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Retirement Planning

The Value of Advice Two

October 13, 2015

Several studies have recently been completed comparing Canadians who use a Financial Advisor with a designation, referred to as advised households, vs. non-advised households.   

Here are the results:
  1. Improved Financial Net Worth – advised households have 2.1x the median financial assets vs. non-advised households.  Advised households grow wealth significantly over time... 2.73x more in 15+ years than non-advised households.
  2. Increased Financial Focus – advised households are more likely to have a Financial Plan and report being on track with their financial affairs (81% advised vs. 44% non-advised). Most advisors ensure consistent investment suitability.
  3. Advised households report being better prepared to deal with unexpected financial emergencies (60% vs. 28%) and tough economic times (65% vs. 36%).
  4. Better Retirement Readiness – advised households who have used an advisor for > 10 years are more likely to retire comfortably.
  5. While planning for the future is important, those with comprehensive financial plans are more able to fulfill their discretionary spending goals (74% vs. 44%).
  6. Advised households report a stronger sense of well-being (85% better off).
What are some questions you should ask when shopping for a Financial Advisor?
  1. How will you work with me to ensure the advice, planning, products and services you recommend or provide are suitable for my unique needs and goals?
  2. Do you have a designation or are you working towards a designation in the financial services industry? How are you upgrading your skills and knowledge to stay current? Do you have an annual Continuing Education requirement?
  3. Are you a member of an industry association that enforces standards of ethics, practice and codes of conduct?
    If so, who?
  4. How are you paid?
  5. Contact levels?
It is clear that working with a Financial Advisor with a designation can provide a greater financial and emotional well-being. You should choose your advisor as carefully as you would choose a best friend.  
Christian Credit Union has qualified staff including three Certified Financial Planners® who in addition to providing advice promote Biblical stewardship.
12012 Financial Planning Standards Council Value of Financial Planning study of almost 15,000 Canadians over a 3 year period.

2014 Conference Board of Canada Boosting Retirement Readiness and the Economy Through Financial Advice.

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