When Should You Hire A Financial Advisor

ARTICLE: When Should You Hire A Financial Advisor?

One of the biggest misconceptions that exist in this industry is that financial advisors are only beneficial to the extremely wealthy. However, financial planning and goals can help everyone, regardless of income level.

Whether you want to plan for retirement, college, or expand your investments – having someone dedicated to understanding finances can be crucial. However, it’s understandable to wonder if investing in a financial advisor is worthwhile.

Let’s explore when it’s beneficial to hire a financial advisor.

When you’re planning for retirement It’s never too early to consider how you want to spend your life after your career is over. Once you can achieve short-term savings goals, it’s smart to begin saving for retirement.

Relying on government support can only get the average person so far, so having a plan in place for your retirement goals can help ensure you spend your latter years exactly how you want. Planning for retirement is a complex process and you have a lot of options. A financial adviser can not only help you sift through the rules and product options available, but also help you construct a portfolio that maximizes your long-term prospects.

When you want to secure your home For most people, buying a house is one of the biggest financial decisions of their life. With the housing market constantly changing, a financial advisor could potentially save you thousands of dollars by seeking out the best rates.

They can help you assess more sensible levels of borrowing, make the most of your deposit, and can even find lenders.

When you want to find the right assets Investment isn’t just about protecting against potential downs. It’s about trying to achieve maximum growth. High returns often come with high-risk investments, and not everyone is keen on the idea that their investment could fall substantially overnight.

Financial advisors can make a detailed assessment of your investment style and make recommendations that suit you. They also make sure you don’t put all of your cards on one investment by helping you to diversify across asset classes and accounts, individual funds and product providers.

When you want to save money Once you complete your risk and investment assessments, the next step is to look at taxes. You may simply use an individual savings account or a pension plan to benefit from government incentives. Or, you may choose growth-focused assets over income to try and increase capital gains allowances, as opposed to paying income tax.

In more complicated arrangements, you could move assets to your spouse or children to try and maximize their personal allowances instead. A financial advisor always has your tax position in mind and can help steer you in the right direction.

When you want to stay on track Even after your investments are in place and running smoothly, they should continue to be monitored in case market developments or unseen events steer things off course. You can always have your financial advisor keep an eye on your investments for peace of mind. They’re able to assess their performance against their own peers, ensure your asset allocation doesn’t become distorted and help consolidate gains as deadlines for your goals approach.

In short, there’s no reason to prepare for your financial future all by yourself. Financial advisors are there with you to support your goals, long-term or short-term.

Take the time to interview with an advisor and find someone who is dedicated to sharing your financial vision.

Clinton Orr is a senior wealth advisor, senior portfolio manager, and founding member, of Becker Orr Wealth Management at Canaccord Genuity Wealth Management.

CANACCORD GENUITY WEALTH MANAGEMENT IS A DIVISION OF CANACCORD GENUITY CORP., MEMBER-CANADIAN INVESTOR PROTECTION FUND AND THE INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA The comments and opinions expressed in this article are solely the work of Clinton Orr, not an official publication of Canaccord Genuity Corp., and may differ from the opinion of Canaccord Genuity Corp’s.

Research Department. Accordingly, they should not be considered as representative of Canaccord Genuity Corp’s. beliefs, opinions or recommendations. All information is given as of the date appearing in this article, is for general information only, does not constitute legal or tax advice, and the author Clinton Orr does not assume any obligation to update it or to advise on further developments related. All information included herein has been compiled from sources believed to be reliable, but its accuracy and completeness is not guaranteed, nor in providing it do the author or Canaccord Genuity Corp. assume any liability.

Tax & Estate advice offered through Canaccord Genuity Wealth & Estate Planning Services Ltd.