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3 reasons you need a financial planner

It’s a common misconception that you need to have a lot of money to work with a financial planner. You don’t. That’s kind of like saying that you should only work out with a personal trainer if you’re...

It’s a common misconception that you need to have a lot of money to work with a financial planner. You don’t.

That’s kind of like saying that you should only work out with a personal trainer if you’re in great shape. Bonkers, right? The truth is, anyone with an interest in improving their financial situation should consider working with a financial planner.

To find out if you’re one of those people, ask yourself this: How do I feel when I think about managing my money? If you feel like you’ve got things under control, know exactly where your dollars are being spent each month, and have confidence that you’re making smart decisionsCongratulations! Sounds like you’re doing just fine.

For many people, however, that question will result in feelings of discomfort (“I could probably do better”), anxiety (“My finances are a mess”), or of just being overwhelmed (“I don’t even know where to start!”). If this is you, you’re not alone. Did you know that 42% of Canadians rank money as their greatest stress?

If you’re feeling stressed about money, you could definitely benefit from working with a financial planner. Here are 3 reasons why:

#1 – A goal without a plan is just a dream

Dreaming about the kind of life you want to live can be fun, but without a plan to make it happen, it will always be just that: a dream. A financial planner will help you turn your dreams into tangible goals so that you know exactly how much money you need to save to get there. They will also help you develop a plan to make your goals a reality using the money you have today. Having a clearly documented plan helps cut through the uncertainty of how you’re going to achieve what you want. More clarity, less stress.

Pro tip! A tangible goal includes a dollar amount and a deadline. For example, instead of “Save for retirement,” think “Save $2,000 in my RRSP by February 28th.”


#2 – It doesn’t hurt to get a fresh, expert perspective

When it comes to your money, having a financial planner is like having a trusted  friend to turn to for advice and support. But in this case, your  friend is a neutral third-party financial expert and it’s their job to help you! Your planner can show you what’s possible with your money, help you with tips and tricks to manage it better, and make it work harder for you. No matter what your current financial situation, it’s always helpful to have a second opinion from a professional.

Pro tip! Look for t for professional designations such as Chartered Professional Accountant (CPA), Certified Financial Planner (CFP), or Chartered Financial Analyst (CFA).


#3 – Time doesn’t grow on trees

Life is short, and the precious time we are given should be spent doing the things we enjoy with the people we love. Unless personal finance is your passion and you get excited about working with spreadsheets and calculating investment returns, you’re better off hiring an expert who can get you the results you are looking for without the effort of DIY-ing it. Working with a professional means you  can allocate more of your most precious resource – time – to doing the things you want to be doing. (See ya later, spreadsheet!)

Pro tip! “Fee-only” or “fee-for-service” planners charge for their advice instead of relying on commission from product sales. Their focus is YOU and your goals.

Canadians with financial plans report higher levels of financial well-being, emotional well-being, and overall contentment. Could you benefit from working with a financial planner? The answer is most likely “Yes!”

Where do you want to be in five years? How can we make your money do that for you? Let’s see what’s possible. Book a consult today!

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