Do you need a financial advisor?

By: Sound Choices • October 12, 2017 • Personal Finance

Many people believe that seeking professional advice is just for older, wealthy individuals or those with highly complex financial circumstances. In actuality, even younger adults can benefit from working with an advisor.

If you have a few years of work under your belt – or even if you’re just starting out in the workforce – there are many situations where an advisor can help you build a stronger financial future. Here are some common examples:


  1. Saving money. You might not be earning a large salary at this career stage, but it’s never too early to develop good financial habits and learn how to save regularly. Your advisor can share several proven techniques for saving with discipline, even if it’s only a small amount each month.

  2. Investing for retirement. While your retirement may be a long way off, chances are that your company has some type of retirement funding program, be it a pension or registered retirement savings plan (RRSP). Many programs require you to make your own investment selections, so if you’re not an expert, your advisor can help you choose the products that best suit your time horizon, risk tolerance and long-term objectives.

  3. Managing debt. Are you considering purchasing – or do you already own – an automobile or home? Maybe you still have student debt to pay off or sizeable credit card bills. Whatever the case, your advisor knows how to help you reduce debt as quickly as possible.

  4. Mitigating taxes. Everyone has to deal with taxes in some form. Your advisor can help you with registered plans like RRSPs and tax-free savings accounts (TFSAs). If you have children, they can help you set up a registered education savings plans (RESPs). Maybe you received an inheritance and want to avoid a large tax consequence. The bottom line is, the more you can minimize your taxes, the more money you can put to work for you.

  5. Addressing major life events. As a younger adult, you may experience several significant life events in short order. You might get married, have a child, buy a house, be laid off from work or switch to a new job, or any number of noteworthy changes. Your advisor will be with you at every twist and turn to provide expert direction and ensure that your finances stay on track.

To learn more about what a financial advisor can do for you, read this article.

The contents are provided for informational and educational purposes, and are not intended to provide specific individual advice including, without limitation, investment, financial, legal, accounting or tax. Please consult with your own professional advisor on your particular circumstances.

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