Education Centre

Questions to ask your financial advisor

Financial,accounting,investment advisor consulting with her team

Read this article as a pdf

 

Navigating your finances can be daunting, especially during the current economic and political climate. Unless you have a degree in finance, making the right decisions with your income can be difficult. A great way to make the most of your finances is to work with a financial advisor.

 

It’s important to find an advisor who is the right fit for you and who understands your current and future financial goals and needs.

 

We asked our advisors the most important questions Lawyers should be asking their financial advisors.

 

Do you have other clients like me?

This question is important to know whether your advisor is familiar your unique needs based on your profession, stage of life, etc..

 

What’s your approach to financial planning?

Each advisor has a different approach to financial planning and it’s important to know whether you are comfortable with that approach.  Are they planners?  Do they feel budgeting is a priority.  Do they start with the end goal in mind or focus on today’s needs? Do they take a holistic approach, considering insurance and investments in the same plan?

 

When can I afford to retire?

Understanding when and how you can afford to retire is important – especially if it involves you making changes to your current spending/saving habits to make your goals a reality.

 

How will inflation impact my retirement goal?

$100 today is not the same as $100 in 50 years; your advisor will be able to help educate you on how you can turn your money into a financial sound investment for the future.

 

What’s my net worth?

It’s important to know how much money you have based on your assets, income and other sources. You also need to understand your debt.  Having a solid picture of your net worth will help you make informed decisions today about future financial planning.

 

What’s my tolerance for risk?

There a number of different products out there, your advisor can inform you what will work best for your comfort level – some individuals prefer high risk with the prospect of a high payout, whereas others prefer less risk for a more conservative and consistent return.

 

What tax saving strategies are available to me?

Taxes are an inevitable part of life, it’s important to understand what tax-savings options are available for you – personally and professionally.

 

How do I take advantage of tax deferral plans?

Whether it’s through your work or other options, a tax deferral plan saves you from paying the taxes on savings and investments – a financial advisor can let you know whether that works for your short and long term goals.

 

 

Lawyers Financial Advisors understand the unique protection and wealth needs of the legal community. Contact your local advisor to set a plan in place to help you be ready.

 

 

 

Lawyers Financial products and plans are sponsored by The Canadian Bar Insurance Association (CBIA). Lawyers Financial is a trade mark of CBIA.