When you live in a city like Ottawa, you have access to and seek out a doctor for health issues and a dentist if you have a toothache. But you don’t go looking for a financial planner for financial issues! Most people think that only millionaires need financial advice and services. Nothing could be further from the truth. Whether you have a financial issue or want to avoid having one in the future, hiring a financial planner makes complete sense. But how can I tell if I need a financial planner? If that’s the question you are asking yourself, it is a sign you need one already! Often certain events in your life may trigger you to seek financial advice. The birth of a child, a financial crisis, planning for retirement, funding your kid’s education, handling inheritance, divorce, job change are only a few things that may prompt you to start looking for expert advice.
What a financial planner or a financial services advisor can do for you:
- Assessment of current financial state: A financial planner can help you understand your current financial situation. He or she would look at your tax returns, income, liquid and non-liquid assets, insurance, and other things such as retirement planning
- Identification of financial goals: There could be a gap between what you want and what you need, financially. A good financial services advisor, such as Majdoub Group Financial Services can help you identify your financial needs and goals. The advisor would also ensure that you have appropriate, manageable and realistic goals.
- Creation of a financial plan: Your financial planner will help you create a realistic financial plan
- Comparing financial instruments: Since a financial planner is an expert in finance, s/he can explain the pros and cons of various financial instruments such as stocks, bonds and mutual funds and help to choose the one that is best for you.
- Other support: A financial advisor can identify other professionals such as investment brokers, lawyers, accountants to execute your plan
- Stay on track: A financial planner would review your financial progress regularly to make sure you stay on track.
- Tax planning: Tax planning and efficiency is another area where a financial advisor will help you. S/he can provide you with the best approach for dealing with taxes.
- Retirement Planning: A financial advisor can help you figure out whether you are on track with your savings and how different investment options fit into your retirement plans.
- Expertise: The top financial services advisors such as Majdoub Financial Services, Ottawa, are experts in serving the financial needs of individuals, families and businesses.