Working with a financial adviser

(NC)—With a steadily increasing number of investment choices in the market, it’s easy to become overwhelmed. Without a plan in place, or the guidance and discipline to reach financial goals, it’s easy to be tempted by the latest hot market fad. But this can result in investment portfolios not being aligned with financial goals. Investors may take on more risk and volatility than they want, and may experience poorer performance.

How can you protect your finances and meet your financial goals? The answer is simple: work with a professional financial adviser.

Ted Twohey, a Bowmanville, Ontario-based CIBC Imperial Service financial adviser, shares his advice about working with an adviser. “A professional adviser has the qualifications, the expertise and the necessary tools to help investors focus on the long term,” says Twohey, “which is key to achieving your goals.”

A good financial adviser will help you build a plan that takes into consideration your current priorities at the same time as it builds for your future financial needs. An adviser should meet with you regularly to monitor progress and make necessary adjustments.

Your adviser should be committed to:

  • Meeting with you personally to discuss your approach to handling your finances and helping you meet your long-term goals;
  • Answering any questions you may have about his or her professional qualifications, experience and compensation;
  • Scheduling regular sessions with you to review your plan;
  • Keeping you up-to-date on any changes to your investment portfolio; and
  • Informing you of any new investment opportunities that might be appropriate in your circumstances.

As with any relationship, it takes two-way communication to make it work. Your responsibility is to share your goals, risk tolerance, and all the information your adviser needs to manage your total financial picture. Be sure to keep your adviser informed of any changes.

Working together for the long term with your financial adviser is one of the most effective ways to meet your needs today while building for the future you want.

This article is intended to provide general information and should not be construed as specific advice. This article is not applicable in Quebec.

– News Canada

Top 10 questions to ask your adviser

(NC)—Financial Planners Standards Council (FPSC) recommends asking these 10 questions when selecting a financial adviser:

  • What are your qualifications?
  • What experience do you have?
  • What services do you offer?
  • What is your approach to financial planning?
  • Will you be the only person working with me?
  • How will I pay for your services?
  • How much do you typically charge?
  • Could anyone besides me benefit from your recommendations?
  • Are you regulated by any organization?
  • Can I have it in writing?

– News Canada

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