Financial Experts Play Crucial Role in New Year Planning
As the new year begins, financial experts emphasize the importance of comprehensive financial planning. Engaging a team of financial advisors and maintaining regular communication with them can significantly enhance one’s financial management strategy, especially when facing life changes or pursuing new goals.
For many, the first point of contact in this process is their banker. At BMO, customers like Sarah Johnson have found value in consistent dialogue with their bankers. “My banker, Andrew, keeps me informed about current products and services,” Johnson explains. “Recently, he alerted me about a maturing investment, which had a substantial impact on my financial planning.”
Independent financial advisors also play a critical role in long-term financial health. Liz Thompson of the New School of Finance stresses the importance of preparation before these meetings. “Clients should reflect on the past year and gather their financial data,” Thompson advises. “This allows us to create a collaborative strategy for achieving their financial goals.”
Online banks are increasingly offering dedicated wealth advisors to their customers. Scott Miller, a wealth advisor at Wealthsimple, notes, “We discuss investment and savings adjustments based on new financial plans. Our clients appreciate the autonomy in managing their accounts while still having access to professional support.”
Tax considerations are another crucial aspect of financial planning. Accountant Danny Lee highlights the learning curve associated with transitioning to quarterly business tax payments. “It’s a process of continuous improvement in managing one’s financial expert team,” Lee states.
As individuals refine their financial management strategies, experts stress the importance of knowing which professionals to consult and when. By leveraging the expertise of various financial advisors, individuals can create a robust financial plan tailored to their unique circumstances and goals.
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