Do You Need A Financial Planner?

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Do You Need A Financial Planner?

Ask yourself the following:

  • Is your cash flow estimated on an annual basis, monthly basis, or not at all?
  • Are you using your income-earning power to create income-earning assets?
  • In the event of an emergency, would you be forced to sell assets at a loss?
  • Have tax-minimizing strategies been included in your will?
  • Are you familiar with all the RRSP and TFSA rules?
  • Do you understand how to turn your RRSP into a retirement income stream? Will it last as long as you live?
  • What kind of pension do you have? What options will it provide to you at retirement?
  • What percentage of your total retirement income need will your pension and RRSP provide?
  • When you sign your tax return, are your confident that you have taken every advantage there is available to you?
  • Have you minimized and deferred taxes through available structures?
  • Do you feel overwhelmed by the sometimes conflicting and confusing information about what you should be doing with your money?
  • Do you have the time, knowledge and energy to effectively manage your financial affairs?
  • Is your insurance coverage sufficient to provide your survivors with the standard of living you want them to have?
  • What would happen if you lost your income-earning ability tomorrow?
  • Is your mortgage insured?
  • Have you drafted a power of attorney appointing a trusted family member or friend to manage your finances if you become unable to?
  • Have you drafted a representation agreement or power of attorney for personal care appointing a trusted family member or friend to make important health decisions for you if you become unable to do so?
  • Do you have a valid will?
  • Do you wish you had a professional to call to discuss the latest interest rates and economic outlook?

If you don’t do it right the first time, will you have time for a second chance?

If you were not able to confidently answer every one of these questions, a financial planner can help you – learn more about what we do.

2016-10-19T16:36:08+00:00 September 1st, 2014|Planning|

About the Author:

Mike Berton works with his clients to design and and implement their personal life plan for retirement and for their legacies, educating them as to the reasons for each recommendation. He also teaches other financial planners: he has been on the faculty with BCIT and Trinity Western University for many years. Mike is active with Advocis and the Institute of Advanced Financial Planning.