Knowing how to manage your money is important but a large number of Canadians don’t have the knowledge they need to succeed financially. A recent study by Statistics Canada reveals there is a widening gap in financial knowledge between men and women, particularly among older and more educated Canadians.
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Helping clients create tax efficient methods of drawing income in retirement is a great way for advisors to increase their value proposition and differentiate themselves from the crowd. Most clients require a little more attention during tax season, but for those in their retirement years (or approaching retirement) the tax services provided by an advisor and their team can be vital.
Being able to offer sound, comprehensive tax planning advice is key for any modern advisor. As regulations tighten and competition continues to heat up, advisors are under pressure to differentiate themselves from the crowd. For advisors who live by the misconception that all tax related work should be the responsibility of the accountant, Blake Griffith, an advisor at Sun Life Financial, urges a shift in perspective.
Whether you’re saving for your first house or planning for retirement, hiring a financial advisor is one of the smartest decisions you can make. But when you eventually meet that advisor, don’t expect him or her to give you a solid plan without your help. You’ll want to prepare bill statements, a list of your investments and note all your goals so that he or she has a clear understanding of your financial history.
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