensive financial plan that will set up goals for you to reach. Then, they will help guide you toward reaching those goals. However, if you already have a good handle on all of these things already, a financial advisor probably isn’t necessary.

What Kind Of Questions To Ask A Prospective Financial Advisor

One of the biggest problems people have when choosing a financial advisor is that they aren’t sure what questions they should be asking. It’s important to find an advisor who shares the same philosophy, values, and goals, and who you’ll enjoy working with. It is also important that you hire someone you can trust. When meeting with prospective advisors, keep these questions in mind:

  1. Which financial planning techniques do they employ?
  2. How do they charge?
  3. Do you think that you can trust this person with your hard-earned money and your future?
  4. What is their area of specialty?
  5. What is their experience?
  6. How long do they expect it will take to accomplish your goals?
  7. How much time will you actually spend with this advisor each year (and assuming there are no major problems)?
  8. Once they have established a plan for you, what happens if they leave the firm?

How You Can Find A Good Advisor For Your Needs

There are so many choices for the financial needs of your family. Banks, credit unions, investment advisors, insurance agents, mortgage brokers, and financial planners. The list goes on and on. These professionals can offer a plethora of advice from savings accounts to CRA accounts to help with maximizing your existing retirement plans. Your best bet to find the right advisor for you is by looking for one that meets your unique needs.

As an example, if you are currently going through a divorce, your best bet may be to find a professional that specializes in divorce finances, such as a Certified Divorce Financial Advisor.

Financial planning is an integral part of your financial success. Whether you’re in your twenties or sixties, a few simple steps today can put you on top of your financial goals. The earlier you take control of your finances, the more opportunities for growth you’ll have.