Making the most of your financial advisor relationship

A financial advisor can be instrumental in helping you to prioritize and reach your financial goals. This may sound like an overwhelming task, but an advisor will work with you to create a comprehensive financial plan that’s right for you, including:

• reviewing your current financial situation
• helping you determine your present and future goals and needs
• providing advice on the financial products that are best for you
• periodically reviewing and updating your investments when required

We’ve provided some guidance to help you take full advantage of having an advisor on your side.

Before you meet with your Scotiabank advisor, it’s best to have a clear understanding of your financial picture. Performing a financial self-check-up will provide critical insight into how an advisor can best meet your unique needs. Here are a few key steps to get started. 

1. Calculate your net worth

Itemizing all your assets and liabilities is an important step in assessing your financial health and reaching your goals.

2. Establish a budget

Where does all your money go? While most of us have a pretty clear sense of our income, tracking spending can often be a daunting task. To help you get started, take advantage of the Scotiabank Money Finder Calculator. The knowledge gained will provide a new perspective on your finances.

3. Determine your financial goals

Are you saving for retirement, buying a first home or perhaps funding your child’s education? 

1. Prepare for each meeting

In order to make the most of your advisor meetings, it’s essential to do your homework beforehand. Take some time before each meeting to review your investment objectives and bring along topics for discussion. Remember to bring all relevant paperwork, including recent account statements, budget plans and any relevant tax forms.

2. Don’t be afraid to ask questions

It’s important that you understand the investments your advisor recommends and how they serve your financial plan. If you have any concerns or don’t understand something, ask for clarification. Your Scotiabank advisor is always open to your questions.

3. Become an informed investor

Building a relationship with your advisor requires some effort. Make sure you read documents that you receive about potential investments and take an active interest in your portfolio. Your Scotiabank advisor will direct you to helpful resources to help build your knowledge base. Visit scotiafunds.com to view the Investing Essentials Video Series, which provides a number of short videos featuring simple strategies that can help make sense of key investing concepts.

4. Stay involved

Get in the habit of staying on top of your investments by keeping a file of your account statements, tax slips and any other related documents. Take some time to review your statements when you receive them. If you have any concerns or questions, contact your advisor.

5. Keep your advisor in the loop

It’s critical that you keep your advisor informed about changes in your personal or financial circumstances. Major life changes – such as marriage, the birth of a child, divorce or the death of your spouse – can profoundly impact your financial outlook. Keep your advisor updated so that he or she can make any necessary adjustments to your financial plan.

As in any relationship, open and honest communication is key. Think of your relationship with your advisor as a partnership, with both of you taking an active role to reach your financial goals. By taking this approach, your Scotiabank advisor can provide you with the knowledge, support and motivation that can help you reach your financial goals with confidence.