Your financial advisor will be able to provide better advice to you if s/he has a solid understanding of your current life stage and future goals. You can expect your advisor to take the time to get to know you, as outlined in the Know Your Client rule. This includes information about your financial goals, financial circumstances, income, marital status, number of dependents and so forth.
Your financial advisor provides a number of services, which include:
- Understanding and reviewing your financial situation and needs, including how much risk you are willing and able to handle,
- Guiding you to build and maintain your financial plan,
- Buying and selling units of a fund for you, based on your needs and your ability to handle risk,
- Providing you with account statements and other information, keeping detailed records about your account, and providing you with information and access to your account online.
In addition, your dealer belongs to an investor protection fund and to regulatory organizations that ensure the industry operates to high regulatory standards.
How often you meet your advisor will vary based on your needs. You should ask how often your advisor recommends meeting. In between meetings, if your financial circumstances change – for instance, if you are buying a home, changing jobs, having a child, experiencing a change in income level or facing the loss of a loved one, contact your advisor to arrange a visit and review your financial position.
For more information about choosing, and working with, an advisor, have a look at the Ontario Securities Commission’s brochure Working with a financial adviser.