Globe & Mail – January 18, 2017

Are you getting value from your advisor?

Ask yourself whether or not your current advisor fulfils each of the following criteria.  If you can answer yes to 14 or more, you’re likely getting solid value.  If you agree with 11 to 13, your advisor is likely in the satisfactory category; 8 to 10 and they’re just ok.  However, if you answer yes to only 7 or less, you may not be getting the value you deserve from your current advisor.

I hear from my advisor once a year (minimum).

I get a response to calls and emails within 24 hours.

My advisor conducts themselves as a provider of advice, not a seller of product.

My advisor asks me questions about life, goals, aspirations.

My advisor makes me feel like I’m a valued client.

We have gone through some sort of financial planning process.

If you are in a relationship both partners views have been addressed.

My advisor tries to help me improve my financial habits

My advisor covers matters beyond investments, like debt, taxes, insurance.

My portfolio was built with the goal of meeting my financial goals.

I have a clear understanding of what I have in my portfolio and why.

I have been reassured or talked out of panic selling in a down market.

My advisor has clearly explained the cost of ownership of my investments.

My advisor has a large enough product shelf to give me options.

My advisor understands my tolerance for losing money because we have talked about it.

I understand that not everything in my portfolio will make money at the same time.

My advisor is a simplifier, I come out of interactions with greater clarity.

My advisor owns it when things don’t go according to plan and makes adjustments.


Source: Rob Carrick – Personal Finance Author Globe & Mail