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Welcome the New Year with confidence

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Welcome the New Year with confidence

 

As we begin 2025, it’s the perfect time to lay the foundation for a successful year ahead. Whether you are saving for retirement, planning for a major purchase, having a life event or recovering from last year’s challenges, having a trusted financial advisor as your partner can make all the difference.

 

With 44% of Canadians identifying money as their primary source of stress1, the role your advisor plays in helping you navigate your financial journey is crucial.

 

 Expert advice from your trusted advisor

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Tracking and budgeting

Between online shopping, automatic bill payments, clicking and swiping, it is easier than ever to spend, and harder to track where the money is going. A wide range of online tools, from basic to advanced, can help monitor spending. Over time, you may discover spending patterns and choose to reallocate your resources mindfully to pay down high interest debt or dedicate more to savings and investments. Small changes in your spending habits can make a big difference over time.

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Start now

No doubt, you have heard the advice that it is best to “Start early!” when it comes to saving. While this is fantastic advice for someone beginning their wealth journey, it may feel daunting if you have put things off, or simply haven’t had the means to put anything away. In such cases, it becomes even more important to work with a financial advisor who will work with you to develop an investment plan, and coach you towards success. Compounding growth is very powerful, so the sooner you get started, the better off you will be.

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Invest regularly

It is often a good habit to invest regularly, no matter what life stage you are in. Your financial advisor can help you create a personalized plan to ensure your investment portfolio aligns with your goals and risk tolerance and can bring expertise in areas such as tax optimization and retirement planning. They can also help you set up a pre-authorized contribution (PAC) to have a regularly scheduled amount directly withdrawn from your bank account and deposited into your investment account(s). You may set up PACs for any number of accounts including your Registered Retirement Savings Account (RRSP), Tax-Free Savings Account (TFSA) and First Home Savings Account (FHSA). Even small amounts invested regularly can make a big difference over time.

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Staying the course

Markets can be volatile, and no one wants to see their hard-earned gains lose value. Your financial advisor will be able to navigate these market ups and downs. By offering a steady hand and tailored advice, they can empower you to make informed decisions and stay on track, no matter what challenges the year may bring.

 

1 FP Canada. “2024 Financial Stress Index.” Leger. May 23, 2024. https://www.fpcanada.ca/2024-financial-stress-index

 

Worldsource Wealth Management (WWM) is a fully integrated wealth management company focused on supporting Financial Advisors and building financial prosperity for Canadians. WWM is a wholly owned subsidiary of Desjardins Group, the leading financial cooperative in North America with over 100 years of dedication to the people and communities they serve. WWM is comprised of: Worldsource Financial Management Inc. (WFM) and Worldsource Securities Inc. (WSI), which are Dealer Members regulated by the Canadian Investment Regulatory Organization (CIRO) and Members of the CIPF (Canadian Investor Protection Fund), as well as IDC Worldsource Insurance Network Inc. (IDC WIN), one of Canada’s largest life insurance managing general agencies.

January 16, 2025