The Lesser Known Specialist You Need On Your Financial Planning Team

A New Year is considered a fresh start to many, so what better time to give some attention to your finances if you have been neglecting them or let them become a little disorganized? There is a lesser known specialist most Canadians are missing from their financial advisory team that can help you get things on track.

Why Financial Planning Matters More Today Than Ever Before
To give some context, the concept of financial planning is relatively new. Prior to the 1970s the traditional advice of go to school, get a job, and stick with the same employer to max out a defined benefit pension plan worked pretty well and most people were satisfied with that method of looking after their retirement. 40 years later these defined benefit pension plans are nearly extinct (except in the case of public sector jobs), our world is increasingly complex, and there are now a vast array of financial planning tools at the disposal of the average Canadian. The reality today is that you’re in charge of your own financial destiny – it’s sink or swim and there is no more relevant time in history to have qualified financial planning professionals on your team.

Specialists on Your Financial Planning Team
If you want to be wealthy, it makes sense to copy the behaviour of wealthy people. One of those behaviours is seeking specialized advice from highly qualified professionals. For example, if you needed heart surgery you would want to consult a Cardiovascular expert rather than having your General Practitioner give the surgery a try… right? In the realm of personal finance most people benefit from having a team of advisors who are each experts in their specialized area. For example:

Investment advisor – can help you coordinate your financial plan and select suitable investments to achieve your wealth and lifestyle goals
Accountant – can advise on taxation issues and make sure your plan is tax effective
Lawyer – can advise on estate planning needs and legacy issues (think wills, trusts, contracts)
Insurance professional – can advise on proper protection and risk management with various insurance products (life, disability, property)

The Missing Link
Most Canadians are missing a specialist on their financial planning team – their debt advisor. With household debt levels at an all-time high there is an unprecedented need for debt advice from a qualified mortgage professional.

The silver lining to high household debt levels, is that rising housing prices have created a substantial amount of dormant equity in the homes of millions of Canadians. Having a mortgage professional with formal financial planning training will mean that you have someone to show you:

1. How to unlock dormant equity in your home as effectively as possible,
2. How to optimize your debt structure to work best in accordance with your overall financial plan,
3. Or, the best options to purchase your first home if you’re ready to become a first time homeowner

Get the Best Advice You Can
This may seem like common sense but it can’t be reiterated enough as your financial future truly depends on the advice you get. Keep in mind that the advice of a mortgage professional (unlike many other advisors) is typically free to you since they are compensated by the lender. This means it costs the same to work with the best advisor as it does to work with the worst.

“If you think it’s expensive to hire a professional to do the job, wait until you hire an amateur.”
-Red Adair

No mortgage or financial planning team in this country does more borrowing to invest or borrowing for wealth creation than our team. We have the business track record and formal education to support your plan and to help you achieve your financial goals. Volatile markets create opportunities and we would love the opportunity to help you capitalize. Call our office today to discuss how we can help at 1-855-410-9905 or email

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