Wealth Advisors 101 – What To Ask A Wealth Advisor

If you are looking for help with your finances, you need to know what to ask an investment advisor in order to get the right person for the job. You need to feel empowered with knowledge about your finances. You may want to organize your finances and completely understand your portfolio while you remain accountable for achieving your financial and life goals. You want a wealth advisor who will give you objective guidance and expert advice and be proactive about decisions that will impact your financial future.

How Do You Charge Your Fees?

Wealth advisors generally charge clients based on how much money they manage for that client. The fee ranges from 0.25% to 1% per annum. Wealth advisors sometimes charge an hourly or annual fee instead of a percentage.

What Process Do You Follow To Determine My Needs?

  1. A personal investment advisor should initially gather information on your current financial situation. This primary step involves gathering basic information on your disposable income and possible debt as well as any existing investments that you have.
  2. Once this has been ascertained, the wealth advisor will conduct a needs analysis that analyzes your investment objectives to help with goal setting.
  3. The next step is to identify your risk profile to see what types of investments you are comfortable with. Some people prefer low risk, low return investments, while others prefer to take a bigger risk with the chance of larger returns on the investment.
  4. Once that is done, the investment advisor will evaluate alternative options for you depending on factors, such as how much time you have to reach your goals (working years left to retirement, for example).
  5. We then move on to creating a tailor-made plan for you, taking into account the complexity of investments, tax, risk and estate planning, among other factors. Using your realistic financial goals, a professional wealth advisor will partner with you to create a realistic roadmap of how you are going to get there. A qualified and licensed advisor will assist you with the decision-making.
  6. Reviewing and revising your plan is an important ongoing process. Investments can be unpredictable (like shares or equity mutual funds) and so is life. Your circumstances may change and your goals along with them. With fixed income investments, you are aware of your investment term and the return. But with shares, you may have expected a great return that does not materialize or they may out-perform your expectations. Reviewing and revising your plan regularly will help you keep track of whether these instruments are functioning as per your expectations.

Ensure that you are fully informed about the approach your investment advisor will take.

Which Services Do You Offer?

With the right strategies, our wealth advisors in Canada can help you reach your goals – whether you’re an individual, a family, a trustee or a company. We are objective advisors. When you have financial concerns, we can coach you, helping you to bring discipline and organization to your fiscal affairs.

We share the responsibility of decision-making with our clients while our advice remains objective, considered and aligned to their financial wellbeing. 

Your life is a mixture of circumstances, priorities and dreams. It is likely that there is a gap between where you are now and where you see your life in the future. Bridging this gap with you is an investment advisor’s role. 

Wealth management firms will advise you on the decisions and options you have in order to make the lifestyle you want a reality. A wealth advisor will focus on the numbers to reach your goals, while addressing a range of planning issues and options such as tax, risk management, investment returns, keeping pace with inflation and estate planning. Have a wealth advisor to guide you every step on the way. 

Nour Private Wealth (NPW) is a Canadian company with a team of wealth advisors servicing clients across seven provinces. Not only can we assist you with what to ask an investment advisor – we are also ready to help your wealth flourish. Get in touch with NPW today.

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