You will be asked to entrust many personal and financial details to your Financial Advisor. The reason is ultimately that your Advisor’s recommendations may be the most beneficial to you. The First rule of Financial Planning according to The Financial Advisors Association of Canada (Advocis) is: “Know your Client”. Therefore information may typically be collected on your:
• Financial holdings; debt and assets,• Family situations; heirs, dependents• Goals and Plans; retirement, business, and inheritance
Consider your Advisor as being similar to a Financial Doctor. The advice must be based on the most complete understanding of your personal situation as possible; otherwise, your advice or treatment will be based on a faulty diagnosis and the wrong prescription given.
Information about you is handled in the same confidential manner as a Lawyer or Accountant would do. Information you provide is kept in a confidential file in the possession of your Advisor. When not in use, your file is kept in a locked drawer. Whenever original documents are taken, I recommend that you discuss if and when you want the documents returned. Feel free to ask why certain information is requested. You are also entitled to review the contents of your file.
Your assurance that your Advisor is fully aware of the fiduciary duties in this area is their membership in Advocis. Ask to see their membership card. References can also be requested.
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