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HIRE A FAMILY FINANCIAL ADVISOR EARLY, CONSULT OFTEN

Updated on Jul 02, 2015

Cautions against shallow, materialistic priorities aside, money could indeed quickly become a literal “life-and-death” matter for 30 percent of Canadian families.

Troubling as the prospect may sound, 3.9 million Canadian households without adequate life insurance covering their primary wage earners would immediate strain to meet day-to-day basic living expenses. An additional under-insured 27 percent would make it a few additional months before times grew exceptionally lean.

Among all Canadians, it should easily be that 57 percent of households leading the line to seek a professional financial advisor’s counsel.

 

PREPARING FOR A MOMENT’S CHANGE

Losing the one or two adult family members who provide for every need and see that their dependents want for nothing can ripple and alter numerous lives in a single instant. It may seem morbid or even grossly pessimistic to ponder death’s ramifications well in advance, but having a set contingency plan for every major asset makes the scrutiny and fretting over the worst-case scenario worth the while.

Develop a close, personal relationship with your financial advisor as early as possible – preferably while you’re young and death seems a far-off inevitability – and acquaint this professional with your dependents as closely as possible. It does your succession plan good for the one managing your money to put a face to the people who would be affected most deeply by your loss.

There might seem to be as many financial advisors open for business as there are dollars in circulation. There is a fairly clear means of choosing the right one for you, though:

 

·         FAMILY & FRIENDS

Trust your loved ones first and foremost.

Chances are, someone you know closely and personally is working with a professional helping to navigate the complex world of personal finances. Chances are, if you tell those people that you’re seeking some sage financial planning, they’ll be glad to break down the pros and cons of their respective money managers.

Should everything check out, there’s an equally good chance that a personal introduction and referral will follow.

·         FACE TO FACE

If possible, arrange in-person meetings with your candidates.

There are just certain impressions of people that can’t be gained over the phone or through e-mails. You’re choosing the person in whose hands you’re going to be putting your livelihood, your investment and insurance strategies even for those you’d leave behind if the worst were to befall you.

Just as importantly, don’t settle on the first advisor you interview. Cast a broad net and consider your decision carefully.

·         GOOGLE

If you have several advisors already under consideration, then you’re off to a nice start.

Take that list and venture to Google looking for reviews, feedback and recommendations. In this day and age, there are social networks, forums and marketplace websites tailored to nearly every specific good, service and profession under the sun. Don’t trust the sum of your finances to any advisor without a majority of clients vouching for the expertise and service provided.

 

We at Blue Umbrella Financial Services don’t want to see you among the 57 percent of under-insured, under-prepared Canadian families left in uncertainty and peril after a major bread-winner’s sudden passing. Your initial consultation with us is absolutely free of charge, the first step in our personal stake in helping you hire the professionals best suited to look after your family now and into the future.

 

Free Consultation !

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