If you feel confident managing your finances on your own, that’s great! However, most people can elevate their experience with help from a financial advisor.
Advisors are there to guide and help you every step of the way. If you’ve never worked with an advisor before, you may be nervous to get started. A great way to put yourself at ease is to know what to expect.
We sat down with Evan Coates, Financial Advisor with Cambrian and Aviso Wealth, to chat about what it’s like to work with an advisor.
Here are some handy things to know if you’re considering booking a meeting:
Projecting and planning on your own is tough if you don’t work in the industry or don’t have a financial background. It can feel overwhelming to juggle managing a budget, investments, mortgages, retirement planning… the list goes on.
That’s where advisors come in.
“We take a holistic look at your financial situation and adjust as life changes,” says Evan.
Even if you suspect your needs aren’t complex enough to warrant help from an advisor, think again.
“The vast majority of people could benefit from working with an advisor in some capacity, even if they don’t need complex planning,” says Evan. “The goal is a lifelong relationship—helping you from your 20s through retirement and beyond.”
“Advisors are a resource throughout your life,” he adds. “Whether it’s buying a house, using the FHSA [First Home Savings Account], or planning for big purchases, you need someone you can ask questions to as life changes.”
The first meeting is all about laying the groundwork.
“Discovery meetings often include a risk and objectives questionnaire to determine what investments are suitable based on your life stage,” says Evan.
“If it’s the first time, it’s about finding out your situation and what you’re looking for,” Evan adds. “It’s not a one-size-fits-all answer—what we do depends on your life stage and goals.”
When you’re younger, the focus is on building wealth and contributing to the right accounts, but how to do it will vary person to person.
At all stages, retirement planning is important, but it looks different for someone in their 30s compared to someone in their 50s.
For retirees, the focus shifts to how to pull money out of investments in a tax-efficient way.
Then there’s how much you want to be involved. You may want to be as close to the planning as possible, or you may prefer more of a hands-off approach.
“Some clients want frequent updates, others say ‘only call me if something crazy happens.’ Everyone’s different,” says Evan.
Your advisor will request what is needed or helpful. Typically, they will ask for:
Advisors do their homework too: “Every meeting is a little different, but we always do prep work based on why it was booked,” says Evan.
The Aviso Wealth team at Cambrian is structured in tiers. Generally:
“Household amounts matter—combined assets across RRSPs [Registered Retirement Savings Plans], TFSAs [Tax-Free Savings Accounts], and other accounts,” says Evan. “Higher tiers have more flexibility and different licensing, but everyone gets planning support.”
Working with a financial advisor is all about mutual respect and developing a plan that evolves as your needs change. At the heart of it, advisors are people having real conversations, not just crunching numbers.
“People think we’re buying and selling stocks all day—but that’s what a portfolio manager does,” says Evan. “Our role is more about planning and building relationships.”
Once you’re a client, you and your advisor will meet at least annually to review your plan and update anything that’s changed.
“It’s important we know your family too, because estate planning often involves children or grandchildren,” says Evan. This helps ensure your investment plan supports not just you, but other important people in your life.
Now that you’re familiar with what to expect, you might be ready to take that first step. Whether you feel prepared or not, we can help. Book a meeting today!
Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. The information contained in this article was obtained from sources believed to be reliable; however, we cannot guarantee that it is accurate or complete. This article is provided as a general source of information and should not be considered personal investment advice or a solicitation to buy or sell any mutual funds and other securities.
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