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Getting advice

Your first meeting with your adviser Add to ...

What to expect

You and your adviser will likely fill out a new account application and “know your client” form. You should also discuss:

  • your goals, so your adviser understands what you want your money to do for you and when,
  • what you expect to earn on your investments,
  • how much risk you’re willing to take,
  • how you’ll work together, including how often you’ll meet,
  • what fees you’ll pay, and
  • next steps.

“Know your client” information

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Your adviser is required by securities law to know your financial situation, investment objectives, knowledge, experience and risk tolerance. Your adviser will have you fill out a new account application form and possibly a separate “know your client” form.

These forms cover:

  • why you’re saving or investing (e.g., for retirement, education savings or other reasons),
  • what you own, what you owe and the income you earn,
  • your comfort level with risk,
  • what kinds of savings or investments you’ll need, and
  • how much you know about investing and your investment experience.

Investment policy statement

You and your adviser should also create an investment policy statement, which outlines the rules you want your adviser to follow for your portfolio. An investment policy statement should:

  • specify your investment goals and objectives,
  • describe the strategies that will help you meet your objectives,
  • describe your return expectations and time horizon,
  • include detailed information about how much risk you’re willing to take,
  • include guidelines on the types of investments that make up your portfolio, and how accessible your money needs to be, and
  • specify how your portfolio will be monitored, and when or why it should be rebalanced.

To learn more about asset mix and when to rebalance, watch this video.

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

 

Follow us on Twitter: @GlobeInvestor

 

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