What are Financial Planners and do you need one?

Not sure if you need a financial planner? Here’s a look at what financial planners do and how they might benefit you.

What happens to something when you plan it? It gets better. Unfailingly. A vacation, some surprises, a trip abroad, and your finances, all need planning. Strategy, organization, growth, whatever you call it, planning is a critical part of achieving your goals.

In fact, planning is key to attaining your goals, but it also depends on the execution. The reason most plans fall through is not because of just execution, but because of errors or oversights in planning. Most people are put off by planning because of the time it consumes, and the mental effort required.

However, planning is a key step towards a better financial future. Planning helps you assign values and timelines to help you get out of a rut, or improve your state of life, and quantifies intangibles into tangible results. With direction or a goal to look forward to, life begins to seem more interesting, or perhaps more importantly more in control.

What are financial planners?

In order to hold out as a financial planner in any Canada, individuals must obtain a QAFP or CFP designation by the FP Canada. In order to maintain the designation planners are required to complete continuing education requirements. 

Financial planners are professionals whose job it is to help you plan how to manage your money. They help you navigate through those life changing events with peace of mind. Our Financial Planners through Credential Asset Management and Credential Securities at Innovation Wealth provide holistic financial plans that includes strategies for retirement, risk management, estate planning and distribution as well as succession planning.

Their primary function is to provide you advice that helps you reach your financial goals. While some may help you with taxes, others help you with a holistic approach on how to solve your debt and financial troubles. Some will advise on investments and the type of investments you can make. However, all of them are focused on one thing: to improve your financial situation.

It is especially advisable to make use of financial advisors in the following scenarios:

You are getting close to retirement:

Despite having saved for so long, most retirees end up with inadequate savings. This often leads to frustration, forced frugality, and constant stress. Hiring a financial planner can help ease the pressure. Their wealth of experience and expertise can help ensure that you reach your retirement goals with the financial means to enjoy it, without having to make too many compromises. Consider a financial planner to help you through the pension and investment options available to you.

You want tax advice

Taxes can be an advantage but can also be a misery. You might find that a large portion of your income, which could otherwise be used to plan for your wedding or a holiday, is being eaten up by annual taxation. On a world scale, Canada was found to be the 7th highest among 34 countries whose tax rates were measured. Taxes eat away at your income, and the more you earn, the more you pay.

You want to make more money:

Very rarely do you find a person who says no to making more money. So, if you’ve been stuck with an income level and have tried multiple methods to invest, grow or maximize it but find yourself hitting a ceiling, you might consider the use of a financial planner.

A financial planner can help check your patterns of spending, observes your income and financial statements, analyses your investments, understands your debts, and organizes a way to maximize your income while doing away with the unnecessary expenditures. In a way, consider your financial planner as someone who takes all the stresses and necessities associated with money management away, allowing you to focus on one and one thing only: making more money for your defined goals.

Key qualities of a financial planner

There are plenty of qualified professionals available in your local market. To find the right fit, interview some financial planners and in doing so look for these qualities:


Thorough knowledge of budgeting and planning is what separates the best from the average. A highly knowledgeable financial planner is likely to be extremely resourceful.


You can’t put a price on honesty. An honest financial planner tells your situation for what it is, values your money, and safeguards your interests like it was their own.


The first thing a financial planner will tell you if you speak to one, is whether you need one. A brief look at your financial files and statements and they will know what is required.

Who needs a financial planner?

Who doesn’t? If you think you don’t, perhaps there are opportunities to enhance your money making/saving power that you don’t quite see. We hope you will give us the opportunity to show you how we can help. Book a meeting with one of our Financial Planners and experience firsthand how a professional planner can help.

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Mutual funds and related financial planning services are offered through Credential Asset Management Inc. Mutual funds, other securities and securities related financial planning services are offered through Credential Securities, a division of Credential Qtrade Securities Inc.The information contained in this article was obtained from sources believed to be reliable; however, we cannot guarantee that it is accurate or complete. This article is provided as a general source of information and should not be considered personal investment advice or a solicitation to buy or sell any mutual funds and other securities.

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