Advisors give their top 10 recommended reads, from oldies but goodies to today’s hot bestsellers.Lawrence Sawyer/Getty Images/iStockphoto
Sign up for the Globe Advisor weekly newsletter for professional financial advisors on our newsletter sign-up page. Get exclusive investment industry news and insights, the week’s top headlines, and what you and your clients need to know. For more from Globe Advisor, visit our homepage.
Alexandra Horwood is every publisher’s dream. The portfolio manager and investment advisor with Alexandra Horwood and Partners at Richardson Wealth Ltd. in Toronto, admits to spending thousands of dollars on books each year, reading dozens herself – but also ordering armloads online to send to clients.
Giftwrapped and everything.
But these aren’t random picks. During client chats, Ms. Horwood turns to the bookshelf behind her desk routinely, grabs a relevant tome, holds it out and asks the client if they would read it.
“If they say, ‘Yeah, I’d love that,’ then I literally e-mail my assistant and say, ‘Send a copy of this book to their house,’” Ms. Horwood explains.
Not only does it usually arrive the next day, but delivery can be free and there’s little work involved beyond click and send.
“It’s easy and impactful – and it shows I’m paying attention to what they’re telling me,” she says, going on to explain that having clients read the books also puts them on the same page as her.
“I want to impact their thinking and psychology around investments, wealth, their future and what they want to achieve.”
While not exactly the same as kicking back with the latest Emily Henry rom-com or a Jon Krakauer adventure chronicle, digging into a valuable financial book can be perfect for clients’ lazy summer days when there’s more time to read and reflect on big-picture goals.
Globe Advisor asked five advisors – Ms. Horwood, Jenna Wilmot-Anderson, financial advisor at Wilmot Financial Services Inc. in Fergus, Ont.; Ivan Arturo, certified financial planner (CFP) with IAB & Associates Financial Solutions at Sun Life Financial Inc. in Richmond Hill, Ont.; Alysha To, senior financial planner at Richardson Wealth in Vancouver; and Andy Kovacs, CFP with Moments of Truth Insurance Services Corp. at Sun Life, in Markham, Ont. – to weigh in on what’s worth a look this sweltering season.
Here are their top 10 recommended reads, from oldies but goodies to today’s hot bestsellers.
The Defining Decade: Why your Twenties Matter – and How to Make the Most of Them Now, by Meg Jay
Talking to clients’ teens and young adult children about money is important for building the family relationship, but it’s not exactly lucrative in the short run. Do the kids a solid and pass this book into youthful hands with one directive: Read it. Forget today’s swirls of TikTok misinformation, this book offers tested advice for everything from finding the right job to getting into a saving routine and purchasing real estate. The Defining Decade is about building a strong foundation for a lifetime of wise financial decisions.
The Psychology of Money: Timeless Lessons on Wealth, greed and Happiness, by Morgan Housel
Don’t be surprised if someone recommends this book to you, which teaches readers how psychology, luck, risk and behaviour intermingle. It seems to be everywhere. No wonder a few of our advisors have it on their reading list. The author shares 19 short stories outlining how and why people make financial decisions. The takeaways are fascinating.
The Wealthy Barber Returns: Dramatically Older and Marginally Wiser, by David Chilton
Speaking of classics, after publishing the juggernaut The Wealthy Barber independently, which sold more than two million copies in Canada, Mr. Chilton gave the beloved book this update. New advisor Ms. Wilmot-Anderson loves that it eschews a get-rich-quick mentality in favour of playing the long game – and it gives her pointers on how to explain complex financial concepts in simple, jargon-free language to clients.
Wealth Planning Strategies for Canadians, 2023, by Christine Van Cauwenberghe
According to Ms. To, this newly updated guide is “a must-read for anyone seeking to make informed decisions about their financial future.” This edition breaks down advice and information into life stages – single, married, parenting children, a transition to retirement and eldercare. Real-life examples and case studies help complex concepts stick.
How Not to Move Back in With Your Parents: The Young Person’s Complete Guide to Financial Empowerment, by Rob Carrick
“I’ve got to give a shout-out to The Globe’s Rob Carrick” says Mr. Kovacs who recommends this book for the boomerang generation stumbling under the weight of student loans and out-of-reach mortgages while attempting to launch careers. Rather than leaving parents out of the equation, Mr. Carrick wisely gives advice to both generations, encouraging them to see eye-to-eye in troubling times.
Don’t Worry, Retire Happy!: Seven Steps to Retirement Security, by Tom Hegna
American public television darling Tom Hegna gives solid advice in this concise book that outlines seven steps to retirement security. While harder to find in hardcopy these days, the e-book is worth checking out, particularly for its surprising advice on building predictable income streams after retirement.
Moneybunnies series, by Cinders McLeod
Do clients have little ones at home? This well-received and charming series of financial literacy picture books for children aged three to eight is as age appropriate as they come. Canadian Ms. McLeod, a former newspaper cartoonist and art director, crafts four books, Earn It!, Spend It!, Save It!, and Give It! that teach concepts like patience, hard work and philanthropy without moralizing.
The Slight Edge: Turning Simple Disciplines into Massive Success and Happiness, by Jeff Olson
While not strictly a financial book, this 2013 volume teaches readers how putting energy into something consistently over time can reap surprising results. For advisors who work with clients who have difficulty reining in spending or visualizing retirement decades into the future, The Slight Edge will help them focus on simple, daily choices.
Kids, Wealth and Consequences: Ensuring a Responsible Financial Future for the Next Generation, by Richard Morris and Jayne Pearl
Wealth advisors working with high-net-worth and ultra-high-net-worth clients know how sticky parenting decisions can be for this set. Just because money is no object doesn’t mean they should buy that BMW i8 for their teen, right? And let’s not get started on passing wealth down to younger generations. That’s a minefield. Luckily, Kids, Wealth and Consequences covers it all. Gift this book and be prepared for clear-eyed conversations.
Willing Wisdom: 7 Questions Successful Families Ask, by Thomas William Deans
Struggling to incorporate legacy planning with some clients? Willing Wisdom provides a structure for having meaningful conversations about wealth and inheritance with loved ones. The author’s approach emphasizes nurturing relationships, Ms. To says, reminding us that wealth management isn’t just about money, “but also about maintaining family harmony and building a lasting legacy.”
For more from Globe Advisor, visit our homepage.