11.3.1 Professional advice

From: Financial Consumer Agency of Canada

 Answer the questions in this quick quiz:

Do I need financial advice?

Yes No Not sure
Can you balance your expenses against your income each month?
Do you know how to adjust your finances to accommodate recent changes in your life? (e.g., retirement, loss of a job, a change in career, an inheritance, an addition to your family or the loss of your spouse)
Do you know the value of what you own?
When you borrow money, is it "good" debt rather than "bad" debt?
Do you feel you are paying the minimum income tax you owe?
Are you clear about where to invest your money?
Do you understand what insurance you need?
Do you have the time and skills to put your own financial plan together?
Do you know how much money you’ll need when you retire?
Have you provided for your loved ones after your death?

If you answered Yes to all these questions, congratulations. You're on your way to good financial management. If there were questions that you were not sure about or answered No to, you might benefit from talking to a financial professional.

There are many types of financial professionals. Some offer detailed advice about specific products and charge only a fee or commission that is included in the price of any products you buy. Some charge hourly consulting fees or rates that are based on the value of your portfolio. It's important to find a financial professional who has the knowledge and experience to give you the advice you need at a cost that is appropriate for your needs.

The next section can help you decide what type of financial professional can help you plan your finances.

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