The thing is, you don’t have to find your way all on your own. Financial advisors are allies in your journey. They are here to check in with you, to help answer the big and small questions that may affect your family, your lifestyle and your goals for the future.
Talking about money doesn’t come naturally to everybody — and that’s OK. Maybe you don’t know where to start. That’s OK too. Here are five questions to ask an advisor during your check in.
1. Are My Investments OK?
The economy and stock market have been giving many investors concerns. While the news may be reporting ups and downs in the market, that doesn’t mean every movement affects your individual financial picture.
When you meet with an advisor, you can take the time to explore which of your investments are doing well, and which ones may be struggling. Together, you can discuss the moves that might be worth making to your portfolio so that you can remain on track to reach your investment goals.
2. Should I Defer a Mortgage Payment?
There can be pros and cons to deferring a mortgage payment. While this move may offer some immediate financial relief, it may come with financial consequences down the road. An advisor can review your situation and recommend a course of action that takes into consideration what’s best for you today, and in the future.
3. Can I Afford to Take a Pay Cut If My Employer Asks Me To?
Many businesses across the country are feeling the impact of the pandemic. Because of this, some businesses have asked staff to accept a temporary reduction in pay to help weather the storm. An advisor can look at different income scenarios with you and help you determine how a pay cut — whether it’s permanent or short-term — might affect your ability to cover life’s expenses.
4. Should I Still Be Contributing to My RRSPs/RESPs, or Keep My Money More Accessible?
When the future is uncertain, it may be tempting to keep your money on hand, versus investing it in a savings plan. An advisor can work with you to achieve the balance between cash on hand and future savings that makes the most sense for you and your goals.
5. How Can I Reduce My Day-to-day Expenses?
Many people have reduced their spend on life’s common expenses — from gas to clothing, even entertainment. An advisor can help you reshuffle your budget and find even more ways to save, potentially giving you some financial breathing room.
A financial advisor is here for you — through both good times and tough times. While they can’t predict the future, they can help you prepare for it. The key is to start the conversation.
We are here to help. When you’re ready, book an RBC Check In with an advisor today.
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.
