Advice or No Advice: What’s the Impact?

In life and in money, it pays to have someone in your corner. Whether you’re looking to achieve exciting life goals or trying to find your way out of a challenging situation, having people to support you can boost your chances of success.

 

Dental professionals have been profoundly affected by the impacts of COVID-19. Whether you have successfully weathered the storm or are still facing tough financial times, research shows that it pays to work with a financial advisor, especially through difficult times.

 

Ongoing financial advice can pay off in two meaningful ways: Financially and emotionally. Working with a financial advisor can help you feel on track in money and in life. Beyond providing only investment advice (which is a common misconception), a financial advisor can help you become prepared for emergencies, opportunities and a successful future.

 

The Financial Value of Advice

 

According to a report1 from the Investment Funds Institute of Canada, households who work regularly with a financial advisor have nearly three times more investable assets than those who don’t. They are proven to be more likely to enjoy a comfortable retirement, and more likely to feel confident and stable in their financial lives.

 

During tough times, advisors can help you make the right choices about your finances. They can help you consolidate debt, re-jig your budget, improve your cash flow, find ways to save on tax, and more.

 

When the future is uncertain, a financial advisor can act as a sound and committed partner, steering you away from emotional, reactionary decisions, helping you see the full picture, and talking you through the roller coaster.

 

The Emotional Value of Advice

 

Studies show that job loss and financial stress have contributed to a rise in mental health issues among Canadians since the onset of COVID-19. Being in regular contact with a financial advisor can help reduce stress – not just by offering financial clarity, but also by providing social connection and interaction.

 

In fact, science has shown that social connection can help people feel mentally and physically better – and working with a financial advisor is one way to boost your network and sense of connection with others.

 

Plus, when you have achieved greater financial confidence, you tend to feel happy and fulfilled. A sense of financial well-being can also lead to an ability to align your finances with your goals and priorities, enabling you to achieve what matters most in life.

 

Your meeting with a financial advisor is not a sales pitch, report card or session of judgment for wrong turns you may have taken. Rather, it’s an opportunity to share questions, goals and concerns. And, it’s a step toward creating a comfortable and successful future for you and your family.

 

The right advice makes all the difference. Contact an Investment Planning Advisor* at CDSPI to start planning for your financial future today.

1.800.561.9401 |  investment@cdspi.com

 

 

1New Evidence on the Value of Financial Advice, The Investment Funds Institute of Canada

*Investment Advisory services are provided by licensed advisors at CDSPI Advisory Services Inc. Restrictions may apply to advisory services in certain jurisdictions.

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