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How Investment Advisors can optimize your savings strategy

We often associate Investment Advisors with our ultimate savings goal—retirement. They help us create an effective retirement income strategy so we can live our later years as relaxed—or adventurous—as we want. And, yes, retirement planning is the cornerstone of any long-term financial plan but there are so many other key pieces that make up a comprehensive financial plan that your advisor can help you navigate through.

Next time you’re sitting across your Investment Advisors, talk to them about more than just retirement. Here is how they can help you optimize your savings strategy with a comprehensive financial plan.

1. A clear path to goals.

Comprehensive investment planning starts with drawing up a solid picture of your current position, including details of your income, assets, expenditure, and debt. This allows you to set clear paths toward achieving specific goals, whether that’s long-term planning for retirement, or nearer objectives such as paying for children’s schooling, making a major purchase, or increasing your charitable giving.

2. Investment planning.

A comprehensive financial plan can help you get the most out of your investment funds by reviewing your current holdings (if any) and recommending ways to optimize in the future. Whether you’re looking for stable retirement savings or a higher-risk short-term investment, planning is the first step to investing effectively. An Investment Advisor can help you figure out what it is that you want from your investments and the best approach to help you get there.

3. Full insurance review.

They can also take the time to review your insurance situation to ensure you’re getting the right coverage at the right price. What’s more, an Investment Advisor will help you identify ways insurance can be used to build your wealth in a tax-efficient way, such as buying a life policy with a cash-out value.

Crucially, they can call on the expertise of insurance experts if necessary to fully optimize your coverage.

4. Tax planning.

Tax law is notoriously complicated, and planning for efficiency while staying within the regulations is a task for experts. A good Investment Advisor will have a strong knowledge of tax in overview and will be able to identify areas where a relevant professional can be consulted to provide the best solutions to any issues you have.

5. Efficient estate planning

The value of the estate you leave depends on the efficiency of the investments and tax plans you make now. A fully comprehensive plan will make sure your legacy is as valuable as possible, with more of your hard-earned wealth passing to your family. A solid estate plan will cover everything from drawing up a suitable will to navigating the intricacies of estate tax law.

6. Day-to-day budgeting, cash flow, and debt reduction

Lastly, planning can help with your everyday finances, as much or as little as you prefer. From optimizing your income and cash flow to set up efficient debt repayment programs, the expertise of an experienced planner can assist in many significant ways which can include a realistic and personalized budget.

While no one disagrees that retirement planning is vital, using a comprehensive plan across your wider finances will ensure you’re making the most of your money at every stage in life.

The stuff we have to say.
Coast Capital Savings Federal Credit Union provides advice and service related to deposit, loan and mortgage products. Coast Capital Wealth Management Ltd provides investment and financial planning services. Coast Capital Financial Management Ltd. provides advice and service related to segregated funds, annuities and life insurance products. Worldsource Financial Management Inc. provides advice and service relating to mutual funds. Mutual fund values change frequently and past performance may not be repeated. Commissions, trailing commissions, management fees and expenses may all be related with mutual fund investments. Important information about mutual funds is contained in the relevant fund facts and simplified prospectus. Please read the fund facts carefully before investing. Only deposits held in Canadian currency, having a term of five years or less and payable in Canada are eligible to be insured under the Canada Deposit Insurance Corporation Act.

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