CHOOSING THE RIGHT
Take the time to find an Investment Advisor that’s right for you.
Choosing an Investment Advisor shouldn’t be a spur-of-the-moment decision. You want to make sure you find someone who understands your individual situation and is going to help you realize your investment goals – whether it’s building your wealth or preserving it.
If you’re not sure what to look for, we’ve put together some tips to help you in your search for the right Investment Advisor.
- Understand that this is a relationship based on trust. First and foremost, you need to feel confident that you can build a relationship with your Investment Advisor that’s based on trust. That means feeling comfortable having open and honest conversations about your family and financial affairs. This will help your Investment Advisor make the right investment decisions based on your goals.
- Ask about their experience and areas of specialization. Does your Investment Advisor have the breadth of experience to see your investments through all types of market environments? Does your situation require specialized knowledge, whether it’s understanding the unique needs of high net worth families or retirees, or an independent business owner or farmer? Be sure to ask your Investment Advisor about the types of clients they serve – and don’t be afraid to ask for client references.
- Unbiased advice and exclusive investment solutions. Some financial institutions firms are restricted to offering certain investments or proprietary products. Ideally, you want an Investment Advisor who is free to choose the products and services that reflect your best interests. Also, look for an Investment Advisor who has access to innovative and exclusive investment solutions that may not be available to regular retail investors.
- Find out if your Investment Advisor has access to other specialists. There may come a time when you need advice in other areas like tax and estate planning, insurance, philanthropy or putting together a business succession or farm succession plan. If you already have your own network of experts, ask your Investment Advisor if they’d be willing to share information and work with them. Alternatively, you may wish to take advantage of your Investment Advisor’s contacts and in-house resources. Whatever you decide, you can only benefit by having a team of professionals collaborating to ensure your investments are maximized, your taxes minimized and that your estate is properly structured.
- Communication and reporting that’s tailored to your needs. An Investment Advisor should customize any communication and reporting to suit your needs. Let your Investment Advisor know how you prefer to communicate as well as how often. And be sure to ask what type of reporting they can provide.
- A strong support team. An Investment Advisor that has a strong support team is going to be able to work more efficiently and effectively, allowing them more time to spend managing your account.
- Investment Advisor or Portfolio Manager? Whether or not you choose an Investment Advisor or a Portfolio Manager will depend on how involved you want to be in your investments. While both provide guidance and expertise, an Investment Advisor will consult on every investment in your portfolio. A Portfolio Manager, on the other hand, may make investment decisions on your behalf guided by the parameters outlined in your Investment Policy Statement.