Local Wealth Professionals was created to help Canadians become better investors

Many of you have had bad experiences with advisors. That is unfortunate… but not a universal truth! Next, some of you claim that you could do as well or better on your own, or at least that is what you tell anyone who wants to listen.
But now here you are, on your own, reading this…
So, just between you and yourself, is it really true that you are better off managing your investments on your own?
Do you have the time, the skill and the resources you need to make a good job of it?
If you could discover a really good advisor relationship is that what you would really prefer?

10 reasons why you need an advisor to manage your investments well

  1. Like any other endeavor which is to be successful, successful investing requires a written plan and the patience, discipline and unwavering focus to work the plan.
  2. ALL good advisors will tell you that the most important job they do is to DETER their clients from making mistakes. Back in the day of advisors trading the portfolios for their clients, most advisors would admit privately, that discouraging trades which were dangerous, or different from what the client has stated they wanted at the outset was their most important work – and since everything was commission-based, they were actually acting against their interests to do what was right for their clients!
  3. Making a good investment plan requires skill and knowledge that most investors do not have.
  4. A plan is of no value if it is not reviewed regularly and the contents of the portfolio compared to the plan in the context of the current situation. For example, should you “buy and hold” a stock? Or should you develop a strategy and stick faithfully to the strategy? This is NOT the same thing!
  5. A good advisor will hold regular reviews of the portfolio to confirm that the holdings remain relevant, in the context of the investment environment – ie “the markets” and “the economy”! What this is NOT is buying a collection of mutual funds and “leaving it to the managers”.
  6. Do not confuse a retirement plan with an investment plan. One may incorporate the other but they may be separate too.
  7. A good advisor needs to know you and your needs well so they can be your investment conscience.
  8. A good advisor will look at your portfolio critically, on a regular basis, proactively, to keep it relevant and current.
  9. A good advisor will be up-to-date on the markets and understand what is going on. They will have sufficient experience to recognize developing problems that might affect your investments and will have tools available to mitigate those risks.
  10. A good advisor will be more worried about growing your portfolio than about growing their own paycheck.

The 10 most important questions to ask if interviewing a new advisor or assessing one you work with now

  1. Is my Investment Advisor a good fit with my needs?
  2. Am I getting the services I want and require?
  3. Can my Advisor offer me all the Investment Products, Services and Styles that I may require to grow and protect my Wealth?
  4. Do I have a tool to find the other professionals I need, when I need them?
  5. How are those professionals rated?
  6. Are the fees I am paying justified?
  7. Do I understand what my fees provide are supposed to me?
  8. Am I paying the right amount or too much?
  9. If something goes wrong in the markets, or in my portfolio, will I understand why?
  10. Does my advisor have a strategy to manage down markets?

Would you like to talk to a Local Wealth Professional near you to see if there might be a fit with your needs?

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