3 questions to ask your financial adviser

Written By Unknown on Kamis, 10 Januari 2013 | 22.39

Many Canadians employ the services of a financial adviser to manage their investments. But the fee structure and secretive nature of the industry are a frequent source of conflict.

David Kaufman, an alternative investment expert with Westcourt Capital in Toronto, says an adviser's obligation to you boils down to two things: the investments they sell you must be suitable for you, and their fiduciary duty means they must act in your best interest.

"Those two things sound like they mean the same thing, but they don't always," Kaufman told the CBC's Lang & O'Leary Exchange recently.

He uses the analogy of going to buy a sweater. You set out to buy one, and the sales person finds you one you like. But they neglect to mention that it's going on sale tomorrow. That purchase was suitable, but not necessarily in your best interest.

"You got a sweater ,you got what you bargained for but it wasn't in your best interest because if they'd told you to wait a day you'd be better off," Kaufman said.

The same goes for an investment portfolio. To that end, David Kaufmanhas come up with a list of three simple questions to ask your adviser in order to make sure your interest's are the only factor behind any investment advice.

Click the player above to see what they are, or click here to watch the video in a new window.


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