Managing investments and an overall financial plan requires a lot of time, effort and expertise. That’s why many people find value in working with a Financial Advisor. Not only do they build a trusting professional relationship with their Advisor, but they can be confident that the expert advice they receive is customized for their unique circumstances.
First, let’s consider the general benefits of financial advice. An Advisor can help individuals and families accumulate greater wealth over the long term so they can meet their financial objectives, such as enjoying a more comfortable retirement. They can achieve this financial growth through a comprehensive financial plan that encourages the following positive behaviours:
- Maintain a disciplined, long-term investment and savings strategy through all economic and market conditions
- Invest regularly, using various investment strategies that offer the potential for compound growth and long-term growth
- Employ investment strategies to align with your unique financial goals
- Take advantage of accounts like RRSPs, TFSAs, RESPs and RRIFs
An Advisor also helps you avoid common habits of emotional investing that may lead you to experience losses and jeopardize your retirement goals. Examples of emotional investing habits include “anchoring” (where people assume past performance and characteristics of a certain security will prevail again, although conditions may have changed), “herd mentality” (where some people are comforted by following the crowd and buying or selling based on popular opinion) and “loss aversion” (where you fear losing money and may hold a bad investment longer than you should, hoping to recover your losses).
The value of customization
As your Advisor, we always consider your personal circumstances and goals. We also know your risk tolerance level and understand your unique emotional triggers, so we can help you stay invested for the long term instead of focusing on short-term market conditions and making unwise, irrational investment decisions.
Another important aspect of customized financial advice pertains to building and maintaining a financial plan that is designed just for you and with the sole purpose of helping you achieve your specific long-term objectives. Since you are one of a kind, your financial plan should be as well. That’s the advantage of true customization.
We also take a holistic approach to helping you understand your financial assets and the external influences that can impact them (either in a positive or negative manner). We communicate important information related to your investments, financial plan, the world economy and markets in a way that makes sense specifically to you (e.g., giving the right amount of detail, explaining financial concepts using the right level of complexity, ensuring the information connects to your own particular situation).
Customization extends beyond investing
Furthermore, we even customize how we interact. For example, if we need to review your financial plan or discuss other crucial matters, we'll make sure we talk when it’s best for you and your schedule. We also interact the way you like, whether it be in person, by phone, on a virtual chat or through email.
While it’s always our priority to meet your specific needs and respect your preferences, during this current challenging environment it becomes more critical to offer you tailored advice, support and service. Another benefit of our relationship is open communication. As we tackle financial challenges, we can ask each other tough questions and provide honest answers, and hold each other accountable for our own responsibilities. Through good times and bad, we’ll work together to achieve your customized objectives.
Contact our office for more information about how we customize financial advice your way, so you can benefit the most from our relationship.