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How A Financial Advisor Can Help You Get Financially Fit

by Invisor Last updated on March 29, 2017 Tags: Save Well

Whether you're a regular or not-so-regular gym-goer, there's something we can all agree on: keeping up your fitness level takes work. 

Depending on what we want to accomplish, the amount of work we put into achieving our fitness goals will vary. Our goal may be to maintain our current fitness level, or incorporate more exercise into our lifestyle. Maybe we're training for our first half-marathon, or a larger fitness competition. There are also different levels of support we can seek to help us reach these goals. Some of us may prefer to workout solo, while others opt for a gym buddy. Or, we can choose to hire a personal trainer for professional support in achieving our ideal fitness level. 

Financial advisors are a lot like personal trainers. They consider a client's goals, and create a plan that helps them achieve those goals. The level of service a financial advisor provides can vary depending on their client's wants and needs, just like a personal trainer may include extra training sessions or nutritional meal plans in the services they off to their clients. 

When we’re trying something new, or have struggled getting the results we want, setting a new goal can be tough. This is where the professionals come in.

People who work with personal trainers have reported better, quicker, and longer-lasting results. Similarly, Canadians who have worked with financial advisors have built  2.5 to 3 times more wealth over those who have invested on their own, and 74% have said that having a financial plan makes them feel good about their retirement planning.

Here's how working with a financial advisor can be as beneficial for your financial goals as a personal trainer is for your fitness goals. 

They help you set realistic objectives around specific needs

Personal trainers: work to understand your goals, fitness level, lifestyle, injuries, and any restrictions you may have to create a fitness plan customized.

Financial advisors: work to understand your financial situation, specific goals, risk tolerance, and timeline to create a plan that you’re comfortable with. With the help of your advisor and the customized plan they recommend, you’ll save more money and reach your goals more efficiently. In fact, a 2011 HSBC study found that people with financial plans accumulated almost 250% more retirement savings than those who didn’t have a financial plan.

They help you form long-lasting habits

Personal trainers: can teach you the most effective exercises and nutritional tips to help you stay in top shape. By consistently working with a trainer and learning what works for your body, you develop good habits that last long after your sessions are over.

Financial advisors: help you form strong financial habits, whether it’s by setting up pre-authorized contributions for your savings and investment accounts, encouraging you to schedule regular meetings to check in on your plan, or teaching you how to be mindful in tracking your goal progress. Your advisor helps you see your goals as milestones to work towards, like early retirement, rather than just an amount to accumulate.

They keep you motivated and accountable

Personal trainers: push you to do your best every workout, check in on your improvement with fitness testing, and help you see how far you’ve come with progress reports.

Financial advisors: keep you on track with regular meetings at your convenience, create a detailed financial plan that can be implemented into your everyday life, and help you refocus your goals if you’ve strayed from your plan. Don’t believe it? 88% of Canadians who have worked with one say they wouldn’t be where they are today without the advice of their advisor.

They fit into your schedule in a way that's convenient for you

Personal trainers: are available before or after business hours, during your lunch break, or on the weekends to ensure your workouts fit seamlessly into your lifestyle.

Financial advisors: can make themselves available outside of working hours. For example, our advisors are just a call or click away, and always available via email or phone whenever you have a question.

If you’re considering working with a financial advisor, or not sure if it’s right for you, ask yourself if you would benefit from extra support, professional advice, and a goal-based plan. Use these tips to help you determine if a financial advisor is right for you. Above all, don’t neglect your financial health. Knowing your finances are working in top shape can feel as good as crushing a tough workout.

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