What Do You Need when it comes to Money Management?
Financial Planning and the industry has evolved as we discuss last month. Now lets look at how have the service platforms evolved with it.
We all know what we are concerned about, but sometimes we don’t know what we need to fix that concern.
With the many layers of service now available, I thought it was worth outlining what I can access at Assante.
One size fits all is not a phrase that’s common in the financial services industry. Although, some people do think that way. Each person has specific ideas about what they want to achieve, and what services they believe will help them to get there.
Depending on their preferences, understanding the industry options will help them get there.
With the many changes in the industry and ways of servicing clients, we at Assante have also evolved.
Well, at Assante, for some clients, we can provide a simplified option.
My role as a Financial Planner is to ensure that I support my clients in making all your key financial decisions. That really is a full service model is great for those with substantial assets and a complicated lifestyle and tax scenario. We incorporate financial planning, a large array of investment options, full customized portfolios and a review of Estate and insurance items.
But, some people may not need the deluge of services, and some have a hankering for a little “do it yourself” but not enough to feel confident to go it alone.
What are the solutions?
Over the years, technology & other platforms have developed.
For example, all full service clients have access to your accounts 24/7 through InvestorOnline.
In addition, sharing information in a confidential manner is simple, and easy through a confidential portal that many of our clients have now set up for ease of information sharing.
With the enhanced fintech that’s available, we have invested directly into WealthBar, and now have “Assante Connect”. This robo-advisor platform that provides simplified investing options, and a do it yourself process. The automated investment options available use technology that has won a Nobel prize. This means you are getting top notch options, with a simple solution. We have been using this platform actively for younger investors that want access, but don’t have complicated needs for an advisor full-time.
Virtual Brokers is a full access trading platform, again geared for Assante clients that want a little fun with a trading experience. It’s a low cost option geared for those that love that trading experience.
Recently, we have formed partnerships with U.S. firms that offer comprehensive Financial Planning in the U.S. This would apply to those with ties & assets in Canada and the U.S.
Ideally, understanding how engaged you want to be with the actual investing choices is important to determine. But this is simply 1 part of the equation.
Next is identifying how you want to build your knowledge, get educated and try to make the best financial decisions, both small and large, for you and your lifestyle. That’s where using a ‘hands on’ approach can work, with some access to an advisor, or education formats can really help.
Two facts I have seen confirmed again and again.
1) The smartest money manager/financial gurus can still make BIG mistakes. They still need a sounding board when it comes to their own personal financial decisions, especially when there are 2 people to satisfy. Most of us are very biased when it comes to making our own investment/financial decisions, and our biases often lead to mistakes. Sometimes by not taking any risk, and other times by taking too much. That’s where an advisor can be worth their weight, as they often keep even the sharpest minds on track for personal decisions, and by blending both opinions and bringing your back on track to the bigger picture.
2) Having an advisor has historically added up between 2-4% return annually, simply by assisting in making better long-term decisions. Managing risk, tax, and putting the right structure in place. Proven many times, but most recently again by Vangard, assessing the difference in average returns by those that used a financial advisor and those that did not.
