On this page you’ll find
6 things you should expect of your advisor
- Make clear and specific recommendations, and explain how their recommendations will help you meet your goals.
- Explain the risks involved with every investment they recommend.
- Answer your questions about investment products and strategies.
- Keep your personal information safe.
- Get your permission before buying or selling investments on your behalf, and confirm it in writing (unless you have a discretionary account or you have given someone else trading authority or power of attorney over your account).
- Send regular account statements, and meet with you at least once a year to review your information, progress and update your plan, if appropriate.
3 things you should not expect of your advisor
- Guarantee market performance.
- Buy or sell investments with unclear instructions.
- Achieve unrealistic expectations of profit or always recommend profitable products.
For more information about working with an advisor, read this brochure from the Canadian Securities Administrators.
Types of advice you might get
Your advisor may offer advice in any or all of these areas:
It depends on the type of advisor you’re working with. Some offer a range of financial products and services, while others are experts in 1 or 2 areas. Make sure you’re working with an advisor who is qualified to offer the type of advice, products and services you need.
What type of advisor do you need?
- Do you want short-term help with a simple transaction? Or are you looking for a long-term relationship with someone who can advise you on many aspects of investing and finance?
- Are you looking for basic investment advice? Or do you also need help with financial planning, estate planning or tax planning? Look for an advisor who is qualified to offer the types of advice you need.
- Do you need help buying insurance? If you do, choose an advisor who is licensed to sell insurance products or who can refer you to an insurance advisor.
- Do you want to hear about many options, or just 1 or 2? If you’re an experienced investor, you may want a wide range of products to choose from. If you’re less experienced, you may want fewer choices and more guidance.
4 questions to ask
- How much advice do you need?
- What type of advice do you need?
- Do you need help buying insurance?
- What kind of investment options do you want?