What problems does the financial industry solve for Canadian consumers? Where is the value added for interacting with the financial industry and why use an Advisor versus doing it yourself online?
To address these questions, here is a refresher on why the financial industry exists in the first place.
Simply speaking, there are two basic functions for the financial industry:
As the human brain ages and matures, it’s perfectly natural for memory to undergo a great deal of changes. The brain becomes less pliable and less able to form memories, which can lead to occasional forgetfulness or absent-mindedness.
There is a common misconception that, if left unaddressed, can having a devastating effect an individual’s long-term financial well-being. It is the belief that long-term care costs are fully covered by provincial health care plans if you or a loved one ever need this special type of care.
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Unfortunately, this is simply not the case. While programs do exist to cover some needs like these, most of the burden of long-term care costs usually fall to the individual or their family members.
No one wants to think about having their identity stolen or experiencing a theft of their finances. It is unpleasant, distasteful, and often feels like the type of thing that happens to other people, not to ourselves.
The sad truth is that, every single year, identity theft crimes result in billions of dollars lost by individuals just like you. Unfortunately, those numbers are expected to continue rising in the future.
The new October 2016 Federal Government Principal Residence Exemption (PRE) rules are causing many Canadians to review and revise existing Wills and Estate Planning strategies according to STEP (The Society of Trust and Estate Planners).
What is your most valuable asset? Many people will think about this question and come up with a variety of answers, but most people will likely say their home is their most valuable asset, while others may say a business they own or a retirement portfolio.
But for some people, understanding the answer to this question comes too late. Without warning, bad health can take its toll which can leave you disabled or severely ill and unable to continue with your everyday responsibilities.