If you've ever peeked at my bio, you'd know that the financial advice my mom received back when I was young had a major impact on our lives. After my stepdad passed away, leaving my mom with a nest egg to manage, she turned to an investment advisor. Sadly, she went with the first one who showed up, not necessarily the best one for her. His advice eventually led to a significant loss in her investments, and suddenly, we found ourselves scrambling to make ends meet. I even ended up taking on extra work to fund my post-secondary education.

 

Looking back at that experience I credit it for lighting a fire under me. After all, it's what drove me to become a wealth advisor with a commitment to ethics. After studying business, getting a couple of designations, and gaining a decade of experience, I would like to shed some light on how you, as a woman can find a financial professional that is right for you.

 

First, I still see a lot of value in working with a professional. According to Gitnux.org, millennials who take this step are three times more likely to experience a high level of financial well-being. I would imagine it’s similar for other generations. A written financial plan and the advice of a professional can lead to enhanced financial outcomes, bolstered confidence, and improved overall well-being.

If I were in the market for a financial professional today, these are the questions I would ask:

1. How do you make your money, and what do I get for the fees?
   • Transparency is key when it comes to understanding how your advisor gets paid. It's about making sure those fees line up with your financial goals and values. We all deserve to know what we're paying for and they deserve to get paid. As taboo as this question might seem, it’s important.

 

2. What are your professional credentials?
   • Verification of the advisor's credentials and expertise can be a great way to understand what they can provide. They should possess the necessary qualifications to effectively manage your portfolio. It can be overwhelming looking at the letters after their names, so here is a quick guide on a few of the most common designations in Canada.

 

3. How will Our Professional Relationship Operate?
   • Clarification of the meeting frequency, communication channels, and availability of the advisor is essential to setting up your relationship for success. This also provides an opportunity to gauge your advisor's approach. Some advisors dictate the communication schedule, while others offer a more personalized approach. I am a fan of tailoring communication to suit your needs.

 

4. What's your investment strategy?
   • Comprehending your advisor's approach to investment management is key. At the end of the day, what matters most is that there's a disciplined approach to how they handle your investments. You don't need to be fluent in investment jargon to make informed decisions. I've seen how this industry can sometimes drown clients in complex language, often leaving women feeling sidelined or pressured to hand over control. But let me remind you, it's not your job to be an expert in financial lingo. It's on us, professionals to break it down for you in simple terms.

 

5. How do you incorporate psychology into financial planning?
   • Inquiring about how the advisor integrates behavioral finance and client psychology into their practice can provide insight into how they address your financial behaviors. As a woman, I would also suggest seeking an advisor who understands the biases women face. Awareness of psychology and its impact on finances is a relatively new concept in the industry, but there is a growing demand for it, as per this article from CNBC.

 

6. How can you connect with me on a personal level?
   • Let me share a bit of my journey and why I think this question is important. Initially, I felt my identity as a gay immigrant woman was a barrier to success in the corporate world. But over the years of being involved in my community and through therapy, I realized the strength of diversity. As a woman, I've faced biases, but now I see that experience as a source of strength and empathy. Remember the power of diversity when choosing your financial professional: seek someone who may understand your journey, can relate to your experiences, and values your voice.

 

If you ever feel dismissed or not heard during these discussions –which unfortunately is still common – trust your instincts. Many women, like my mother, have been misunderstood by advisors, to their detriment. Despite her background as a biochemist, her advisor dismissed her understanding of investments due to her heavy Eastern European Accent. We must demand better treatment and recognition of our economic power.

 

My philosophy: You already know what you need. My role is to simplify options and empower your decisions. Your voice matters in your financial journey.

 

Choosing an advisor who listens and values your input is crucial for a successful partnership.