(Simply Explained)

What is financial advising?

STEP 1: Appointment
Make an appointment to speak to a financial advisor.
STEP 2: Discuss Financial Objectives
Discuss your financial goals (savings growth, retirement age target, legacy plan, milestone purchases, etc. or simply wanting to build your net-worth). The advisor will ask you questions to better understand your current position and needs.
STEP 3: Receive a Proposal
Receive a proposal from your advisor on how to achieve your goals based on your current situation. Outlining how much you need to save, how to manage debt, and where to invest the rest.
STEP 6: Continuous Communication
Advisor and client will be in continuous contact to ensure the strategy is being followed and both parties are being updated as client's financial situation changes and evolves.
STEP 5: Save, Manage, & Invest
Advisor manages your money by investing in funds, stocks, or bonds, with levels of risk and return that you are comfortable with to ensure your needs are met. All investment decisions require communication to the client before execution.
STEP 4: Open Accounts
Open required accounts (RRSP, TFSA, etc.) with your advisor. This is where you deposit money for your advisor to manage.