Your meetings with your advisor

Before the meeting

One of your advisor’s basic obligations is to know their client well. For this reason, they need to ask you questions about your current situation, both personal and financial, so that they can recommend products and strategies that are right for you and in your best interests.

You can make the meeting more productive by preparing properly. Here are some questions you may be asked:

Your situation:

• Do you have any dependents?
• Are you covered in the event of disability?
• Would your loved ones be protected if you died prematurely?
• What is your risk tolerance with regard to your investments?

Your goals:

• At what age do you plan to retire?
• Do you have a retirement plan?
• Do you want to save for major projects?
• Do you want to help your children with their post-secondary education?

Your advisor will also ask you for documents relating to your financial situation, in order to get an overall picture of your circumstances. Therefore, during the meeting it is useful to have on hand documents or information regarding:

• Your employment-related benefits: group insurance and pension plan
• Your insurance policies: disability, life, home, etc.
• Legal documents: will, power of attorney, mandate, etc.
• Your assets: registered or non-registered investments
• The nature and balance of your debts and the interest rates on them
• Your latest tax returns and notices of assessment

During the meeting

Generally, during your first meeting, your advisor will use an account opening form to collect all the information you provide. Your advisor is required to maintain the confidentiality and protection of your personal information. Documents commonly referred to as a “Financial Needs Analysis” and “Investor Profile” will be used, depending on the type of products or services offered to you.

During this meeting, it is important that you feel at ease with your representative. To make sure of this, ask yourself the following questions:

• Do you feel that they are listening to you attentively?
• Are they taking the time to fully understand your financial situation?
• Do they clearly explain the products or services they offer, as well as the advantages and disadvantages of each?
• Do you understand how the proposed products and services work, and how they meet your needs?

Write down the date and time of your discussions, along with a brief summary of what was discussed. Keep all correspondence and documents exchanged with your representative (letters, emails, text messages, etc.).

Their commitment to the profession

A professional with plenty of diplomas is good. A professional who constantly develops their skills to keep their knowledge up to date is better. For this reason, the Chambre de la sécurité financière has adopted essential tools to oversee the practice of financial services professionals.

Professional development

Professional development helps maintain high standards of practice and further our mission: to protect you. The CSF is a pioneer in this regard. Well before most professional orders, we required our members to participate in continuing education activities and obtain professional development units in order to continue practicing.

Mandatory compliance course

Did you know that the CSF is the first organization in Canada to have created a mandatory compliance course? This course is designed around your advisor’s four main responsibilities: