Monthly Archives: June 2020

Can your advisor offer everything you need?

Can your advisor offer everything you need?


You’ve probably heard the terms financial advisor, financial planner, wealth manager, investment advisor, stock broker, financial consultant, etc etc. What do they all mean? Well those titles really don’t mean anything in Canada. The Ontario Securities Commission has started a process to regulate the usage of the various financial advisor titles, but even that doesn’t go far enough for the general public to understand the differences.


So what are the differences?


Well there are three primary types of licenses a licensed financial advisor can have. I specify “licensed”, because some financial advisors aren’t licensed at all. They can give you advice with budgeting & saving but can’t legally provide investment related advice to you. The three types of licenses are:



Start Saving Now

start saving now


We’ve all done it.


We decide we are going to do something, or we know its something we need to do, and yet we find a way to put it off. Like many others, I used this approach during university and had to franticly binge study the night before most exams and papers were due. Fortunately, I took my finances seriously at a young age. However, I know this isn’t the case for most people.


Why do you need to start saving today? Well its simple. It will have an enormous difference in your future financials. Seriously. Saving early is the number 1 way to build wealth over your lifetime. I’ll show you an example of why.


Heather & Jack


Let’s take two twins. Jack & Heather. Jack & Heather are 20 years old today. Heather decides she wants to save $500 a month from the time she is 20 until she is 30. Jack would rather spend his 20’s living and start saving when he is 30. For both of them we will assume their investments earn a net return of 7% for the entire period.


Heather saves $500 a month for every month from 20 years old until 30 years old. By the time she is 30 she has saved up $86,009. Heather stops contributing. She never adds another dollar to her investments. She contributed $60,000 to her investments.


Heather savings growth chart