4 Questions to Ask Your Financial Advisor

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Did you know a financial advisor can help you live your best possible life within your personal budget? According to The Investment Funds Institute of Canada, you are more likely to become wealthy if you meet with your financial advisor on a regular basis. “Academic studies confirm the higher levels of wealth achieved by those who use advisors on an ongoing basis. These investors also have better savings habits and are more confident in their ability to meet their retirement income needs.”

 

As your financial advisor, I help structure your finances and set attainable goals. All the while ensuring you’re on track and on time to meet financial milestones. I won’t say you can’t buy a sports car or take on the home renovation project of your dreams; my job to help you manage those plans along with your core financial goals. If you want to improve your finances, all you have to do is ask.

 

Here are four questions to ask your financial advisor:

 

Am I ready to retire?

To find out if you’re ready to retire, we’ll explore your financial situation as well as your goals. This will help determine if you’re ready to leave the workforce based on how much money you have saved and what type of lifestyle you want (and can afford) during retirement.

 

How much money do I need to save for retirement?

The amount needed for retirement is based on several factors, both personal and financial. These financial factors include your own personal savings accounts and group savings plans as well as outside sources of income such as the Canada Pension Plan and Old Age Security. 

 

Personal factors that determine how much you need to save for retirement include your target retirement age as well as your tolerance for risk with different investment options.

 

Where is the best place to put my money?

We will work together to determine your current and future financial goals and figure out the most efficient way to reach them. The way you save and how you want to withdraw money in retirement will determine how we invest now.

 

There are several different account options available such as a Tax-Free Savings Account, a Registered Retirement Savings Plan (RRSP) and non-registered investment accounts.

 

How can I earn interest on my investments?

Earning interest and other returns on your investments is a great feeling and it helps your account value grow over time. You can earn different levels of return on your investments including interest, dividends and capital gains. 

 

The type of return earned depends on the type of investment option chosen, income investments provide different levels of security and returns than equity investments. As your financial advisor, I can help determine the best investment options and strategy.

 

It’s important to plan your financial future with eyes wide open. This includes staying informed and working with a professional. You want to know how much money you need in retirement, which account type is best for your goals (and your taxes) and what types of investment options are available. When it comes to your finances, no question is too small and every question is important. Let’s work together to answer your financial questions and plan for retirement.