While there’s certainly no shortage of financial advice in today’s digital age, making sense of all the information and determining what applies to you can be overwhelming.

As we get a bit older, our lives get much more complex. We find ourselves planning for a variety of events, such as the purchase of a home, a child’s education, a parent’s elder care or a possible career change. 

Additional complexities could be introduced with second marriages, unique living arrangements, a changing job market – or even a global pandemic. Against this backdrop, financial advice has become more important than ever.

Did you know?

What types of advice Canadians are most interested in receiving?1

51% - Advice on investments

45% - Help saving for retirement

33% - Quick tips to help improve financial situation

31% - Saving for an emergency or reduction in income

25% - In-depth review of financial situation (e.g., a financial plan)

25% - Saving for a large purchase (e.g., an automobile, vacation) 

Key benefits of financial advice

There are a number of important reasons for choosing to seek professional advice. 

A financial advisor can help you by:

  • Providing objective insights into your finances
  • Putting in place a comprehensive financial plan to meet your goals
  • Building up your wealth through better savings behaviour and increased financial knowledge
  • Monitoring and updating your long-term savings strategy to build for a comfortable retirement
  • Ensuring your investments are diversified in order to lower your risk 
  • Selecting tax-efficient investments to help you keep more of your money
  • Preparing you for unexpected events, such as job loss or disability
  • Helping to prevent emotional investing decisions, especially during periods of market volatility

The bottom line: working with a financial advisor helps you increase your wealth2

Research has shown that households working with a financial advisor accumulate more assets than those that don’t – and the longer they work with an advisor, the more their savings will grow.

Consider the following research:

Versus non-advised households, the average household with a financial advisor accumulated:

  • 1.8 times more financial assets over 4 to 6 years 
  • 2.1 times more assets over 7 to 14 years 
  • 2.3 times more assets over periods greater than 15 years
Graphic: The average household with a financial advisor accumulated: 1.8 times more financial assets over 4 to 6 years;  2.1 times more assets over 7 to 14 years; 2.3 times more assets over periods greater than 15 years

Canadian households with a financial advisor accumulate more financial assets versus comparable non-advised households

Did you know?

According to recent Scotiabank research on Canadians working with a Financial Advisor:

74% - Nearly ¾ of Canadian investors are working with a financial advisor3

81% - Are confident in the advice they receive from their advisor4

76% - Feel empowered and knowledgeable/optimistic about the future of their finances after speaking with their advisor5

64% - Indicate the advice they receive from their advisor has made them better off financially than if they would have managed their money on their own6

The best advice starts with a conversation 

Scotiabank advisors are highly qualified with experience in financial planning to work with you to create a financial plan that’s right for you and evolves with you – answering your questions, providing advice and updating your financial plan along the way to help you achieve your goals. You’ll also have access to additional resources and advice as Scotiabank advisors work with a range of specialists across the bank.

Book an appointment with a Scotiabank advisor at 1-866-698-5927, or visit scotiabank.com/GetAdvice to meet some of our advisors and to learn about the wide range of topics you can discuss with them – from savings and investments to budgeting and planning for retirement.

Check out more tips and tools to help you get your finances on track for your future