The Value of Good Financial Advice

Dealing with complex financial matters and planning for your future can be overwhelming. Many people don’t know where to start because when it comes to your money, every situation is different. When it’s time to start planning, it’s always a good idea to get advice from an experienced professional. A good financial advisor usually follows a six-step financial planning approach: Step 1: Introduction—You’ll learn about your advisor’s areas of expertise and work together to figure out longterm goals and accomplishments. Step 2: Discovery—The advisor will gather detailed information about your personal finances to understand your goals and the risks you’re willing to take. Step 3: Analysis—The advisor will analyze the data to determine the gap between your current situation and your financial goals. They will consider your income, taxes, retirement expenses and investments and then they’ll look at alternative approaches to cover that gap. Step 4: Recommendation—Your advisor will give you a plan that includes recommendations and a to-do list to reach your targets. Step 5: Implementation—You will be ready to put the plan into action by selecting from a list of financial products that were recommended by your advisor. Step 6: Review—A semi-annual or annual review of your plan with your advisor will help you keep your eye on the ball and allow for any necessary changes along the way. A good financial advisor can help you determine a budget for you and your family, teach you about investment options and help steer you on the right path. These professionals can assess your risk tolerance, purchase investment products for you, look at tax issues and manage your portfolio. It’s not about how much money is in your account, it’s about getting the most out of what you already have. FirstOntario Credit Union has a great team of financial advisors specializing in various areas of wealth management including retirement, investment management, estate and succession planning and individual financial risk management. These professionals are here to help people plan for the future and realize their financial dreams. Please visit www.FirstOntarioInvestments.com to learn more and to reach out to our wealth team. Start taking control of your financial future—you’ll be glad you did. *Mutual Funds are offered through Credential Asset Management Inc. and Mutual funds, other securities and financial planning are offered through Credential Securities Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise stated, mutual funds, other securities and cash balances are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer that insures deposits in credit unions. Mutual funds and other securities are not guaranteed, their values change frequently and past performance may not be repeated. Credential Securities Inc. is a Member of the Canadian Investor Protection Fund.