If you’re not sure how to choose investments, need help balancing spending and saving, or managing debt and making investment or financial decisions that can help you reach your financial goals, you might want to work with an advisor. You might also choose to have an investment advisor if you don’t have the time or interest to actively monitor and manage your investments. Some of the things you should expect from an advisor is for them to make clear and specific recommendations and explain how those recommendations help meet your goals, explain the risks involved with every recommendation and be able and willing to answer your questions about investment products and strategies.
How well your investments are performing toward achieving your goals can give you an idea of the value you’re getting from your advisor. Also consider the other services your advisor provides, such as: helping you map out your investment strategy, giving you access to research and information you may not easily find on your own, providing advice about insurance, tax planning and estate planning (if they are qualified to provide these services), and keeping track of necessary paperwork and documents.
It is important to note that anyone selling investments or offering investment advice must be registered by a securities regulator. Always check registration before relying on investment advice. Visit GetSmarterAboutMoney.ca to learn more about investing including, finding an advisor.