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The Scrivens Perspective – Winter 2021
We made it!
2020 was a year for the history books but it’s time to focus on the future as we move forward to an encouraging 2021.
I’m hopeful the various vaccines are rolled out to Canadians efficiently and look forward to the time when we can shake hands again!
Until that time comes, our office doors remain closed but our dedicated team continues to support your insurance and investment needs.
I am thrilled to welcome a new member to the Scrivens commercial insurance team, Claude Miron. He has been an insurance professional for over 25 years. Fluently bilingual in English and French, Claude brings considerable knowledge to our team. Welcome aboard, Claude!
Click here to read Claude’s employee spotlight
I would like to remind you that there are many mental health resources available should you need support. The Canadian Mental Health Association has a web page dedicated to Covid-19 mental health and well-being: https://cmha.ca/news/covid-19-and-mental-health.
Many employers also have resources available through their employee benefits programs. Speak with your employer to learn what is available for you.
The new year is filled with opportunity; we hope that you are successful in all you do over the coming year.
Stay healthy, stay safe.
FAQs
What is financial advising?
Financial advising involves providing guidance and advice to individuals, families, or businesses to help them make informed decisions about their financial matters. This can include various aspects such as investment planning, retirement planning, tax planning, estate planning, and more. Financial advisors analyze their clients' financial situations, goals, and risk tolerance to create customized strategies that align with their objectives.
Why is financial planning important?
Financial planning is crucial for several reasons:
Goal Achievement: It helps individuals set and achieve financial goals, whether they are short-term, such as buying a home, or long-term, like funding a comfortable retirement.
Risk Management: Financial planning addresses risks by considering insurance, emergency funds, and other protective measures.
Budgeting and Saving: It promotes responsible money management through budgeting and saving, fostering financial stability.
Wealth Building: Effective financial planning can lead to wealth accumulation and the creation of a secure financial future.
Can financial advisors help with debt?
Yes, financial advisors can help with debt management. They can assess your overall financial situation, create a budget, and develop strategies to pay down debt efficiently. They may also negotiate with creditors on your behalf, provide debt consolidation recommendations, and offer guidance on prioritizing and managing debt repayment.
What exactly does a financial advisor do?
The specific responsibilities of a financial advisor can vary, but generally, they:
- Conduct a thorough analysis of a client's financial situation, including income, expenses, assets, and liabilities.
- Develop personalized financial plans based on the client's goals, risk tolerance, and time horizon.
- Provide investment advice and portfolio management services.
- Offer guidance on retirement planning, estate planning, tax planning, and insurance.
- Monitor and adjust financial plans as needed based on changes in the client's life or market conditions.
- Educate clients on financial matters and empower them to make informed decisions.
What is the average fee for a financial advisor?
The fees charged by financial advisors can vary widely based on factors such as the advisor's experience, the services provided, and the region.
Common fee structures include:
Hourly Fees: Advisors charge an hourly rate for their services.
Flat or Fixed Fees: A set fee is charged for specific services or a comprehensive financial plan.
Asset-based Fees: Fees are a percentage of the assets under management (AUM).
Commission-based Fees: Advisors earn commissions on financial products they sell.
Combination of Fees: Advisors may use a combination of the above fee structures.
It's important to discuss and clarify fee arrangements with a potential financial advisor before engaging in their services.