Arranging your finances can be tedious, but ultimately it is necessary. A secure portfolio can protect you, your assets and your family from financial turmoil. If you are ready to secure your future, it’s a good idea to consult with a financial advisor. You will need a professional to help you manage your money, grow your wealth and avoid costly mistakes. Before you hire a financial advisor, it is important to know how they can help you.


What Are Financial Advisors and Planners?

Financial advisors will act as your financial coach. It’s a financial advisor’s job to help you understand your finances. They will offer financial advice like tax advice to help you make smarter decisions. In some cases, a financial advisor can help you invest in products like mutual funds. 


Financial planners can help you meet your short and long-term financial goals whether it be through professional advice or management. They will create a dedicated plan to manage both individuals’ and businesses’ financial assets. Clients can then choose whether they will implement that plan themselves or get the help of their planner.


In short, financial planners will help you grow your wealth, lower your debts and invest in products like mutual funds. Some planners also offer estate planning and other services to fulfill all of their client’s financial needs.


Types of Financial Professionals

It’s important to note that not all personal financial planners are the same. Thanks to technology, AI or ‘Robo-advisors’ can invest your money for you. However, these tools don’t give you the personal advice that most people desire.

A human advisor is a better option for those looking for a thorough and personal finance plan – something that almost everyone wants and needs! A certified financial planner or chartered financial analyst can provide investment advice tailored to clients’ best interests. They will also use their audience insight to help clients plan for the future they have envisioned for themselves.


Financial Services

While many personal financial advisors and planners offer their services to a large demographic, some have their own niche. These specialist financial professionals typically work with a demographic that they are extremely familiar with to provide personalized and industry-informed solutions. Some examples of demographics are real estate agents, engineers, and doctors.


A financial planner may also offer specialized services to a diverse demographic. For example, an advisor may only offer a limited range of wealth management services including debt and risk management.


In general, you can expect a financial planner to:


  • Meet with you to discuss your financial situation
  • Offer advice and strategies relating to your personal situation
  • Create personalized financial plans for your success
  • Ensure that other banks and financial partners’ process data and consolidate your information
  • Evaluate financial markets, identify investment opportunities and manage existing investments
  • Assist with tax planning and ensure you receive all the savings available to you


Help Clients Achieve Their Future Financial Goals

One of the most frequently requested services of financial planners is investment guidance and management. Clients will approach their personal financial planner with their goals for their life and finances. The advisor will then analyze their data, economic trends and various investment scenarios to present the client with a personalized financial plan. This information will help clients make financial decisions to meet their goals.

In order to help meet a client’s financial goals, a planner will outline what strategies they need to take. While there are a variety of strategies that could be followed, most financial advisors will recommend diversifying your investment portfolio to grow your wealth.


Grow Your Wealth With The Help Of A Financial Planner

Creating a financial plan involves research on both the market and the individual. There also needs to be a budget involved to abide by contribution maximums and ensure that a person’s finances are in good standing.

Many financial planners can help with all aspects of investment management. They can outline opportunities for investment in Tax-Free Savings Accounts (TFSAs), Registered Retirement Savings Plans (RRSPs), Guaranteed Investment Certificates (GICs), and Independent Pension Plans (IPPs). They can even help manage investment portfolios for their clients if agreed upon. This allows clients to sit back, relax, and trust that their wealth will grow under the management of their planner.


Financial Advice For Retirement

When it comes to planning for a client’s financial future, retirement is often the largest expense and concern. Clients need enough money to last them for the rest of their lives, however long that may be. Certified financial planners can help clients establish a retirement plan with ease.


First, a financial planner will meet with you to discuss your finances and goals. This information will help determine how much they should save and in what period of time. Next, the planner will project out how much you currently have saved to help you understand how much you should save to meet your goals. This research and analysis will help clients know how much they should set aside, how frequently they should set aside money, and whether they should choose a Registered Retirement Savings Plan (RRSP) or an Individual Pension Plan (IPP) for their retirement accounts.


Financial Planning For What Comes After Life

Most people think they only need a financial planner to plan their finances up to retirement. They think that after they have retired and secured enough money to last them their entire lives, they have no need to think about their financial situation. While this is a common belief, it is false – one’s financial life extends far beyond their actual life.

After a person passes away, there is a lot that their family and loved ones need to do. They also have to pay an Estate Administration Tax, a tax that is charged before your executor can start distributing the assets of your estate. They also have to administer the person’s estate as dictated in their Will. Without proper planning for what comes after you pass away, your family may be left to pay off your outstanding debts, manage your own business, or determine asset allocation by themselves.

A financial planner can help plan for what happens after life ends. Their estate planning services can help establish a Will, set up an executor, establish the power of attorney and make your final wishes clear. This will save your family emotional and financial difficulties while giving you peace of mind knowing that your estate is dealt with according to your wishes.

Bold Barrel’s Expert Financial Planning

Spend your time working with a financial planner who has a legitimate interest in seeing your wealth grow. Bold Barrel Financial is dedicated to helping our clients with our expert and reliable wealth management services. Contact us today to set up a meeting!