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How Often Should you Visit your Advisor?

Financial Advisor Advising Clients

A Cambrian financial advisor can act as an emotional and behavioral coach, setting you on the right path to financial success, keep you committed to reaching your goals, and ensuring you don’t make snap investment decisions. But many people are unsure of what a Cambrian advisor can do for you, and how often they should be visiting their advisor. 

“A Cambrian advisor works with you to understand your overall retirement goals; which incorporates all of your retirement accounts such as TFSA, RRSP and employer plans.  After reviewing your cash flow to help establish a budget, they will develop a strategy unique to you which will help you meet your financial goals, both short-term and long-term,” David MacRae, Investment Services Manager explains.

He urges people to visit their advisor at least once a year. “Stay connected with your advisor long term so they can work with you throughout your different life journeys and ensure you are on track to reach your goals. They can work with you to ensure that your strategy evolves as your life goes on.”

It’s also important to make an appointment to visit your advisor when any sort of meaningful life event occurs, such as marriage, the birth of a child, the purchase of a home, or even when you switch to a new job. This allows your advisor to look at your strategy and make any changes that are necessary as a result of your changing circumstances. For example, after the birth of a child, an advisor can help you establish an RESP to take advantage of government grants.

Nearing retirement? “Your Cambrian advisor can help set up a de-cumulation strategy to properly layer your income and determine how much you should be taking from your accounts annually to preserve income-tested benefits such as Old Age Security,” MacRae says. 

Your advisor can also connect you with other departments at Cambrian. “An advisor can refer you to a Financial Services Officer if you’re looking for a mortgage or vehicle financing, or to our Commercial team if you’re looking to start a business, for example,” says MacRae.

MacRae recommends that you consolidate your finances; diversify your portfolio and not your advice. “You wouldn’t visit two different dentists to work separately on your top and bottom teeth.  The concept holds true in working with a single financial advisor that understands your overall unique situation and can develop a strategy that will remain consistent in achieving your longer term goals” he says.

Haven’t visited your advisor in a while? MacRae urges you to get in touch with your advisor to make an appointment. “We want to hear from you, so give us a call and let us help you make a plan to reach your goals.”

Ask your branch for a referral to an advisor today.