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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
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.
Legal Disclaimer: This article is provided for information purposes only. It is not to be relied upon as financial, tax or investment advice or guarantees about the future, nor should it be considered a recommendation to buy or sell. Information contained in this article, including information relating to interest rates, market conditions, tax rules, and other investment factors are subject to change without notice and The Bank of Nova Scotia is not responsible to update this information. All third-party sources are believed to be accurate and reliable as of the date of publication and The Bank of Nova Scotia does not guarantee its accuracy or reliability. Readers should consult their own professional advisor for specific financial, investment and/or tax advice tailored to their needs to ensure that individual circumstances are considered properly and action is taken based on the latest available information.
1 Source: Scotiabank, Advice Blueprint – The Sequel, A closer look at channel preferences and financial advisor best practices, August 2020.
2 Source: More on the Value of Financial Advisors, Claude Montmarquette, Alexandre Prud’Homme, CIRANO 2020.
3 Source: Scotiabank, Scotia Global Asset Management, Investor Sentiment Research, May 2020.
4, 5, 6 Source: Scotiabank, Consumer Confidence, Saving, Investing & Advice, 2020 Investment Poll (COVID-19 wave, July 2020).
Commissions, trailing commissions, management fees and expenses may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed or insured by the Canada Deposit Insurance Corporation or any other government deposit insurer, their values change frequently and past performance may not be repeated.
