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Do You Need A Financial Planner?

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.

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