Rona Rafal is a Client Support Specialist and Advisor Assistant with iA Private Wealth in Vancouver, British Columbia. She connects with clients and provides clear-eyed guidance as they navigate the financial world with an experienced advisor. Her strengths lie in providing optimal organization for the advisor and translating complex financial information into simple terms for the client. Rona believes that building these two-way relationships and getting to know the clients on a personal level are the best parts of her job.
Q: What advice would you give people just starting out with investing?
RONA RAFAL: The first thing I always try to tell people is to create a plan. If you don’t know anything, then find someone with experience and they will help you create a plan for your financial future. Second, when you invest, you also need to understand the risk. You can gain or lose money throughout this process. This is why you need to educate yourself or work with someone you trust who is educated in this field. Third, invest in a diverse portfolio. This will give you a chance to always gain something, even if the housing market might not be the best investment at the time. Fourth, invest. And invest regularly. I hope all of this helps those beginners.
Q: What are beneficial investments for parents to start now for their children in this economy?
RONA RAFAL: The best savings to start for your children in Canada would be the Tax Free Savings Account (TFSA). This helps secure your child’s future with investment returns that are not taxed, even when they decide to withdraw their funds. These funds can also be withdrawn anytime for any reason with no penalties. I would wait for the long term if you can to gain the most value out of these savings for your children.
Q: What is a client support specialist?
RONA RAFAL: A client support specialist helps the relationships between financial advisors and their clients. We are the organizers of the client profiles and marketing materials. We also plan any client/advisor events and manage the communications. Sometimes we translate the difficult financial terms for the clients to understand better. Money is not always easy to understand, but we make it easy for everyone. We are becoming a necessity to financial advisors and clients for an enjoyable working relationship.
Q: What is a thought you could share about one thing to avoid in the financial world to secure your financial future?
RONA RAFAL: Live within your means, avoid extravagance just to “keep up with the Jones”. People tend to want to live in the biggest house or purchase the nicest car – that has a steep payment, when they could just live within their paycheck. The want to impress others and treat yourself is a very real impulse, but financially it is something to avoid completely. This all goes back to budgeting, saving, and investing in the future.
Q: What is your best advice for first time home buyers?
RONA RAFAL: My best advice for first time home buyers would be saving as early as possible for the down payment and any needs for when you purchase the house. This is a huge investment and sometimes people forget that you have to furnish the new home with an oven, fridge or laundry appliances. Saving and investing for this first time home purchase can really help with your first time purchase. Also, find a home that will be within your means as well. If you decide to take out a mortgage, make sure the monthly payment is feasible for your budget.
Q: What are the most important questions to ask when finding a financial advisor for yourself?
RONA RAFAL: Financial advisors come in all shapes and sizes. Some specialize in personal finances and others in business. Make sure they fit what you need. Ask them who their typical clientele is and what kind of services they provide. You might also need to make sure you get along with this person and can trust this person with your financial information. These are all important questions to ask when finding a financial advisor. I would say that obtaining a client support specialist is important in this situation as well.
Q: A big question on young people’s minds is how to get out of debt. What is your advice to people who are drowning in debt and need a place to breathe?
RONA RAFAL: Honestly, there are no get-out-of-debt-quick plans. You simply have to force yourself to budget. You might have to find ways to increase your income. This could mean picking up a shift at your local market or finding a position online to add on to your main income. Start cutting any expenses you can and putting that money toward your debts. Just start and keep working on it every day, small steps. Once you pay off one debt, you will feel the relief and want to pay off the next. Don’t compare your debt to anyone else’s. Just focus on yourself.
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