These are some common questions we get here at Conscious Wealth! Along with some thoughts to get you going down the right path.
- How do I know I’m getting value from my financial advisor?
- Start by asking, was I provided with a plan? And do they initiate updates to it?
- How do I choose a financial advisor?
- Be sure to interview at least 3! Ensure you seek references and check registrations and licensing. The checks are quite easy with some basic guidance.
- How frequently should I be evaluating / rebalancing my investments?
- Most people should be reviewing this at least annually once your investments are setup appropriately. Many advisors or self-directed investors either don’t rebalance, or they rebalance too often. The worst form of ‘rebalancing’ is trading, which is especially detrimental in taxable accounts.
- I just inherited some money. Where should I start?
- Be sure to park at least some of it in a secure, high interest bearing option (ideally in a TFSA) until you have time to understand your choices. Consider a fee-only advisor to guide you through some of the decisions you’ll need to make.
- I want to learn to invest. What resources would you recommend?
- Conscious Wealth runs monthly workshops for those looking to increase their knowledge. We can also provide names of books and websites to check out. Learning about indexing is a critical part of the playbook for the modern investor.
Some of the more advanced questions we’ve received:
- Why do I have to take more risk than ever before to get that average return?
- Is the financial services industry / my advisor required to have my best interests at heart?
- What mix of securities, mutual funds, and ETFs should I be using? I heard mutual funds are bad.
- Is it okay to be geographically concentrated in Canada if I have thoughtful diversification among sectors and industries?
- Am I contributing to injustice through my investments, and if so, is there a way I can invest more ethically
For further discussions around any of these, send us a note!
