Why use a financial planner if you’re already working with an accountant and a lawyer? A financial planner can identify gaps in your financial strategy and help you achieve your goals more effectively, making their role a valuable addition to your team. Financial planners in Ottawa partner with professionals such as lawyers and accountants to help their clients achieve their dreams.
Accountants, Lawyers, and Financial Planners
Each profession offers essential services specific to it. An accountant, for example, typically won’t provide estate planning advice, and a lawyer won’t give you investment advice. A financial planner will offer estate planning and investment advice, but won’t prepare your financial statements and can’t set up a trust.
Accountants
Accountants focus on recording and analyzing financial data. Some of their primary duties include:
- Preparing financial statements
- Tax preparation
- Analyzing financial data
- Preparing budgets
- Evaluating accounting strategies
- Conducting audits
Your accountant will provide many valuable insights into your finances, especially if you own a business. Services they offer include analyzing your business’s profitability, helping you set a budget, and determining which accounting strategy is best for you. Accountants also help clients minimize business and personal taxes.
Accountants are often essential to maximizing your wealth, minimizing expenses, and developing future financial projections. They can advise you of the impact and possible outcomes of your financial decisions.
Lawyers
Lawyers provide legal services and advice so that you can accomplish your goals. They may also warn you of the potential liabilities of your decisions. A lawyer who works with your financial planner can:
- Create a trust by drafting and executing documents
- Set up a will
- Review your financial plan and advise you of any possible liabilities or tax penalties
- Develop a prenuptial agreement
- Assist you with life events such as marriage, divorce, the birth of a child, or the purchase of property
A lawyer’s services will create the legal framework you need to implement your financial plan and protect you from liability.
Certified Financial Planner
Accountants and lawyers provide necessary services, but they usually don’t consider your entire financial picture or life circumstances. A certified financial planner will take into account all aspects of your life, such as family needs and personal goals, to make tailored recommendations that help you succeed.
What does a financial planner do?
A CFP will partner with you to clarify your objectives and develop a comprehensive plan that considers your entire financial picture and your personal situation, helping you feel secure about your future.
The six areas of focus your CFP has are:
- Financial management: Your CFP will review your income, assets and liabilities to get a clear picture of your finances.
- Insurance and Risk Management: They may recommend Insurance products to reduce your risk if you become ill or protect your family if you pass away.
- Tax planning: Efficient tax planning will ensure you’re not overpaying now or in the future.
- Retirement planning: Your CFP will discuss your retirement goals and partner with you to create a plan to achieve them.
- Investment planning: This is a critical piece of your plan. Your financial planner will work with you to determine your risk tolerance, timeline, and the rate of return you need to achieve your goals.
- Estate planning: Estates can be complex. You may have a beneficiary who needs care, dependents, or other complicated family situations. Your CFP will recommend the best ways to ensure your beneficiaries are taken care of after you pass away.
You may need an accountant and a lawyer to put your plan in place. These professionals work with financial planners to create a supportive partnership that keeps you informed and confident in your financial journey.
Finding a Certified Financial Planner in Ottawa
A well-designed financial plan considers more than just your money. With over 30 years of experience in Ottawa, MDL Financial Group is dedicated to helping you feel secure and confident in achieving your personal goals. Contact us online or call us at 613-416-9649 to start your customized plan.
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