It’s Financial Literacy Month and the first thing you should know is it’s not a one-size-fits-all situation.
What does this mean to you?
“It’s better to have a plan than to have anxiety,” says David Dryburgh, Associate Investment Advisor with Action Financial Group, HollisWealth, a division of Industrial Alliance Securities Inc. and Insurance Advisor with Hollis Insurance* in St. Thomas.
“An advisor can recommend everything under the rainbow,” says Dryburgh. “But they’ve got to make sure it’s geared towards your specific scenario. You want to make sure you’re being dealt with on a personal level, not just on a number level.”
Sitting down with a financial advisor and discussing your finances can be an intimidating process considering it’s a very personal and private matter which most people don’t openly discuss.
“The idea is to work with somebody you can build a trusting relationship with and who’s willing to work with you to ensure the knowledge or understanding of what the recommendations are,” says Dryburgh.
During the meeting don’t be afraid to make inquiries regardless if you think they’re bad questions.
“Don’t forget, the advisor works for the client and should be able to utilize their knowledge and experience to increase (the client’s) own,” adds Dryburgh.
Is there anything to fear? Dryburgh insists, “It’s easy for advisors to just start spewing technical information and numbers we understand, but not necessarily everybody else does.” He suggests you have a list of questions, not just about your circumstances but also about the advisor themselves. “You want to get to know the advisor and establish a long-term relationship,” says Dryburgh. “Get to know them as much as possible on a professional and personal level. If there is a personal connection it certainly helps build the trust moving forward.” Dryburgh says, “It’s the advisor’s responsibility to digest all the information, condense it down to how it affects the client’s certain circumstance and then translate it into a language they can understand.”
Now is the perfect time to examine your need for financial planning as it’s always easy to go over budget with Christmas spending and holiday travels next month.
This can help you start off the New Year without being in the negative.
Action Financial Group, HollisWealth in St. Thomas is a team of investment advisers who have been offering solid financial advice as well as investment products and services for more than 25 years. Financial services include investment and insurance products, retirement planning, income tax planning and much more.
This story was created by Content Works, Postmedia’s commercial content division, on behalf of Action Financial Group, HollisWealth. David Dryburgh, is an Associate Investment Advisor for HollisWealth®. Opinions expressed in this article are those of the Associate Investment Advisor only and do not necessarily reflect those of HollisWealth®. HollisWealth® is a division of Industrial Alliance Securities Inc., a member of the Canadian Investor Protection fund and the Investment Industry Regulatory Organization of Canada.
*Insurance products are provided through Hollis Insurance. Only those services offered through HollisWealth®, a division of Industrial Alliance Securities Inc. are covered by the Canadian Investor Protection Fund.
This story was created by Content Works, Postmedia’s commercial content division, on behalf of Action Financial Group, HollisWealth.