Six advantages of a Financial advisor

Six advantages of a Financial advisor

Posted on by Matthew Laker

How can having a financial advisor help? When I speak with people I often share with them I am really a financial coach. I get to come alongside and help people reach their goals. A financial advisor should be the same. Here are six ways a financial advisor/coach can help.

1.Setting and achieving planning targets

Have a coach can help you gain focus and stay on track. A good financial advisor is a coach that helps you clarify your goals and create a plan to reach your targets.

Those who have a financial advisor tend to have higher investable assets as compared to non-advised households. As well increased Accumulation of financial wealth regardless of income level or age of household

2. Choosing the right vehicles and plans:

Often some of the challenges in building our financial house is finding the correct vehicle to help us reach our goals. A good financial advisor/coach will show you the options. Make sure you ask lots of questions on why this option or that one.

3. Advised households save more, regardless of income and age than their non-advised peers.

There is something about a coach that keeps us on track. We all make many of our choices based on emotion and may want to go do something not in the plan. The coach can remind us of our why our goals and why this plan. Any good plan has to be massaged over time, but those with advisors tend to make those changes.

4..Setting the right investment mix:

Having diversification is important for proper success in investment. Many will want to jump on the new thing or chase daily numbers. As a financial coach/advisor for my clients, I want to make sure my clients have a good mix so if one part is losing money the rest are making money and they are still ahead.

5.Financial Literacy

Education is an important part of financial advise/coaching. Having access to an advisor who is keeping up with training and education means they get to pass that knowledge on to you.

6. Advantages of a Regulated Market

Here in Canada each financial advisor, those selling life insurance and investments funds are regulated by a few oversight organization that work to make sure clients are put first and ethical.

Source: http://www.ci.com/web/pdf/ific_value_of_advice_e.pdf

Is my work-life insurance enough?

Is my work-life insurance enough?

Posted on by Matthew Laker

Is my work-life insurance enough?

Work-Life insurance is part of the group benefits one gets from work.

This is a blessing and essential in caring for your family in case that something should happen.

The biggest asset you have is your ability to work and earn income.

The problem is, it is not enough? Many only provide 1 to 2 times your yearly salary. That is just not going to be enough.

Life insurance is about replacing income for those who are dependent upon you. So what happens after those two years. For many people, that work insurance will not even be enough to pay off the mortgage.

Life insurance is part of an excellent financial plan. It can be used pay for
debt
mortgage
loss income
kids education
estate planning

Let me help you find affordable life insurance that meets your needs.

Life insurance or prepaid funeral

Life insurance or prepaid funeral

Posted on by Matthew Laker

Making a plan for final expenses is an important part of serving your family and managing your financial house.

There is a cost that comes with dying. There are options you have in helping cover those costs.

One option is a prepaid funeral or life insurance policy.

A Prepaid funeral lets you pay upfront for your funeral. Most let you set up the type of funeral you want and cover most, but not all of the expenses related to your funeral. Typical, you pay a lump sum or monthly installments. Any interest earned on the money is used to help pay the increased cost in the future. One advantage is you lock in cost at today’s prices.

A life insurance policy gives you and your family some flexibility. As well, it could give your beneficiaries a more considerable death benefit. The death benefit could be used to cover all the funeral costs and extra costs that will come with closing your estate. I would suggest alongside that have a conversation and write out in your will or other documents your wishes for your funeral. That part will not cost you, just some time.

Many have chosen prepaid funeral because they want to get everything taken care of for their family. However, with the same about of energy one can choose life insurance and still make those plans they want to.

Before you jump into that prepaid funeral. Hit the pause button and let me compare and look at the options that you have. Those options will be better for you and your loved ones. It will not cost you anything. There is no obligation, lets just talk about options. Let’s set up a 60 min meeting over zoom.

Life Insurance Product: Foresters and CPP

Life Insurance Product: Foresters and CPP

Posted on by Matthew Laker

This week’s Wednesday product review is Foresters and CPP.

These two companies who are leaders in the insurance industry, have come together to form a larger one.

They share they have a focus on overall wellness and not just life insurance. As a result, for those who have contracts with these companies. You receive these member’s benefit. 

Members Benefits

These are tools and resources they offer to their client. 

  • Lawassure – legal document creation service (create a will, make a power of attorney, prepare a healthcare directive).
  •  Grants and Scholarships
  • Emergency Assistance program
  • Orphan Scholarship 
    • Up to 6,000 annually available to help fund post-secondary school.   
  • Orphan OBenefit 
    • $900 a month per child to the legal guardian for the children under 18 upon the parent’s death.  
  • Volunteer Leadership development and community volunteering opportunity. 
  • Everyday money toll-free financial helpline
  • Transportation benefit 
  • Life-long learning – a range of courses to for personal development and growth skillsets. 
  • Charity benefit – Will donate 1% of the death benefit to a charity.

Type of Insurance they offer

  • Permanent Life Insurance Plans (As of January 2021 were some of the lowest-priced protection. This can change and most likely well as time goes on.)
  • Term Life Insurance Plans(no medial and Simplified) 
  • Critical Illness Insurance Plans

This is one of many great products we can access for you. It all starts with a free financial analysis to assess what you need.  

What question do you have? 

Extra:

Financial Resolutions Checklist