When it comes to managing your finances and planning for the future, having a caring and reliable financial planner by your side is crucial.

Your financial planner should be more than just an investment selector. They should have your back when times get tough, regularly check-in with you, and understand important aspects like tax and estate planning.

Regular Check-Ins for Continuous Support 

Ask yourself, when was the last time your financial planner had a conversation about your goals, and the plan to get you there?”

At PenFinancial and Aviso Wealth, we do this for every client, every year. After all, what good is it if your money is invested with a planner that doesn’t know what you’re trying to achieve? It’s so important to assess your progress regularly, and discuss any changes in your life or finances that may require adjustments to your strategy.

During these check-ins, your financial planner should be all ears, listening attentively to your concerns, and providing clear explanations for any complex financial concepts. They should take the time to educate you about different investment options and strategies, empowering you to make informed decisions.

Regular communication ensures that your financial plan remains aligned with your goals and helps you stay on track toward achieving them.

Having Your Back When Times Are Tough 

Life can throw unexpected curveballs at us, and financial challenges can pop up when we least expect them. That's why it's essential to have a financial planner who's got your back. A top-notch financial planner will offer support and guidance during these difficult times. They should provide strategies to help you overcome financial setbacks and be a reassuring presence when the markets are going crazy. You want a planner who understands your unique circumstances and can adapt your financial plan accordingly.

A great financial planner will take the time to truly understand your goals, risk tolerance, and financial situation. By building a solid foundation of trust and open communication, they can provide personalized advice that suits your needs. They should be proactive, regularly reviewing and adjusting your financial plan to keep it on track, even when things change unexpectedly.

Expertise in Tax and Estate Planning 

I’m reminded of a conversation I had with one of my clients who wanted to invest into a GIC. “It’s risk-free” she said.

Well, let’s dive into that. Unbeknown to my client at the time, a GIC interest was going to be taxed less favourably for her, and added to her income that year. On top of that, the additional income would have resulted in her Old Age Security (OAS) being clawed back. Does that sound risk-free to you?

Investing is important, but a truly exceptional financial planner knows that there's more to it than just that. Tax strategies are a crucial component of a comprehensive financial plan, and in many cases, can actually result in much more money back in your pocket than a couple percentage points of your annual return one year.

Additionally, as much as we don’t always love to talk about it, your financial planner should assist you in creating an estate plan that reflects your wishes and protects your assets for future generations. This includes advice on establishing wills, trusts, and other necessary legal documents to ensure your estate is distributed according to your intentions and to minimize costs and potential conflicts among heirs. These can be complex conversations that are probably best left to professionals, and not the first result on Google.

Moving Investments vs. Moving Banking Relationships

Now, let’s bust a myth. You don’t have to uproot your entire banking relationship just to work with a financial planner. Of course I’m a huge advocate of all the great products PenFinancial offers, but should you wish to just move over your investments to be managed by one of our fantastic Wealth Advisors, we can make this process easy.

Choosing the right financial planner is an important decision for your future. Get in touch with a PenFinancial and Aviso Wealth Advisor today, and let’s have a chat to see how we can help!

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Note The information contained in this article was obtained from sources believed to be reliable; however, we cannot guarantee that it is accurate or complete. This report is provided as a general source of information and should not be considered personal investment advice or a solicitation to buy or sell any mutual funds [and other securities]. The views expressed are those of the author and not necessarily those of Aviso Wealth.

Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc.. Online brokerage services are offered through Qtrade Direct Investing. Mutual funds and other securities are offered through Aviso Wealth. Qtrade Direct Investing, Qtrade Guided Portfolios and Aviso Wealth are divisions of Aviso Financial Inc.

Debbi Tonnies-Violette

Written by Debbi Tonnies-Violette

Debbi is a Wealth Advisor at PenFinancial and Aviso Wealth, serving the Welland and Dunnville communities. She’s an avid gardener and volunteers in the community to support her children’s sports teams. Debbi’s driven to help improve and strengthen our members’ lives by providing free and honest financial advice and helping them reach their goals. Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc.