Imagine you are part of a football team – all working towards the same goal, but no one has communicated the game plan. That’s what not having a finance expert in your corner is like.
The chances of scoring that ‘touchdown’ and reaching your financial goals are slim compared to if there was a detailed plan in place that was guided by a team of experts and leaders. Most people don’t think of their investment advisors as a team or they don’t think they even have a team. Your team is made up of your insurance agents, tax preparers, your bank, and investment advisors, accountant/lawyer. Having a team without a quarterback can lead to pitfall.
An example of a pitfall that can happen when not everyone is communicating is if one advisor you has recommended you sell an investment. Selling it would then trigger extra income. If they don’t know the whole picture and aren’t in communication with the other members of your financial team they may not realize that your big picture includes receiving Old Age Security income which may have to be clawed back if your income exceeds the threshold amount.
Another advantage of having multiple people know your goal is when you have multiple assets you want to give to your family. It can be really complex to figure out how best to divide up your estate. Do you have young kids you need to provide for? Are you going to set up a trust? Do you buy life insurance? If you own a business, it can be complicated to figure out how to deal with it. Any land or a cottage has to have a plan for what’s going to happen to it. What you plan to do with your estate has implications on your taxes. All these situations have different people on your team working. They all want what’s best for you but there are so many moving parts that all affect each other, it’s nearly impossible not to have something go wrong without the proper communication set in place.
Some people ask why can’t I just be my own financial quarterback? You can! Before you decide to take on all that extra responsibility in your life ask yourself if you have the time to make sure communication is clear across all fronts. Do you have the commitment to watch the stock market and make sure your investment is in the right place? Do you have the means of looking at your options and knowing what’s best for you? Without the proper education and commitment, this can be a daunting task. If you want to take on this position by yourself you have to be able to roll with the punches and be in a place financially that you could recover relatively quickly.
We want to help, and we know that everyone is different in their financial situations and goals so we want to work with you and learn your future financial desires to develop and personalize a plan to help you reach your goals with everyone on the same page.
