A financial advisor is a person who helps you develop a plan for achieving your short and long term financial goals. They will take into account your unique situation and help you develop strategies for investing, savings, insurance, tax planning and estate planning. Read more ex-ponent.com
A good financial planner will ask a variety of questions to get a full picture of your current assets, liabilities, income and expenses. They will also ask about your financial goals and the timeline you’re hoping to meet those goals. They will also want to know if you have any special circumstances that could impact your plans, such as caring for an aging parent, getting divorced, or going through a job change.
The goal of a financial advisor is to create an investment portfolio that fits your needs, risk tolerance and time horizon. They will then regularly update you on the performance of your portfolio and schedule meetings to discuss any changes in your goals or financial situation.
Planning Your Future: Utilizing a Retirement Calculator
Financial advisors can work with people at any stage of their lives, though they may be prompted to seek advice when they have a major life event or are looking to achieve specific financial milestones. Some advisors are fiduciaries and must put their clients’ interests first, while others are held to a suitability standard.
To find a financial advisor, start by looking for someone who has the right qualifications. You can check online to see if they have a license through the Investment Industry Regulatory Organization of Canada or the Canadian Securities Administrators, or search by designation.
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