A Fresh Perspective on Financial Advice
June 2014

What Canadians are worrying about...how am I doing financially?

 

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Recently, the Financial Planning Standards Council of Canada conducted a complex study* of Canadians regarding the value of financial advice and the effect on their overall financial plan. Which of the following statements would apply in your situation?
  • I'm in full control of my finances
  • I'm prepared for a financial emergency
  • I have enough funds to enjoy life
  • I may change careers/jobs in the next five years
  • I may downsize my home in the next five years
  • I may be married or divorced in the next five years
  • I anticipate starting or growing my family
  • My family will be looked after if I am gone
  • I will be able to retire in the style I prefer
  • I only pay taxes that are absolutely necessary
  • i will not be paying a mortgage into retirement
  • I can achieve my life goals and aspirations
  • I have all the knowledge I need at this time
  • There will be enough money for my children's post-secondary education

Banking is not the same as Planning: The value of CFP advice

  

There are many sources of financial advice these days. Questions can be typed into a search engine bar, and thousands of answers appear on the screen in seconds. There is a distinct difference between the sources of advice however.  If you are currently a client of Specialty Wealth & Financial, you also have access to the services of a fully certified CFP. 

 

Consider the source of advice and whether the advisor is established, reputable and what credentials they may have. Rather than working solely with specific products, the role of the financial security advisor is to look at your entire financial plan; what is the direction of your plan today, and where do you want to be five, ten or even twenty years from now? Is your advice coming from a product driven representative? If they can set up a mortgage, can they also advise on investments and insurance, or do you have to get back in the line or move to a different department to have your questions answered? Can they connect you to other professionals such as tax or legal specialists in your area? 78% of Canadians working with a CFP Professional, versus 54% of those with a non-certified planner, feel that their financial affairs are on track, and 70% feel they are closer to achieving some of their life goals as a result of planning, versus 61% with a non-certified planner.*

 

Banking is not the same as planning...consider the future when you are planning for retirement, your estate, preparing for children's educations and incorporating multiple strategies catered to your specific circumstances, and work with a CFP to build your plan.

 

*Source: http://www.fpsc.ca/heres-the-plan

What well-advised Canadians are saying:

 

What well advised Canadians are saying
  
What does the CFP designation mean?

When inquiring about the credentials of your financial advisor, consider the demands that must be met to receive the CFP Designation. Following internationally recognized standards of knowledge, abilities and skills, the CFP is ethically obligated to put their clients' interests first. Completion of a rigorous education program, the passing of two national exams and three years of qualifying work experience are needed to hold the designation. CFPs must complete professional education every year to maintain their status.

 

What does this designation mean to you? You can be reassured that your professional CFP brings the knowledge, experience and skill to work with you over time and create a realistic plan for financial security.

 

Visit our website to learn more about the Specialty Wealth & Financial team.


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Newcastle Ontario

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This newsletter contains general information only and is intended for informational and educational purposes provided to email newsletter clients of Ron King and Specialty Wealth & Financial. Some of the information and opinions contained in this newsletter are reprinted with permission from sources quoted. While information contained in this newsletter is believed to be reliable and accurate at the time of printing, Specialty Wealth & Financial does not guarantee, represent or warrant that the information contained in this newsletter is accurate, complete, reliable, verified or error-free. This newsletter should not be taken or relied upon as providing legal, accounting or tax advice.  You should obtain your own personal and independent professional advice, from your lawyer and/or accountant, to take into account your particular circumstances

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