Par Jillian Stinson
Offerts par un humain ou par un robot, découvrez de quel type de conseils financiers vous avez besoin.
Read on to learn more about each option.
Do you know what an advisor can do for you?
An advisor can help you make informed decisions to grow and protect your money.
The qualified advisor adapts his recommendations to your specific needs and objectives. He works with you to build a personalized plan that contributes to achieving your goals. And yet, according to a recent survey, almost half of the Canadian respondents (52%) do not have a financial plan in place.
What are the benefits of an advisor?
In addition to advising you on managing money and developing a plan, an advisor can help you in many ways. Here are a few.
- He can teach you things.
78% of Canadians with an advisor say it helps them feel financially secure*. Part of that is because an advisor tells you about financial products or services you may not be familiar with. For example, an advisor can:
explain to you how a registered retirement savings plan (RRSP) works;
tell you how to use a Tax-Free Savings Account (TFSA) to grow your savings;
talk to you about insurance and tell you which type is right for which situation;
prepare for the risks that threaten your financial plan (e.g., unexpected loss of income or unexpected health problem).
These meetings allow you to learn more about your finances and to have confidence in your decisions.
- An advisor can answer your questions about financial products or topics.
Are you interested in investments? Wondering about insurance? Financial products are sometimes complex. A 2019 survey* revealed that:
only 51% of Canadians believe they have “average knowledge” of financial products and services;
13% of respondents believe they have “zero-knowledge”.
Unless you’re an expert in the field, making financial decisions on your own can be daunting. The help of an advisor is beneficial. He will be able to :
answer your questions;
dispel any misconceptions or confusion;
explain things in clear, easy-to-understand language.
He can modify your plan as your needs change.
A birth, a job change, a health problem: most events in your life – good or bad – will affect your finances. By meeting with an advisor, you will have someone who:
understands your situation,
can help you change your plans according to different times in life.
The advisor knows that a financial journey lasts a lifetime. Planning, saving, protecting your wealth and becoming retired is a process – not an isolated event.
Get the human expertise you need
If you are thinking of meeting with an advisor, remember that there are different types. Some are uniquely qualified to manage your money. Others can help you build a more elaborate financial plan that will allow you to achieve your goals.
The practice of counsellors is extensive. Some specialize in:
Taxes
Debt management
retirement planning
Estate planning
Small business owners
Life insurance
Health insurance
Budget
An advisor can also recommend another professional who will meet specific financial needs.
What about fintech or Robo-advisors?
We do so much online these days: banking, grocery shopping, vacation bookings. You can even get advice. Robo-advisors and fintech tools offer automated services with minimal or no human intervention.
How do these digital tools work?
These tools will likely ask you to answer your financial situation and goals.
Then, they will use this data to guide your decisions about investments or specific products, such as life insurance.
- Digital financial tools like Robo-advisors are handy for managing your investments.
They could :
use their software to sell assets and rebalance your portfolio over time;
provide fact-based answers to common personal finance questions.
How are these tools perceived by people here? According to the same survey, 3% of Canadians use the services of a Robo-advisor, while 40% turn to direct investing or an online discount brokerage service*.
- Robo-advisors and online financial services can be convenient and easy to use.
All you need is an internet connection. Most Robo-advisors are easy to use.
However, if you have specific questions about your situation.
