Working with a financial security advisor can provide you with guidance unique to your situation.
You secured a life insurance policy and received investment advice through your parents’ agent, you have an RRSP through your workplace benefits and your partner has investments at a financial institution that were in place before you met. Your financial situation is unique and can be complex to manage. But what if you could have one person in one place to help guide you through the entire process?
A single financial security advisor/investment representative can help you consolidate your investment and insurance solutions into one comprehensive plan that fits your needs today and tomorrow. There are lots of good reasons to do so.
A number of policies, accounts or investments at different locations can mean multiple meetings and reviewing multiple statements with people who may have many different priorities. A financial security advisor/investment representative works with you and is focused on your overall financial situation. They can provide your financial details in one meeting and in one location with a consolidated statement that benefits you and your situation.
Paying too much
As your personal wealth increases, you may be eligible to receive fee discounts by pooling your assets with one financial security advisor/investment representative. Therefore, working with one advisor could actually save you money.
Potential lack of diversification
Some investors use different advisors in an attempt to diversify their investments. While multiple advisors may recommend varied asset allocations, in reality the funds recommended may contain many of the same overlapping stocks. This could mean less diversification in your portfolio.
One financial security advisor/investment representative who understands your goals and risk tolerance can help ensure you’re properly diversified and help prepare you for what the markets may bring.
Keeping an eye on the big picture
When you have one financial security advisor who understands your complete financial picture, you have someone who can help:
- Keep you accountable and on track to achieve your goals
- Ensure you’re using all the financial solutions available to you
- Recommend appropriate financial solutions for your situation and goals
- Answer your financial security planning questions when life events change your situation
A matter of trust
Some people choose to work with multiple advisors because they fear “putting all their eggs in one basket.” Finding a financial security advisor you trust is the key to putting these fears to rest. You can develop trust by:
- Understanding his or her professional designations, licenses, registrations and ethical obligations
- Getting testimonials or referrals from other clients
- Interviewing potential advisors to ensure you’re choosing the correct one for your situation