Are you a lawyer with questions on how to grow your investments? 

This week, Jackie is back with Trevor from Lawyers financial where they talk about how the team at lawyer’s financial helps legal professionals grow and manage their investments. With all the information flying around the media, there is no better time to talk about how lawyers can manage their investments so they get to enjoy retirement and get a good night’s sleep in this day and time.   

As investors, it is very important to always think long-term and stay away from the media as it can sometimes be false or get overwhelming which leads to making wrong investment decisions.  

What are some of the reasons lawyers decide to invest? 

A lot of new lawyers are looking to start getting their financials right and are conflicted on the best route to take. Trevor gets questions like – do we prioritize paying off debt now or saving for a home? Typically the best advice is to invest in a tax free savings RRSP and use the tax refund to pay off debts.  

Trevor also gives advice to Lawyers in the middle of their career or who are almost at the end of their careers looking to get their finances together. Lawyer’s Financial offers free financial planning for lawyers who come in looking for advice. Some lawyers who have their investments spread out in different institutions come in for advice as it can sometimes be overwhelming Managing all of it.  

For lawyer’s who are burdened down by the numerous investment fees they have to pay, Lawyer’s financial can help consolidate all your investments and offer you a much lower fee as part of your CBIA benefits. Retirees who still have investments in different buckets find it hard to keep up – maybe it’s time to consolidate all your investments and get an experienced financial planner who can help maximize your investments at a much lower fee while you enjoy your retirement.  

How do you help lawyers choose investments? 

 Trevor typically starts with the risk tolerance questionnaire, it has 9 questions that helps assess what kind of investor his client is and what investment will be best suited for the client. It is important to understand how individuals feel about investments and what they are comfortable doing – are they looking to make a return quickly or comfortable with investing long term? What is their investment history? Especially those who invested pre-covid.  

 People tend to be more emotional and upset about losing money than they do when they make some money. Investments might not make sense right away and that’s why it is important to work with a financial planner who can show you what can happen to your investments over time. You will see opportunities for your capital to grow even in the midst of the uncertain markets in the coming years.  

Uncertainty is real and just like life, we can not know what will happen tomorrow. What’s important is being in the game – focus on your time in the market as opposed to timing the market.  

What’s your advice for lawyers looking to start investing? 

It’s important to take a step back and get a financial planner, ensure you have great insurance coverage for disability and life before you go into your investment plan. The biggest risk when it comes to finances is not losing money on investments but losing a job, getting critically ill or getting a divorce. This is why a solid financial plan is important. Life experience directly impacts your finances and it is important to get a plan that projects your life and what your income and investments needs are.  

The average investor who listens to the media rarely makes the expected returns because they let all the noise affect their decisions.   

To build an investment, reach out to Trevor through the Lawyer’s financial website or via his email t.thingelstad@lawyersfinancial.ca. We are also happy to help you build a financial plan that lets you sleep well at night. Reach out to our client experience manager at jody.euloth@askjackie.ca for a free strategy session.