Financial Professionals

Financial adviser a couple

Working with an adviser

Make sure you prepare for all meetings with your financial adviser. This checklist will help you to identify the steps you need to take before during and after a meeting.

Once you’ve selected an adviser, they will begin working with you to understand your current financial situation, identify short-term financial needs and some long-term financial goals you would like to work towards. To do this, they will ask you to complete a Know Your Client (KYC) form, which will ask for the following information:

  • Age, and dependents
  • Annual income, income tax, and monthly expenses
  • Financial goals, risk tolerance and investment style/preferences (e.g., hands-on/hands-off)
  • Overall estimated net worth (i.e., income and assets minus expenses and liabilities)
  • Investment knowledge, experience, and interests

It is important that you respond as honestly as you can, even if you don’t have precise answers. This information will assist your adviser to make appropriate recommendations for you. Some people may over or under-estimate their financial knowledge, so try to be honest and realistic about what you do and do not know.

If your financial situation changes significantly, you should also notify your adviser so they can review and make appropriate recommendations. Important changes could be a higher paying job, the loss of a job, the birth of a child, or a change in marital status.

For more guidance on financial advisers, check out the Manitoba Financial Services Agency’s information sheet “Questions to ask when choosing a financial adviser.

 

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