How to work better with your financial advisor

If you have a bank account with us, then you have access to a financial advisor. Advisors are there to help you prioritize and reach your financial goals.

But what is the best way to work with your financial advisor? 

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.

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

Keep learning. Make sure you read documents that you receive about potential investments. Your advisor will direct you to helpful resources to help build your knowledge base. Scotiabank’s Understanding fees and expenses website is a great resource to help investors understand the costs associated with investing.

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.

Just like you would tell your dentist if you’re having tooth pain, you need to 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.

You’re probably heard that a financial advisor can help you make a financial plan. But what does a financial plan look like? It’s less complicated than you might think. Here are three steps to get started.

Listing out all your assets (ex. your current savings, paid off car etc.) and liabilities (like any debt) is an important step in understanding your financial health and reaching your goals.

Where does all your money go? While most of us have a pretty clear sense of our income, tracking spending can be a bit daunting. To help you get started, visit scotiabank.com and try out the Scotiabank Money Finder Calculator.

Are you saving for retirement, buying a first home or funding your child’s education? The financial plan that you build with your advisor will be individual to you, based on your unique goals and stage in life.