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Getting advice

What to expect from an adviser Add to ...

An adviser can help you set your goals, and build a plan to achieve those goals. They can also help you track your progress and adjust your plan when your financial situation changes.

Six things you should expect of your adviser

  1. Make clear and specific recommendations, and explain how their recommendations will help you meet your goals.
  2. Explain the risks involved with every investment they recommend.
  3. Answer your questions about investment products and strategies.
  4. Keep your personal information safe.
  5. Get your permission before buying or selling investments on your behalf, and confirm it in writing (unless you have a discretionary account or you have given someone else trading authority or power of attorney over your account).
  6. Send regular account statements, and meet with you at least once a year to review your progress and update your plan.

Three things you should not expect of your adviser

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  1. Guarantee market performance.
  2. Buy or sell investments with unclear instructions.
  3. Achieve unrealistic expectations of profit or always recommend profitable products.

For more information about working with an adviser, read this brochure from the Canadian Securities Administrators.

Types of advice you might get

Your adviser may offer advice in any or all of these areas:

It depends on the type of adviser you’re working with. Some offer a range of financial products and services, while others are experts in 1 or 2 areas. Make sure you’re working with an adviser who is qualified to offer the type of advice, products and services you need.

What type of adviser do you need?

  1. Do you want short-term help with a simple transaction? Or are you looking for a long-term relationship with someone who can advise you on many aspects of investing and finance?
  2. Are you looking for basic investment advice? Or do you also need help with financial planning, estate planning or tax planning? Look for an adviser who is qualified to offer the types of advice you need.
  3. Do you need help buying insurance? If you do, choose an adviser who is licensed to sell insurance products or who can refer you to an insurance adviser.
  4. Do you want to hear about many options, or just 1 or 2? If you’re an experienced investor, you may want a wide range of products to choose from. If you’re less experienced, you may want fewer choices and more guidance.

Watch this video to learn more about what to expect from your adviser.

Content in this section is provided in partnership with Investor Education Fund, a non-profit organization founded and supported by the Ontario Securities Commission that provides unbiased and independent financial tools to help Canadians make better money decisions. To find out more, go to: GetSmarterAboutMoney.ca



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