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A guide to getting good financial advice
By Shamez Kassam
$19.95 (Paperback) $7.99 (Kindle edition), 281 pages
WHO IT’S FOR: Everyone who wants to improve their financial literacy.
MORE SPECIFICALLY: Those individuals and families who want to manage their own money and financial planning, or find an advisor to help them do it.
DOES IT BUST ANY MYTHS: Yes, that advisors only provide investment advice
REALLY, LIKE WHAT?: Investing is only one part of ensuring your financial house is in order—financial planning, insurance, estate planning and taxation are also key.
WHY WE LIKE IT: The book really serves as a one-stop guide and roadmap that all Canadians—regardless of how much you know about money—can consult to learn their options when it comes to securing their financial future and deciding what financial advice they need.
WHAT’S SURPRISING: To learn that most advisors are not trained as accountants or lawyers, so expecting precise advice from them on these topics is not realistic. The best advisors are able to give big picture advice on what professionals their client may need and give them a few possible options.
ACTION ITEM: Take some time to fill in each of the nine Financial Advice Needs Assessment forms that are listed at the back of the book—including the Annual Financial Checkup form that should be filled in annually. They will help you assess your insurance, investment, estate planning and financial planning needs in an easy, concise way so you are well informed on your own financial situation before you seek out professional advice.
KEY TAKEAWAY: “It’s fine to delegate your financial affairs but never abdicate.”