Navigating the market can be challenging during the best of times. However, like just about every commercial on TV keeps reminding us, these are unprecedented times.
Why then do over 13 million Canadians not have a financial advisor?
One word: fear.
In a study published by advisorsavvy, a poll of 1,087 Canadians found that nine out of 10 investors hesitate to work with financial advisors out of fear.
That fear most commonly materializes as:
– Selfishness (23%) – fear advisors will prioritize their interests over their clients
– Fraud (21%) – fear advisors will break the law
– Fees (18%) – fear advisors will charge too much
– Unqualified (21%) – fear advisors lack proper credentials or experience
– Impersonal (7%) – fear that advisors would treat clients like another number
So how does one find a selfless, honest, reasonably priced, competent, and personable money manager? We chatted with Solomon Amos, a 15-year veteran of the financial industry with leadership experience at two of our nation’s ‘Big Five’ banks, working in Canada, the US, and Hong Kong. He shared his top tips for Canadians grappling with the decision of how to choose a financial advisor.
‘DON’T INVEST IN A BUSINESS YOU DON’T UNDERSTAND’
Amos echoes this well-known quote from Warren Buffet. While that may be easy for someone whose resume counts Executive Director of CIBC and Global Head of Marketing for BMO, where does that leave the rest of us? In his opinion, leaving it to the experts. Anyone can monitor the market, but it takes a seasoned and educated professional to make the most of it. That’s where an advisor comes in.
WHAT TO LOOK FOR IN AN ADVISOR
You’ve probably heard the old adage that building wealth is a marathon, not a sprint. That’s why it is important to put in the work to find a good coach. Your financial advisor should be accredited, passionate about continuous learning, intensely focused in a specific area or market, have strong referrals from clients, and — most of all – understand your goals.
YOUR FINANCES ARE A SELF PORTRAIT
Your financial portfolio is a reflection of you. Your future, your present, and your past all play a role in how you manage your money. That’s why building a relationship with a financial advisor is the first step toward building wealth. Any advisor worth their weight in – what’s the price of gold at? – will take the time to understand you. They will help you plan for the eventual, manage the now, and most importantly help protect against the unknowable.
Amos is a firm believer in heavily vetting his financial professionals, then stepping aside and letting them do what they do best. He chose Dorr Capital because he wanted to diversify his current portfolio. He found a kinship with Brian Dorr, Managing Principal at Dorr Capital, and an expert in a market Amos had yet to explore.
For more information on how to select a financial advisor visit advisorsavvy.com