A financial expert, such as an advisor, may assist you in planning for and achieving your own financial objectives when it comes to financial guidance. The ideal advisor will listen to your objectives and wish to assist you in creating a special plan to reach them.
In addition to managing client portfolios and insurance policies, Serge Robichaud is a financial counselor with Canada Life and Quadrus Investments. He also gives his clients insightful financial advice. For years, he has been assisting his clients in reaching their financial objectives and sharing his knowledge of financial topics on the internet.
What Is the Need for a Financial Advisor?
Money plays a crucial role in your life, whether you’re saving for your retirement, your child’s education, or even a down payment on your first home. For many crucial decisions, seeking the advice of an expert is far less stressful than trying to manage everything on your own. After all, many of us are not equipped to manage that kind of financial responsibility.
There are numerous reasons to seek advice from an expert before making important financial decisions. Let’s take a closer look at the advantages of seeing a financial advisor.
Serge Robichaud’s Perspective on AI in Finance
Based in Moncton, New Brunswick, Canada, Serge Robichaud is a bilingual financial advisor and professional who is now employed at Canada Life & Quadrus Investments. He has a wealth of experience in client account management and financial planning.
Serge Robichaud has a forward-looking outlook on the application of AI in personal finance, according to an interview and public profiles. According to him, the finance sector has already seen a transformation thanks to technology and data analytics, which automate repetitive jobs and provide real-time data, enabling more data-driven decisions and efficient procedures.
In particular, he believes AI is a potent instrument that will keep strengthening the bonds between humans and developing technologies. According to him, staying abreast of these advancements is a long-term business objective that will enable him to adjust his customers’ interests to new developments and assist them in making money. According to him, AI financial tools let advisors react swiftly to changes in the market and make financial plans more understandable.
Your Understanding of Managing Your Investments or Finances
You might want to think about consulting an advisor if you’re unsure how to make investing decisions that will help you achieve your own financial objectives. An advisor with knowledge in financial planning can be of great assistance if you need guidance on controlling debt or even striking a balance between spending and saving.
Certain advisors might also be qualified to assist you in making decisions regarding estate planning, tax preparation, and insurance coverage.
You’re Too Busy to Handle Your Investments
In a lot of situations, you may have wanted financial management assistance but just haven’t had the time. Or you can be so overwhelmed that you don’t know where to begin. You are not by yourself if that is the case!
“If you don’t have the time to actively monitor and manage your finances, you could choose to have a financial advisor handle it for you,” says Serge Robichaud. “People frequently want a professional opinion to support their decisions because they are just too busy to manage everything on their own.”
You Have No Interest in Taking Care of Your Own Assets
Working with an advisor can be the best option for you if you want to invest but aren’t very interested in the day-to-day procedures. For the simple reason that they are not interested in managing their own finances, some investors decide to deal with an investment advisor.
Robichaud chuckles, “Investing is just not everyone’s favorite job or pastime.” “But whether or not you personally enjoy the craft, it’s very important for everyone.”
Maintain Mental Acuity
It’s a nasty prank by many standards. People are supposed to be more focused than ever before, but it has never been this difficult to keep your mind from being overtaken by an endless stream of digital information. That’s largely due to your smartphone. For no apparent reason, we check our phones roughly every twelve minutes, but some people check them more regularly. How, therefore, can you maintain mental acuity in that setting?
Try putting down the phone a little more frequently, to start. After that, begin taking more actions,” Robichaud says. Try going for a walk in the outdoors or practicing meditation without looking at your phone. Perhaps even consider setting out time for family activities, such as having dinner together without the usage of electronics with your spouse and/or children.
Maintaining mental acuity will be crucial, particularly as you get older.
Don’t be afraid to take stock of your life and invest a bit more time, effort, and even money in improving it. You can discover chances to enhance not only your existence but also your well-being.
What Kinds of Financial Advice Providers Are There?
Advisors of many kinds might assist you in achieving various objectives. When choosing whether or not to work with an advisor, keep in mind that many of them have their own unique price schedule.
However, You Could Wonder: What Kinds of Financial Advisors Are There?
“Anyone who sells investments or gives investment advice must have a securities regulator registration and/or meet specific designation requirements,” Robichaud explains. “When you’re thinking about working with someone, always be sure to ask before investing. Asking them if they are a fiduciary is also crucial because it will have a big influence on your choice to collaborate with them.
The following individuals offer financial advice:
Individual Banker
Professionals employed by large banks and trust firms are known as personal bankers. Using their services doesn’t cost you anything up front; instead, the expenses are covered by your service fees or investment prices. They have received training on how to offer savings bonds and GICs. In order to sell mutual funds, they also need to be registered.
Advisor for Investments
This advisor can offer investing advice on almost any kind of securities and handles your investments on your behalf. Frequently, they are employed by companies that are registered as portfolio managers. These businesses are either privately held or owned by bigger banks. Nevertheless, depending on the firm, some might only work with affluent clientele who have at least $250,000 to invest. Depending on the size of the portfolio, they could also charge a fixed fee or an annual fee for their services.
Planner for Finances
To assist you in achieving your individual financial objectives, a financial planner typically collaborates with you to develop a financial plan. Risk management, investment planning, tax planning, retirement planning, and estate planning are just a few of the many financial planning topics they might offer you advice on.
According to Serge Robichaud, “you need to check in with them to verify how they’re compensated because financial planners are generally paid in a few different ways.” “Going into what you believe to be a consultation only to discover that you might be paying more than you anticipated is the last thing you want.”
You may be able to prioritize your financial priorities and have a secure future by working with a financial professional. Make sure to conduct study before making a decision and determining what is best for you.
Conclusion
A good window into the future of financial advice may be seen in Serge Robichaud’s viewpoint on the application of AI in personal finance. Being a seasoned financial counselor, he understands that AI financial tools are a potent supplement to human experience rather than a substitute. He and other progressive advisers may concentrate on strengthening client connections and provide more strategic, data-driven advice by adopting technology to automate repetitive chores and give real-time data. In the end, his strategy shows that the most prosperous financial professionals in the years to come will be those who use artificial intelligence to strengthen rather than weaken the human component of their services.
FAQ
How are financial advisors using AI?
AI improves financial planning by analyzing large datasets and predicting market trends more precisely.
How to use AI for personal financial planning?
There are multiple tools that use AI to help with budgeting needs. For instance, Cleo is an AI budgeting app that can provide a budget plan, send payment reminders and track your spending.
What is financial advisor IQ?
Financial Advisor IQ (FA-IQ) is a fast-growing news service and resource for financial advisors.
