A lot of people have no interest in managing their own investments. They prefer to take on a professional that can take the emotion out of investing. However, finding that advisor can be difficult. Mike McGann, an investment advisor at ScotiaMcLeod in Ottawa, told Financial Pipeline co-editor Romina Maurino that it pays to audition your advisor so you know what you’re getting.
MM: It can be as simple, when we talk to potential new clients, as asking the first question, “Who’s managing your money? What strategy did they implement? Have you met them?” and sometimes it seems rather simple, but it’s just that it’s like anything nowadays, there’s lots of choice. So you do have to do the due diligence and understand exactly what you’re buying. For us, we don’t take that lightly and the beauty is, you find some great people and super money managers that you go “Wow, this is exactly what I’m looking for,” to provide a consistent return to be successful with our financial plans.