November is Fall Prevention Month

Updated:
July 12, 2018

According to the Public Health Agency of Canada, approximately 215 older adults are hospitalized each day because of falls. Falls are a cause of serious injury in older adults and, as a part of Fall Prevention Month, it’s critical to learn ways to keep loved ones safe.

To protect a friend or family member from fall injuries, ask them the following:

  • ‍Do you wear rubber-soled, supportive footwear or low-heeled shoes while walking around the house?
  • Do you use a step stool instead of a chair to grab items out of reach?
  • Can you turn on lights without having to walk through a dark room?
  • Do chairs in your home have armrests that make it easier to get up and down?
  • Do you have rubber mats or non-skid strips in your shower or bathtub? Do you have a grab bar on the wall of your bathtub?
  • Can you reach items in your kitchen easily?

If they answer no to any of the above questions, it is likely they are at risk of experiencing a potentially dangerous fall. While most falls in the home cause only temporary discomfort or minor injuries, they can be deadly. Asking your loved ones the right questions and working with them to reduce their fall risk can ensure their safety while preserving their independence.

FAQs

What is financial advising?

Financial advising involves providing guidance and advice to individuals, families, or businesses to help them make informed decisions about their financial matters. This can include various aspects such as investment planning, retirement planning, tax planning, estate planning, and more. Financial advisors analyze their clients' financial situations, goals, and risk tolerance to create customized strategies that align with their objectives.

Why is financial planning important?

Financial planning is crucial for several reasons:

Goal Achievement: It helps individuals set and achieve financial goals, whether they are short-term, such as buying a home, or long-term, like funding a comfortable retirement.

Risk Management: Financial planning addresses risks by considering insurance, emergency funds, and other protective measures.

Budgeting and Saving: It promotes responsible money management through budgeting and saving, fostering financial stability.

Wealth Building: Effective financial planning can lead to wealth accumulation and the creation of a secure financial future.

Can financial advisors help with debt?

Yes, financial advisors can help with debt management. They can assess your overall financial situation, create a budget, and develop strategies to pay down debt efficiently. They may also negotiate with creditors on your behalf, provide debt consolidation recommendations, and offer guidance on prioritizing and managing debt repayment.

What exactly does a financial advisor do?

The specific responsibilities of a financial advisor can vary, but generally, they:

  1. Conduct a thorough analysis of a client's financial situation, including income, expenses, assets, and liabilities.
  2. Develop personalized financial plans based on the client's goals, risk tolerance, and time horizon.
  3. Provide investment advice and portfolio management services.
  4. Offer guidance on retirement planning, estate planning, tax planning, and insurance.
  5. Monitor and adjust financial plans as needed based on changes in the client's life or market conditions.
  6. Educate clients on financial matters and empower them to make informed decisions.
What is the average fee for a financial advisor?

The fees charged by financial advisors can vary widely based on factors such as the advisor's experience, the services provided, and the region.

Common fee structures include:

Hourly Fees: Advisors charge an hourly rate for their services.
Flat or Fixed Fees: A set fee is charged for specific services or a comprehensive financial plan.
Asset-based Fees: Fees are a percentage of the assets under management (AUM).
Commission-based Fees: Advisors earn commissions on financial products they sell.
Combination of Fees: Advisors may use a combination of the above fee structures.
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It's important to discuss and clarify fee arrangements with a potential financial advisor before engaging in their services.