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At Eastport, we aim to be your keel, as on a boat – your point of balance, giving you directional stability. We help you get beyond thinking of money as the deep and unpredictable water you’re in. With our knowledge as your ballast, money can be the body that buoys you, propelling your good and purpose-rich life.

When Should You Work With A Financial Advisor?

When Should You Work With A Financial Advisor?

Financial planning pertains to managing one’s liquid cash, as well as, savings and investments. However, it goes beyond that. Financial planning takes into account taxes, budgeting, insurance, mortgages, retirement planning, estate planning, and much more to help you achieve your intended financial goals.


Without sound financial planning or due to a lack of financial discipline it is easy to fall into the trap of overspending and living pay cheque to pay cheque which can lead to debt and an uncertain financial future. This is where financial advisors can play an important role.

If you are someone who requires financial guidance or help setting up a financial plan, financial advisors are the professionals to call. They will not only devise a well-thought-out financial strategy to achieve your intended goals but also assist with matters such as inheritance, tax payments, retirement planning and even getting a raise.

In this article, we will highlight key situations where you should work with a financial advisor.



What Does A Financial Advisor Do?

A financial advisor helps you devise a long-term plan, that takes into account your current and future projected income, to give you an idea of just how much you need to save and invest to achieve your financial goals.

Advisors can also help with major financial decisions such as buying a property, saving for a child's higher studies, devising a tax plan, and purchasing an insurance policy or estate plan that best suits your current financial situation. They can also recommend beneficial investment opportunities and assist with succession planning.



Understanding the Role of a Financial Advisor

A financial advisor’s main role is to help you in making key financial decisions during your lifetime. They act as advisors or guides. recommending you on what strategies and routes to take to achieve your goals and retirement plans, and leave behind a lasting legacy.

When choosing a financial professional you will come across acronyms such as CFP, CFA, and ChFC. A Certified Financial Planner, Chartered Financial Analyst, and Chartered Financial Consultant all provide more or less similar services. The only difference is that a CFA can assist with risk analysis and managing investment portfolios for businesses or high-net-worth individuals.

A professional advisor will always first assess your current financial situation and determine your future financial goals. They will also look at your career, education, family history, and other factors to help formulate a financial plan that will allow you to reach said goals, or, if your goals are too lofty, tell you just how much more you will need to get there.

Just like a lawyer, or an accountant, a financial advisor serves in an ongoing position and should always be there when needed. Financial plans aren’t set in stone. Factors such as getting a raise or for that matter losing a job can have an impact on your finances which would require financial plans to be adjusted or fine-tuned.


How Financial Advisors Can Help You In Key Life Events and Situations

Whether it is a person who is starting their first job or a couple who is going to start a family, a financial advisor can play an important role in helping you maintain financial discipline and save for the future. When the time comes they can also offer mortgage advice on buying your first home and assisting with retirement and estate planning.

It is important to remember that a financial advisor can also be extremely beneficial in instances where things go south. They can help you get through periods of uncertainty by providing sound advice and recommendations on what would be your best move to get back on your feet and on track to achieving your set out goals.

Along with being financial experts, advisors can also be like mentors helping you in many stages of your life and preventing you from making bad financial decisions.


Developing A Financial Strategy For Retirement

Retirement planning isn’t as simple as just having a Registered Retirement Saving Plan (RRSP). A financial advisor can open up different avenues for saving for retirement and advise you on how best to build an investment portfolio that matches your retirement goals. Advisors can also set up plans that help you save money for emergencies and rainy days.

Advisors can also assist in matters of how much retirement benefit you are entitled to receive and how you can qualify for government pensions.

The amount of money you need to retire comfortably will depend on the retirement lifestyle you intend to live. Your financial advisor will not only help in devising a strategy but also assist in managing risks and returns on your portfolio to help you achieve your retirement goals.


Offer Advice For Inheritance, Windfall, And/Or Sudden Wealth

Most people who inherit huge sums of money or assets are unable to utilize that inheritance effectively to secure their financial future.

This is where having a trusted financial advisor by your side can pay rich dividends. An advisor, especially an investment advisor, can help manage newfound wealth by helping you invest in the right financial products. They can also make you aware of any tax implications that your inheritance may have or how the inheritance is to be distributed to beneficiaries effectively and efficiently.

Advisors also play an important role in succession planning and estate planning. They are the ones who are often responsible for how your money and assets are to be distributed at death.

If you have a charitable estate they can also identify causes and organizations that align with your philanthropy goals and make sure that the estate continues to support these causes and organizations long after you are gone.


How To Choose The Right Financial Advisor For You?

Canada has several regulatory bodies that govern the financial advisory and planning industry. Thus, when choosing a professional advisor you should know who you are hiring and what kind of services they offer or specialize in.

You should also spend some time researching financial advisors near you. Being able to physically visit your financial advisor can be a huge plus, so finding someone close should always be a priority.

When choosing a financial advisor, you should also check whether they work on a fee or a commission basis and whether they have all the certifications required to do the job at hand.

By consulting with a few advisors you can ultimately decide which one suits you the best or who you found the easiest to get along with.




Final Thoughts

When making key life decisions involving large amounts of money it is always important to have a professional advisor by your side. They can help you analyze and evaluate whether a decision is right based on your current situation and your future financial goals.

If you are looking for trusted Halifax financial advisors, get in touch with Eastport Financial Group Inc. We are a team of expert financial advisors that have built a reputable name for ourselves, especially here in Nova Scotia.

Get in touch with us today to learn more!

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