You always have the final say on any investment decision. As with any professional advice the goal is to ensure that you can make an informed decision. Below are some steps you can take to ensure that you and your advisor both have all the information needed during the advisory process.
Inform your advisor whenever there has been a material change in your circumstances. Any change should prompt an update to your KYC Information and will require your advisor to perform a new suitability assessment which may result in your advisor recommending changes to your investment portfolio.
Read and review all the documentation you receive. If there is something in a document that concerns you, or that you do not understand, do not hesitate to discuss this with your advisor or dealer.
Take your time making decisions and consider the advice you receive.
Keep an open dialogue with your advisor. This is particularly important to help your advisor learn about your financial situation and needs.
Review all your account statements and trade confirmations. You should receive account statement at least quarterly and a trade confirmation for every purchase or redemption of an investment product. Account statements tell you valuable information about the investments you are holding, their performance and the costs you pay for the investment. Contact the dealer’s compliance department directly if you do not receive account statements or trade confirmations, or if the information on a statement or confirmation is inconsistent with your records.
Ask questions and if you don’t understand the response do not hesitate to ask for clarification. If you don’t have a general understanding of an investment even after asking questions it is likely not the product for you.
