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Financial Professionals for Debt Help and Beyond

When it comes to money matters, resources and help, here are the top four financial professionals that every financially successful person should know!

1. A Financial Planner

As Licensed Insolvency Trustees we meet with people daily who struggle to bridge the gap between their retirement income and their daily living expenses. No matter if your finances are big or small, the future will be here before you know it. When you have a solid financial plan, it’s easier to make good decisions and meet your goals, short and long-term.

Working with a qualified financial planner can help you:

• Manage your current income and savings;
• Ensure an acceptable standard of living upon retirement;
• Assess and implement appropriate insurances for your lifestyle;
• Provide for your family’s financial security.

2. An Accountant

As the expression goes, “only two things in life are certain”…  Because Licensed Insolvency Trustees offer virtually the only legal debt solutions to outstanding government debts, we regularly help people who are in serious financial trouble with Canada Revenue Agency, often because they were unaware of their income tax obligations and liabilities.

Even if you have straight-forward finances, a periodic check-in can help keep you up-to-date on tax changes. For those starting or already self-employed, a knowledgeable accountant can save many headaches down the road.

In addition to the potential savings of your valuable time (and money), some benefits of engaging a reputable accountant include:

• Their experience and current/up-to-date knowledge of income tax changes:
  • New/changing credits or benefits;
  • Filing requirements and set up.
• You avoid having outstanding income tax returns or GST returns.

3. A Lawyer

Arguably the professionals everyone “loves to hate” – but they can really save the day when you need one! Laws can be complex and we often hear from people facing major financial liabilities because they were not aware of the legal consequences of their decisions or actions.

Different areas of law require different lawyers, but in general it is a good idea to consult with a lawyer when you’re facing legal disputes or challenges. Some other common situations when talking with a lawyer can be very beneficial:

• Beginning of marriage or cohabitation;
• Separation or divorce;
• Business start-ups;
• Wills and estate planning;
• An accident or injury is involved.

4. A Licensed Insolvency Trustee (LIT)

The last professional is (let’s be honest) one that no one really wants to have in their contacts, but as we often say – “knowing is not owing”.  No matter where you are at financially, “life happens” and knowing where your resources are in the event life takes an unexpected turn can be crucial.  Debt continues to be a big challenge for Canadians and you need to know which professional to contact for guidance should you find yourself in need of debt help or advice.

Licensed Insolvency Trustees are the only professionals that the government of Canada empowers and endorses to help Canadians with debt. Some of the questions or situations a Licensed Insolvency Trustee can help you or your business with include:

• Explaining your legal rights and remedies when it comes to debt;
• Whether a debt is collectable;
• What to do when you can’t pay a debt;
• Providing knowledge of and debt solutions for virtually all types of debts;
• Free, impartial advice.

When it comes to finances, there is an expert professional with resources for each unique component – it’s important to take your financial advice from the right source at every step.

Feeling debt-stressed or have questions about how to manage, consolidate or write-off your debts? Book your free confidential debt consultation with a caring professional at Sands & Associates today – we’re here to help.

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Why might you need a financial planner?  Well, they’ll start by taking a look at where you are now, where you want to go and will identify obstacles that may be in your way.  If you’re heading off course, your financial planner will know where the road you’re currently on will lead.

When selecting your financial planner, the first thing that you’ll what to look for is a professional designation.  In Canada, anyone can call themselves a financial planner, without necessarily having gone through adequate training. The Certified Financial Planner designation (CFP) is internationally recognized and viewed as the standard for financial planning.  To be awarded this designation, the planner must pass standardized tests, have work experience in the field and abide by a code of conduct that puts the client’s best interest ahead of their own.  The planner must also stay up to date on changes in the industry through continuing education in order to maintain use of the designation.

It’s also helpful to look for a financial planner who works with an independently owned firm.  They are able to provide an objective opinion and offer a wide range of products.  If the planner seems more interested in making a sale than getting to know you and your financial situation, you may want to seek assistance elsewhere!

In marriage or common-law relationships, it’s important to be aware of the different attitudes that you and your partner have towards money.   Does your partner always need to have the latest new toy or are they continually updating their wardrobe?   If so, they may be someone who enjoys the immediate benefits of spending money now, over long-term benefits.  Have a discussion and set short-, medium- and long-term goals together, making sure that you both value what you will be working towards.  As an example, short-term goals may involve paying off debt, which might seem like more of a pain than pleasure, but would free up cash flow to save to buy a new car or home.

In addition to savings, good financial planning is about protecting your income and assets.  For example, making sure that you would still have money coming in if you were unable to work due to illness or injury, your planner could help you identify and implement an appropriate disability or critical illness plan.

You may want to contact a designated financial planner if you:

• Want assistance prioritizing your short-, medium- and long-term goals;
• Don’t have a pension plan at work and need to save for retirement on your own;
• Do have a pension, but aren’t sure if it will be enough;
• Don’t have disability or critical illness insurance through your employer.

Christine Conway, CFP, CHS, is a designated Certified Financial Planner and Certified Health Insurance Specialist.  She works for Braun Financial Services, an independent financial planning firm in New Westminster, B.C.  Christine also serves as the President of the New Westminster Chamber of Commerce.

To arrange a free, confidential consultation regarding available debt resolution options please contact us.

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