Ep.015: How to Find a Financial Advisor in Canada with Jason Watt

In this episode of the Millennial Money podcast, Sam Lichtman speaks with Jason Watt about the complexities of finding a financial advisor, the importance of trust, and the challenges faced by underrepresented demographics in accessing financial advice.

They discuss the advice gap in Canada, the role of social media in connecting clients with advisors, and the ethical considerations in financial planning. The conversation also covers the questions clients should ask potential advisors and the nuances of fiduciary standards in Canada.

Jason Watt and Sam Lichtman delve into the complexities of fiduciary obligations in financial planning, contrasting the suitability standard with fiduciary standards. They discuss the importance of client education, identifying red flags in financial advisory practices, and the value of personalized financial planning.

The conversation also touches on the evolving role of financial advisors in a landscape increasingly dominated by low-cost investment options, emphasizing the need for advisors to provide value beyond mere investment selection.

 

Takeaways

Trust is essential in the financial advisory relationship.

The advice gap exists for underrepresented demographics.

Clients should ask about an advisor's process and experience.

Cookie-cutter approaches to financial advice are problematic.

Fiduciary standards are not universally applied in Canada.

Behavioral coaching is a key value of financial advisors.

Avoiding big mistakes is a primary goal of financial planning.

The financial planning process should align with client values.

Advisors should be transparent about conflicts of interest.

 

Work with Millen Wealth Advisors

Book an intro meeting: https://www.mwadvisors.ca/

Self-paced tax and investing course for business owners: https://courses.mwadvisors.ca/

 

Follow Sam and Guillaume on Social Media

Podcast YouTube Channel: https://www.youtube.com/@MillennialMoneyCanadaPodcast

TikTok: https://www.tiktok.com/@millennialmoneycanada?lang=en

Instagram: https://www.instagram.com/financialplannergui/

Guillaume LinkedIn: https://www.linkedin.com/in/guillaume-girard-cfa-cfp-08487170/

Sam LinkedIn: https://www.linkedin.com/in/sam-lichtman/

 

Keywords

Financial advice, financial advisor, trust, advice gap, fiduciary, ethical standards, client relationships, behavioral coaching, financial planning, underrepresented demographics