Some investors are comfortable going it alone in choosing the right financial products that hopefully will lead to a comfortable retirement. Many others want the professional knowledge and feedback from a wealth advisor. Peter McGann, a wealth advisor with ScotiaMcLeod in Ottawa, talked to Financial Pipeline co-editor Romina Maurino about the role of a wealth advisor in terms of managing a client’s money.
PM: It all starts with a plan. We think that clients need to have a strategy and a plan because that helps guide them through good times and the bad. If they have a road map, they can understand what their wealth needs to do for them. It’s all plan-based – starting with a plan is crucial. Number two is that it’s extremely important that the advisor knows in-depth the strategies that they’re deploying, in order to achieve the plan target. Gone are the days where you can simply sell a packaged product because the markets are always going to be volatile. You need to make sure that you understand how products are going to react in good times and in bad. There’s absolutely a requirement for deep research, understanding what you’re selling, and how that is positioned with the plan.