SOURCE: WealthBar

WealthBar

May 24, 2017 09:00 ET

WealthBar touts hard questions investors can ask their financial adviser

Timely advice from a robo-adviser to help put investors first

VANCOUVER, BC--(Marketwired - May 24, 2017) - In the spirit of 'Putting Investors First Month' inaugurated by the CFA Institute, a global association of investment professionals, WealthBar is providing five timely tips for investors. They're also offering Canadians the chance to get a second opinion on their investments from a fiduciary.

"Many Canadians are just now getting tax refunds of $1,600 or more and a good number will be looking to invest that windfall," said Tea Nicola, Co-Founder and CEO of WealthBar in Vancouver. "Given recent media reports about poorly-trained bank advisers 'duping customers', we want to make sure they get the help they need to invest the right way."

That means going with an adviser they can trust is working for their best interests. "Investors should be looking for highly qualified financial advisers who are regulated by their provincial securities commission directly," said Nicola.

"Your adviser shouldn't have a possible conflict of interest from earning commissions when they recommend certain investment products," she added.

The CFA Institute has developed helpful guidelines for questions investors can ask prospective financial advisers (whether robo, or otherwise) in a 'Realize Your Rights' campaign. Inspired by that, WealthBar recommends these questions to ask prospective advisers:

1. What are their credentials or experience?
2. Are they officially a fiduciary, with a legal duty to put your interests first when recommending investments?
3. What is their process for handling conflicts of interest in a transparent and effective manner?
4. What fees are they charging? How are these calculated and collected?
5. How will they ensure that financial information is kept secure and confidential?

"Naturally, we'd want to remind our investors that our advisers are fiduciaries and we're happy to explain how we protect clients," said Nicola. "But whoever Canadians choose to invest with, we just want them to feel sure about their money. When Canadians hear horror stories about investors who feel cheated, that ill-will just spreads fast."

"Canadians who want that fiduciary relationship, or just want to explore whether they are getting a good trade-off for fees, performance and diversification can always get a second opinion on their investments," she added.

"Right now, they can get a free personalized report to see if WealthBar would be a better fit. There's no obligation -- and our fiduciaries are there to answer any questions they have."

About WealthBar:

WealthBar is one of Canada's first fully online teams of financial advisers and investment managers. They help Canadians build their brightest future possible through easy, low cost investing. WealthBar brings private wealth management expertise to investors, whether they have $5,000 or $5,000,000. Every client gets a dedicated financial adviser, diversified portfolios, insurance and financial advice.

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