Understanding the Role of Online Financial Advisors

Online financial advisors are professionals who provide personalized financial advice via digital platforms. They provide strategic recommendations to clients who need assistance with financial planning, investment management, retirement planning, and much more. Online financial advisors are becoming increasingly popular for their convenience, affordability, and user-friendly interfaces that make the often complex world of finance more accessible to the everyday individual.

Choosing to work with an online financial advisor can be a crucial step in improving your financial health and achieving your investing goals. However, the process of choosing a financial adviser requires careful thought and research. Here are some important factors to consider before making a decision.

Determining your Financial Goals

Before you start choosing a financial adviser, it is important to have a clear understanding of your financial goals. Are you planning for retirement, saving for a home, or looking to grow your wealth? Each of these goals will require a different approach and may influence the type of financial advisor you select. For example, if retirement planning is your priority, you might want to look for advisors with specific expertise in this area.

Assessing the Credibility of the Advisor

The credibility of the advisor is crucial for building a strong professional relationship. Before you choose an advisor, it’s important to verify their certifications, areas of expertise, and track record. You can easily check an advisor’s credentials using the CERTIFIED FINANCIAL PLANNER™ (CFP®) website, check their professional history via the Financial Industry Regulatory Authority’s (FINRA) BrokerCheck, or simply review their LinkedIn profiles.

Understanding Fees

Understanding how online financial advisors charge for their services is another key consideration. Some advisors charge a flat fee, while others may take a percentage of the assets they manage. Additionally, some may charge per transaction or per hour. It’s essential to clarify these fee structures in order to choose an advisor who fits your budget and aligns with your financial situation.

Checking for a Fiduciary Standard

A fiduciary financial advisor is obligated to act in your best interest. This means that they are legally required to make recommendations that they believe are the best for you, even if it means less profit for them. Before choosing a financial adviser, ask if they follow a fiduciary standard. If not, consider seeking advice elsewhere, as this could affect the advice that you receive.

Evaluating Customer Service

While automation and robo-advisors are oftentimes beneficial for efficiency and cost-effectiveness, human interaction still plays an important role in financial advising. Before you commit to an advisor, take the time to evaluate their customer service. Are they responsive? Are they willing to take the time to answer your questions and explain their strategies?

In summary, choosing a financial adviser online is a significant decision that requires careful consideration. By researching diligently and understanding your own needs, you can select an advisor that is a perfect fit for your financial goals and portfolio. The online realm of financial advising opens up many opportunities for individuals to take control of their financial health in a convenient and approachable manner. Choose wisely and invest in your future.

By Thor Hanso

The old saying goes that two things in life are certain: death and taxes. Although this is true taxes don’t have to be quite as painful as it was 15 years ago. Prior to the internet and personal computers for everyone filing your taxes was a terrible affair that required either an accountant or plenty of time. However, with the introduction of the internet filing your taxes is much easier than before.

However and quite surprisingly, is that not everyone in Canada files their taxes online. In fact, according to CBC in 2009 only 56% of tax returns were filed online. This means that 44% of the people are either using the old-cumbersome method of paper or using the automated telephone method, Telefile. Here is the breakdown of various tax-filing methods.

Paper – 11.29 Miillion returns (42.4%)

Netfile – 4.63 Million returns (17.4%) – The system that individuals use when filing their taxes through software applications like TurboTax, Ufile, etc

EFile – 10.24 Million returns (38.5%) – The system that tax professionals use to file other people’s taxes.

Telefile – 445,067 returns (1.7%) – An automated system used for VERY simple tax returns.

In this computer aided world where the internet, computers and various tax processing software making things easier it’s hard to see people filing their taxes with paper. However, over 11 million people filed their taxes with paper in 2009! The need for a paper version is fairly clear, however, for anyone with a slightly complex tax return the increased value in using a computer aided version must outweigh the costs of the software!

In fact, it would be interesting to know if people filing their taxes with paper missed out on money (ie: deductions) that they didn’t know existed. Did they get their full RRSP deduction, tuition transferred, investment income, etc Is it was worth saving the money for the tax-software? In addition, filing your taxes online provides a much quicker turn-around time for your tax-return if the government owes you money!

The next question is what are the costs to the tax-payers of Canada to have a paper-tax filing system? Surely an online tax filing method must be cheaper than paying government employees for data-entry. What about placing the paper-forms online so everyone can file online and the data-entry step is removed!

The Canada Revenue Agency’s NETFILE system, the system used to file your taxes online, is turning 12 this year. This means we’ve been able to file our taxes online for 12 years. In this time the citizen’s of Canada have gone from 0% filing online to 56% this is a huge increase but still much lower than expected from a computer dominated world! How many more years till everyone is filing their taxes online or till the government makes it mandatory to file online?

Like it or not taxes are complex and the amount of different government programs is hard to keep track. Might as well use a tax software where you simply fill in the required boxes, it checks your return for errors and provides all the calculations accurately. With the various tax-software platforms the cost associated with the software is very competitive and can be as in-expensive as $6.

About the Author: For a full review of the

best Canadian Tax Software

visit Thor’s website

Best Tax Software

.

Source:

isnare.com

Permanent Link:

isnare.com/?aid=703586&ca=Finances

byAlma Abell

If a person finds themselves in a financial problem they cannot get out of, their only option may be filing for bankruptcy. If an individual is considering filing for bankruptcy, they should hire a bankruptcy attorney in Hamilton OH. There are several ways that an attorney can help.

Realistic Evaluation of the Situation

In some cases, bankruptcy may be the individual’s best options. In other cases, a credit counselor can help the individual get out of financial trouble without needing to file for bankruptcy. Most people would not be able to look at their situation and know the best course of action to take. A Bankruptcy Attorney in Hamilton OH can look the individual’s financial situation and give them the best advice for their particular situation.

Chapter 7 or Chapter 13?

If bankruptcy is the best option, the individual would need to figure out which type of bankruptcy would best suit their needs. Chapter 7 would remove any unsecured debt that the individual has. Also, it would remain on their credit report longer than Chapter 13 would. Chapter 13 give the individual more time to pay their bills. It takes the knowledge of a bankruptcy attorney to help the individual decide which type would be best for them.

Knowledge of Bankruptcy Laws

There are several bankruptcy laws that most people would not have any knowledge of. The lack of knowledge of these laws can have a serious effect on the bankruptcy case. When an individual hires a bankruptcy attorney, they will have someone on their side to help them understand the laws and processes.

Assistance With the Paperwork

There is a great deal of paperwork involved in a bankruptcy case. If the paperwork is not filed properly or on time, it can cause a delay in the case. In some cases, it can cause the application for bankruptcy to be denied. When the individual hires a bankruptcy lawyer, they will have someone to help them with the necessary paperwork, so there are no delays in the process.

The decision to file for bankruptcy can be a difficult one to make. Also, the process can be very complicated and confusing. If an individual is considering filing for bankruptcy, they should contact Dean Snyder Attorney At Law. With a lawyer in their corner, they can be sure to make the right decisions.