Seven questions to ask any potential financial advisor

Choosing a financial advisor is one of the most important financial decisions you will ever make. Before entering into any partnership, ask the following questions, and make sure you are comfortable with the answers.

1. How are you accredited or registered?

Ask your prospective financial advisor how they are registered, and the range of services, products and advice they are qualified to provide. The investment firm they are employed by should be a member of the Investment Industry Regulatory Organization of Canada (IIROC), which regulates all investment dealers in Canada (including RBC Dominion Securities). IIROC monitors and enforces rules regarding the proficiency, business and financial conduct of these firms and their advisors. Visit http://www.iiroc.ca/ to learn more.

2. How are you compensated?

Many advisors are paid by commission for the products they recommend, while others receive a salary or a flat fee. Find out how your advisor is compensated, how much the services will cost, what choices you have to pay them and what you can expect to receive in return.

3. What is your experience?

Your advisor should be forthcoming about their industry experience, professional qualifications, memberships and education. Also, fewer years as an advisor may not necessarily mean less expertise. Many advisors enter the profession after many years of working with the people who would later become clients, for example as consultants to business owners who later specialize in business owners' investment portfolios.

4. What kinds of products and services can you provide?

Ask if your advisor is limited to certain investments (such as proprietary products offered by their firm, GICs or mutual funds) or if you can draw on a greater range of investment products. Make sure you ask about your advisor's access to investment research, portfolio strategy teams, and risk management groups. Find out if your advisor focuses on investment solutions only, or can also provide additional services that may help you achieve your financial goals, such as financial, tax, retirement, and estate planning services.

5. What clients do you serve?

Ask whether your potential advisor specializes in any particular client group, such as business owners, medical professionals or retirees. Don't be shy about asking for references either; your advisor is in many ways applying for the job.

6. How will you help me reach my goals?

Your advisor should ask you to outline what you hope to gain – for example, preserving income, building wealth, retiring comfortably – and can guide you if your expectations are unrealistic. Your advisor may also draw on value-added services such as financial, tax or estate planning to ensure that your ongoing wealth needs (in addition to investments) are in sync with the rest of your affairs.

Ask about your advisor's investment process, and how they create and manage your portfolio. Is each portfolio custom-crafted, or is the advisor following a set of established models? Confirm that you are comfortable with this process.

7. What kind of service will I receive?

Your advisor should clarify at the outset the level of service you can expect. This includes how often you will meet to review your progress; how your advisor will update you on portfolio performance; and what sort of contact you can expect from your advisor or support staff.

Grow more than wealth


With a collaborative, values-based approach and a track record of responsibly building wealth with integrity, you can expect RBC Wealth Management to help you realize your life vision.

 

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Winter 2017

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GLOBAL INSIGHTS MONTHLY

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FEATURE ARTICLE: Early 2017 tax tips

A summary of tax strategies that have deadlines in early 2017.

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SPECIAL REPORT: Global Insight Outlook 2017

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PERSPECTIVES MAGAZINE: Managing wealth and change – Volume 4, Issue 2

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View your documents electronically with eDocuments

 

Go paperless with eDocuments to reduce your paperwork, while helping us reduce our impact on the environment.

 

With eDocuments, you can securely view your RBC Dominion Securities account documents (such as statements, confirmations and prospectuses) in Adobe PDF format from the convenience of your personal computer. By choosing eDocuments, you have less paperwork to file or shred, saving you time and helping to protect the environment. Plus, you can quickly access a seven-year archive of your account statements (starting December 2011 for confirmations and prospectuses).

 

The choice is yours

You can choose either eDocuments or regular paper documents – it's up to you. If you want to switch to eDocuments, follow the easy steps below. If you'd rather receive paper documents instead, do nothing – they will continue to come in the mail as before.

 

Accessing your eDocuments

  • To add eDocuments to personal accounts: simply call us and we'll change your accounts over the phone and set you up for DS Online if required. Otherwise, please click here and follow the steps.
  • To add eDocuments to business and corporate accounts: get in touch with us first to complete a consent form, then you can follow the same steps as personal accounts.

To learn more about eDocuments or DS Online, please contact us.

Your secure, 24-hour personal investment centre

 

DS Online allows you to easily keep track of the progress you're making towards achieving your financial goals from any computer with a secure Internet connection.

 

Key features and benefits of DS Online

  • eDocuments
    Access your documents at any time. With our seven-year archive you'll be able to access your documents (such as statements,confirmations and prospectuses) through DS Online at your convenience.

  • RBC Royal Bank Online Banking
    You can use the same login and password to access DS Online. What's more, your accounts with us can be viewed when you access online banking.

  • Detailed account information
    View your account information, transaction history, investment news and research 24 hours a day, seven days a week.
  • Intraday holdings & balances
    Check the value of your equities, options and mutual funds based on current market pricing.
  • Real-time fund transfers
    You can transfer funds from your RBC Royal Bank accounts to your RBC Dominion Securities accounts in real-time (during regular business hours).
  • Order status
    Check the status of your trade orders.
  • Real-time quotes
    Obtain detailed real-time quotes for stocks and options listed on Canadian and U.S. markets, and daily closing prices for mutual funds.
  • Custom watchlists
    Create custom “watchlists” of up to 15 securities you want to monitor.
  • Streaming quotes
    Access streaming quotes right from your custom “watchlists”.
  • Mutual funds
    Access a wide range of Mutual Fund information.
  • Enhanced research capabilities
    The Markets & Research page provides current trading day market snapshots, commentary and news.
  • Latest news
    Access current business news and market information.
  • Secure and private
    Enjoy secure and private online account access backed by our DS Online 100% Security Guarantee. 

To learn more about DS Online or eDocuments, please contact us.

Your account statement

 

You will receive an account statement every quarter, or monthly when there is activity in the account. In addition, you will also receive a quarterly portfolio review statement, which shows how the value of your portfolio has changed over various time periods. Certain programs also offer specialized account statements.

 

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