Working with a Professional Financial Advisor

Choosing to work with a professional financial advisor is a big step. You’re choosing to start a relationship with someone who may help you with pretty significant things: planning for retirement, saving for your life goals or helping your loved ones feel financially secure long after you’re gone. 

The expression ‘financial advisor’ can be used in different ways for different types of people. In some Canadian provinces, the term ‘financial advisor’ is a regulated term for a specific group of people who have met specific standards. In other provinces, the title can be used by nearly anyone. 

Like lawyers who specialize in certain areas of law, there are different types of advisors that do different kinds of work. Some help with a single service such as life insurance or investments. Others support your overall financial health and well-being with services like financial planning. 

There are a lot of factors that come into play when exploring your options in this diverse and complex field. It is important that you understand your advisor’s area(s) of expertise, their expectations and their responsibilities to you and others, including topics like how they protect your personal information.

It is also important that you talk to your advisor about your needs and your objectives. To do that, you’ll need to share financial and personal information with them. That might seem daunting, but remember that your advisor is not there to judge but to help you.

Talking openly about your situation will help your advisor provide recommendations and guidance that are suitable to you. A lot of your information is also required for your advisor to know to fulfill their professional responsibilities. They have to be able to prove to people that oversee them that they have gathered the appropriate level of information to support their recommendations. So, you have a shared responsibility with your advisor to ensure they have up to date information and knowledge of any big life events that could impact their advice and recommendations. 

Choosing and working with an advisors can be exciting AND nerve-wracking at the same time. That’s why Mycentsability is here - to help you understand the details of this important relationship in your life and how to make it most successful for you!