The value of having a Financial Advisor



A financial advisor is trained to help you make decisions that get you closer to reaching your financial goals

You’ve probably seen a lot of TV commercials or had many people tell you that it’s important to have a financial advisor. However, a lot of people are unclear as to what they do and why it is important.

We’ve put together a list of things for you to consider when choosing a financial advisor, and to help make the most of the relationship you already have with your advisor.

  • A financial advisor should help you set and reach financial goals. A financial advisor is trained to help you make decisions that get you closer to reaching your financial goals – whatever they may be. They can include investment planning, retirement planning, income tax planning, estate planning, risk management and education savings planning.
  • First they have to get to know you and create a plan. A financial advisor’s job is to sit down with you and gather all the information necessary to help you set financial goals and reach them. They will become quite intimate with personal details about you and your finances such as income and expenses, risk tolerance, employment history, list of assets and liabilities, income tax information, insurance policies, wills and powers of attorney and more. A comprehensive plan should also involve a discussion about your hopes, wishes and dreams for you and your family. The more information you can provide, the more effective your plan will be.
  • A good financial advisor should be in regular contact. Meeting with your advisor and creating a plan isn’t a one-time exercise. It’s not something you do and then forget about. A good financial advisor should be in regular contact, keeping the lines of communication open and constantly tweaking your plan to reflect changes in your life as well as the market.
  • How do you find an advisor? Your local branch has a wealth management team made up of Wealth Advisors and Senior Wealth Advisors - all of whom are eager to help you. It’s as simple as contacting them to find out more. You can also check online at the meridiancu.ca website to review full biographies.
  • How do you know which advisor is right for you? Like any other relationship, your relationship with your financial advisor should click and feel right. You are going to be discussing intimate details about your life and finances, so you want someone you trust and feel comfortable with. Some advisors tend to specialize in certain areas, like retirement, high net worth clients or new investors. There are also a number of different professional designations to consider such as CFP (Certified Financial Planner), CIM (Certified Investment Manager), CLU (Chartered Life Underwriter) and FMA (Financial Management Advisor) which some financial representatives hold that may be better suited to your needs than others. Your local branch is a great place to start looking for an advisor that’s right for you.
  • According to a recent study, working with a financial advisor can make you wealthier. A recent report published by the Investment Funds Institute of Canada suggests that people who work with a financial advisor are actually wealthier than those who do not. Furthermore, households that work with a financial advisor are more comfortable, more confident and have better outlooks than those who don’t.
Meridian Credit Union