Paul, 31, and Andrea, 29, just got married and are working hard to build their savings while paying down credit card debt and the mortgage on their new home. An advisor who understands their entire financial situation can suggest many strategies that can help them make the most of their money. For example, they might want to:
- Restructure their debt by taking out a home equity line of credit to reduce credit card balances and interest charges
- Review whether it makes more sense to use extra cash to pay down their mortgage or contribute to their retirement savings
- Invest efficiently through a single, regular investment plan that is appropriately allocated and rebalanced and that makes it easy for them to monitor their progress towards their goals
- Consider contributing to a Tax-Free Savings Account (TFSA) first, and carrying forward Registered Retirement Savings Plan (RRSP) contribution room to years when they are likely to be earning a higher income
With the clarity that comes from a comprehensive view of their savings, investments and debts, Paul and Andrea can take steps to help them reach their short and long-term goals more quickly.
Benefits at every life stage
At all life stages, holding your banking, investing and credit accounts with one financial institution can help you avoid costly mistakes, such as over contributing to RRSPs, RESPs and TFSAs. A consolidated view of your finances provides the benefit of simplicity, giving you an "at a glance" understanding of where you are and the progress you are making towards your goals.
Consolidating all of your accounts with one financial institution can also save you time. You won't have to review and reconcile statements and messages from a variety of institutions every month.
Why choose CIBC?
A CIBC advisor has access to a comprehensive range of investment strategies and solutions that can help you achieve your financial objectives. With a complete understanding of your financial situation, an advisor can recommend customized approaches, refer you to CIBC specialists and empower you to make the best possible decisions for yourself and your family. Talk to a CIBC advisor today.