Active due diligence is essential when deciding who to work with in the management of your financial affairs. Although it can be arduous, asking the right questions before engaging is a truly worthwhile process. As a starting point, below are a few essentials to consider –

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Practice what you preach. Are the overall strategies and objectives of the advisory practice integrated and in alignment with your ideals? This may include but is not limited to the approach on investable assets, estate planning, risk mitigation, banking, and tax strategy.

Knowledge is power. Being able to provide high quality, unbiased, analytical investment research is a major value-add when thinking of working with an Advisor.  Part and parcel with their advice, an Advisor should source sound and valued industry information for you– the client, ensuring transparency and industry know-how. It is the combination of advice and information that encourages productive conversation and has you feeling confident in your portfolio.

The proof is in the pudding. Once a synchronized investment strategy is established, a comprehensive plan should be documented and made accessible to you for review and as a continual resource. Financial plans are fluid and dynamic, and it is essential to document this information at all stages of its evolution.‍

A one-stop shop. A select number of firms can offer clients an all-encompassing view of their total assets – those managed by the Firm and those which are not. By aggregating this data, a client can view their total portfolio – all in one place, and an Advisor is able to carry out a holistic assessment of accounts and provide better advice.

You get what you pay for. A deeper discussion on fees can be a sensitive topic to broach but a necessary one, nevertheless.Firstly, there is no shame in an Advisor who is transparent and upfront with their fees to level set expectations. Once confirmed, a discussion to analyze and optimize fees can help to ensure you are invested in products and account types that suit your needs, are in line with your goals, and are mindful of cost.

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Like preparing for your families next renovation project, the above make up the tools you’ll need to hire the right people to get the job done.