Whether they’re an accountant, investment advisor, insurance specialist or financial planner, anyone in Canada can offer financial advice. But how do we know the advice they’re giving us is right for us?
Helping people get transparency on the role of each financial profession and understanding what each of these roles means for us is something that is very close to our hearts.
Historically financial professionals in Canada have been trained to sell products such as insurance, mortgages, or investments and in return, they get paid a commission or fee.
There’s nothing wrong with buying these financial products – they’re important tools to help you get to where you want to go.
The problem, is whether it’s life insurance or a mutual fund, the advice you’re going to get will be biased toward that person’s specialism or expertise.
An insurance advisor might take you down the life insurance route, an investment advisor will promote big returns, but unless you have a plan that considers your full financial picture and long-term goals, you’re not going to get the most from your wealth.
For example, when you work with an investment advisor to maximize your portfolio the advice you get will consider your investments as a standalone piece. But how can you be sure these strategies are working towards your bigger picture goals? Like growing your business or long-term financial freedom. While that person might be a successful money manager it could mean you’re missing out on other opportunities to grow your wealth.
A Certified Financial Planner, will take the time to understand your full financial picture and recommend a range of strategies that consider every aspect of your wealth, like clever debt structuring or innovative strategies to pay less tax.
When we recognized the problem with product-driven financial advice we shifted our model to a holistic service based on life-changing strategic planning and advice. That way we can focus on innovative strategies that look at every angle of your wealth.
When you work with the right advisor the value you receive from their advice will pay for itself multiple times over.
If you want to get started on building a life-changing financial plan, book a call, we’d be love to run you through our full financial Blueprint process.