What to Expect When Working with a Financial Advisor

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As you start practicing and earning a regular income, it’s important to consider your financial future. A recent study showed that working with a financial advisor leads to higher personal savings, and can also strengthen the overall economy. An Investment Planning Advisor* at CDSPI can help create a plan that’s right for you – taking the guesswork out of financial planning while helping you reach your goals.

Here are some of the most frequently asked questions and an overview of what you can expect when working with one of our advisors.

What do our Investment Planning Advisors do?

Our advisors are accredited professionals who have a minimum of ten years of experience working in an advisory capacity. They work exclusively with dentists and dental professionals to develop a customized financial plan that considers your personal and business circumstances and goals. They provide recommendations to help you protect yourself and your income, maximize your savings, invest wisely, and pay down debt. They are salaried, and compensation is not tied to products sold or revenues generated – so you can be assured that you are receiving unbiased advice that is in your best interest.

What is a financial plan?

A financial plan is a document that outlines a person’s current financial situation, short- and long-term goals, and strategies to achieve those goals. A basic financial plan includes strategies for savings and debt repayment, as well as a long-term investment plan to grow your wealth, and a risk management (insurance) plan to protect your wealth. A financial plan will likely also include a tax reduction strategy, a retirement plan, and an estate plan.

What do I need to have with me for my first meeting with an advisor?

We recommend you bring your loan statements and investment statements to the meeting.

What will my first meeting with an advisor look like?

Here’s a look at what an advisor will discuss with you during your first meeting:

  • Who CDSPI is, what we do, and our investment program
  • Your goals and objectives for the short, medium, and long term
  • Your assets and liabilities (including your current income and future income expectations)
  • Budgeting to determine expenses and cash flow
  • The difference between RSPs, TFSAs, RESPs, Non-Registered accounts and how they can benefit you
  • Risk tolerance to determine a suitable asset allocation (you will complete a questionnaire)
  • Other financial management topics such as insurance, taxes, and incorporation
  • The importance of having professionals who know the industry on your side – it is like having the right lawyer, accountant, etc.

The above information will allow the advisor to create a comprehensive financial plan that will be presented to you for further discussion and changes as needed.

What will my first meeting with an advisor look like?

While this ultimately depends on your goals and personal and business situations, we typically encourage clients to check in once per year to re-evaluate their current situation. We’d also suggest checking in within the year if there have been any major life changes such as marriage, a significant purchase, children, etc. This allows the advisor to adjust the plan as needed and ensure you’re on track to achieve your goals.

We know that managing your financial future can be complicated. Let us help make it simple. Get started today by booking a meeting with an Investment Planning Advisor at CDSPI Advisory Services Inc..