So you're well looked after?


People don’t like to talk about money, they don’t want to do it. It’s intimidating, it’s complicated, and seems even more so when they lack it. People want somebody else to do the work. They want somebody to manage their money for them. They want to outsource desperately. Everything I said above is actually okay, it would be fine if not for the last word. They outsource with desperation. They give their money, their livelihood, their blood, sweat and tears, to the first institution that claims it can help. Wow. That’s like going to the gym and putting your progress in the hands of the first person you see that has a shirt labeled trainer. I would personally do my research and find a trainer that has been able to provide historical results for their clients and who looks the part. I would analyze and make sure that I’m putting my health in the hands of someone that can provide me with tangible evidence so I can trust the process and know that I am going to reach a satisfying end if I put in the work. Why would I put my health in the hands of some person that’s never trained anybody and is out of shape themselves? For all I know they got emailed a leaked test and cheated on the exams and acquired the certification just to work at a gym to earn a quick buck.

That sounds reasonable…… the above argument makes sense. If we would do our due diligence to find a trainer that can help us achieve our goals, then we should do our due diligence to find an advisor that can help us reach our financial goals. Why would we just settle for the first candidate that claims they can? Give me some proof! How long have you been doing this? Who do you deal with? Have you been able to provide sophisticated strategies with great returns? How many people reached their goals as a result of your council? How are you different? These are all fair questions to ask the person managing your hard earned money. Your retirement income and your child’s inheritance. Don’t worry about appearing rude, you need answers here and you should have them. Don’t desperately give your money to anybody.

In a study done by Natixis Global Asset Management, 500 Canadian investors were surveyed:

  • 46% said that they were not having a conversation with their advisors pertaining to tax-efficient investing.
  • 6 out 10 Canadian Investors claimed that they would fire their current advisor for one that could better advise them of the impact taxes would have on their portfolios.
  • The most common problems people have with their advisors consist of things like no clear explanation of fees, managing market volatility, and assistance with tax issues.
  • Number four is most times they feel their advisor not only doesn’t keep in touch with them, they don’t listen to anything their client has to say about their own money.

You don’t need to be Albert Einstein to figure out that the above information is unacceptable. Most advisors think the most important thing they can do for their client is constantly forward them research. In fact, 92% of them believe that. Why would the clients want market research that they have no idea how to interpret? How does that help anybody? Your advisor should educate you on what matters, they should provide investment options that line up with your goals, they should listen to your opinions and respond effectively. They should help you reach your financial goals while telling you exactly what you pay in fee’s. These should be hard standards in the industry. If you aren’t getting these where you’re at then you need to call us. We have no problem telling you to do that because we know we can serve you better here.