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6 Basics A Financial Planner Should Provide

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Many people seeking financial advice are not sure what a good financial plan should do or how to determine whether an advisor is bringing value for the money she’s charging. Why not just go to the bank and have a free plan drawn up? In fact, a good advisor can bring six key benefits to your financial life. And remember, like anything else, you get what you pay for. ~ Golden Girl Finance

Furthermore, your investments should reflect what you care about, the industries you support, and personal values. For example, if I don’t support the tobacco industry, I will need to make this message gets through to the financial advisor. Your financial advisor has a due diligence to respect your lifestyle and interests, and risk tolerance.

Here are the six basics that all financial advisors and planners should provide, at minimum.

1. Financial planning – all about TRUST. Your advisor wants to get to know you – your life goals, values, investment goals, and financial objectives. Likewise, you want to get to know your advisor. It’s all about trust. Only then can a planner provide you with an action plan and specific recommendations to suit your needs.

 2. Investment services – active guidance. A competent planner should review your portfolio, create a detailed statement of investment objectives, define the optimal allocation of your investment assets, and provide a detailed strategy for the investment management team.

 3. Risk management – protecting what’s important. A planner with insurance training will analyze your current life, health, and disability protection, including all employment coverage and benefits, assess your true needs, and create a cost-effective plan.

 4. Tax planning – keeping what’s yours. A well-connected financial planner will have access to tax expertise to analyze your current family tax situation and recommend any major tax-planning opportunities you might have missed. This includes specialized tax-minimization planning for those who are business owner/managers, professionals, senior executives, and self-employed.

 5. Higher education – giving your kids a head start in life. A four-year university education is starting to edge up to the $100,000 mark. Do you really want to saddle your kids with that kind of debt on graduation? Of course not! A financial planner should be able to show you a variety of education savings plans and strategies, including RESPs and TFSAs.

 6. Estate planning – where there’s a will, there’s a way. Wills, trusts, registered accounts, and insurance policies are just some elements that go into creating an estate plan. A financial planner should have access to expert legal help to create a tax-efficient estate plan that most effectively carries out your wishes.


Annette Quan, 24+ yrs in the financial planning profession with a strong focus on social responsibility. 778 432 2808

Annette Quan, 24+ yrs in the financial planning profession with a strong focus on social responsibility.
778 432 2808












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