It’s that often dreaded time of year again – tax time. But instead of dreading it – perhaps it is an opportunity to review your entire financial plan and make adjustments for the kind of future you would like. A common misconception is that only multimillionaires benefit from the services of a financial planner, but the truth is many people will find value in the advice of a financial expert.
While a professional will adjust their level of service to the type of advice and help you’re seeking, there are a few general services they’ll offer.
• Review your financial situation by looking over your tax returns, income sources, assets, wills, insurance policies and retirement and estate planning documents.
• Help you craft financial goals and identify your needs, now and in the future (e.g., retirement). • Create a financial plan.
• Explain the different savings and investment options, including mutual funds, RRSPs, retirement savings and pensions, college savings plans, stocks, bonds, etc.
• Guide you through the types of insurance that may help you best protect your family and assets.
• Reduce the impact of taxes so you can keep more of your earnings.
• Connect you with other professionals, including accountants, lawyers, etc., who may be able to help you execute your plan.
• Review your progress and help you revise your plan.
If any of these scenarios sound like yours, you may want to consider meeting with a financial professional. You want to learn more about ways to boost your savings, build a nest egg or pay for college and emergencies. A financial planner can offer advice to help you put your money to work for you. A professional can also help you refine and reassess your financial goals.
Having a professional on your side to guide you through important financial decisions may also help you avoid common spending and investment mistakes. You want impartial advice on your financial plan. If you’ve created your own financial plan, an unbiased professional may help you identify missed opportunities or offer advice that helps you rethink your approach.
If you would like the name of a good financial advisor – please contact me. And as always – I am here to help with all your real estate needs.