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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:
The growth needs of consumers and of companies come together to answer the three basic generalized needs of all Canadians:
– Retirement and asset building strategies.
– Income replacement and Estate Planning.
– Life, disability, critical illness and long term care programs to provide for immediate lifestyle needs.
Increasingly, a fourth need started to arise about 20 years ago with the rising incidence of divorce. Addressing the financial and lifestyle impacts of divorce is now a focal point of the industry.
The role of industry participants, whether they are financial planners, financial advisors, life insurance agents, car and house insurance, mortgage brokers, car leasing/sales or real estate agents, amongst others, is to assist Canadians in the purchase and consumption of financial products that both protect their current lifestyle and assist them to build assets and wealth as efficiently as possible over time.
However, this is not common knowledge from a strategic level just by reading the business press or self-help books. Too much time and attention is spent by industry participants on the complexities of the various products and services offered rather than on the more important contextual issues of how people are personally doing in achieving their lifestyle hopes and dreams, both now and in the future.
Call us today to help you separate out the urgent financial issues (emergency savings, cash flow etc.) from the important ones (career earnings, investment returns, risk mitigation and tax strategies) for your situation.
Copyright © 2017 AdvisorNet Communications Inc., under license from W.F.I. All rights reserved. This article is provided for informational purposes only and is based on the perspectives and opinions of the owners and writers only. The information provided is not intended to provide specific financial advice. It is strongly recommended that the reader seek qualified professional advice before making any financial decisions based on anything discussed in this article. This article is not to be copied or republished in any format for any reason without the written permission of AdvisorNet Communications. The publisher does not guarantee the accuracy of the information and is not liable in any way for any error or omission.