Along with helping you save for retirement, your investment advisor offers advice and specialty tools to help you reach many other savings goals, including:
Building Savings for Your Child's Future Education
An RESP (registered education savings plan) offers an excellent way to save for a child’s future university or college education. Not only is investment growth in the plan sheltered from tax, the government will match a portion of investment contributions through generous grants.
Your advisor will help you set up the plan, assist you in selecting appropriate investment funds, inform you about all applicable grants for which you may qualify and help you with the paperwork when applying for the grants.
Saving for a Special Purchase
Whether you’re saving for a special purchase or simply looking to enhance your personal wealth, your advisor can be a great asset in helping you reach your goal.
He or she can recommend the appropriate type of investment plan (such as tax-free savings account and/or a non-registered investment account) and help you implement an investment strategy that can deliver better potential returns than a high-interest bank account.
Building Your Business Earnings
In a bank savings account, your business earnings will likely grow at a sluggish pace. Your investment advisor can show you how to benefit from a better environment for your practice funds ─ such as through the use of a non-registered investment plan using tax-advantaged investment funds. Your advisor can help you set up the appropriate type of plan for your needs (such as one designed for a sole proprietor, or a business account that can be accessed by all partners in the practice).
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Managing a Portion of Your Own Investments…or Having a Professional Do it for You
Would you like to own stock in a company with which you’re familiar ─ or manage a portion of your investments on your own? If so, your advisor can make that happen by giving you access to an online brokerage service that offers exclusive advantages ─ including preferred pricing for dentists.
Or, if you’re an affluent investor who doesn’t have the time or expertise to manage your complicated investment affairs, your advisor can help you benefit from a private wealth management service. Through this service, a licensed investment professional manages your portfolio, based on the parameters of you personally approve.