On a monthly basis, I will be writing short blogs that will provide basic information with respect to Financial Planning. As an Advisor, my goals are to provide financial education and strategies for people, helping them to reach their goals through comprehensive solutions. Being informed allows people to make sound financial decisions and achieve a lifetime of financial security. I hope you will find this information helpful with your own individual financial plan.
What is a Financial Advisor?
You may have heard the term Financial Advisor but do you know what they do or how they could help you? Let me start by saying that a good advisor is not a “sales person,” rather they are an individual who will illustrate financial opportunities and choices and guide you through different stages in life. They will help you address your current fiscal situation and identify financial opportunities, such as: tax efficiencies, government grants, risk management, investment planning, estate planning, etc. A Financial Advisor is often confused as someone who only does investment planning, like setting up RRSPs or RESPs. In fact, investment planning is only one aspect of a Financial Advisor’s job. A Financial Advisor will assist you in making informed planning choices customized to your situation. It can be especially important for individuals, couples or families who may struggle with debt.
We know that financial difficulties can be significant source of stress and anxiety. Debt and money troubles can create tension and conflict in a relationship. Many people opt to avoid beginning a financial plan due to perceived complexity, expense, and effort involved. A Financial Advisor can help establish realistic goals for your finances and put a plan in place to achieve those goals. They will work with you to create a detailed budget, set your spending priorities and develop a debt payment strategy. Financial planning will identify where money is going, prepare for different stages in life, maximize retirement savings, protect assets against unexpected life events and manage taxes.
Following monthly posts will include discussions and information regarding:
o Wills/powers of attorney
o Family Budgets: Know your finances and emergency savings plans
o Protecting assets: insurance (life, illness, disability, health care, long term care)
o Government grants
o Investment planning: RRSP, RESP, TFSA, registered vs non – registered, risk tolerance
o Estate planning: tax strategies and preserving assets
Tim Ernst BBA
Financial Advisor
94 Bridgeport Rd E
Waterloo, On N2J 2J9