This morning I returned back to the bank to complete the transaction that I started last week. The financial advisor was taking the money I had saved out of its current account and putting my money into a regular bank account, so that he could move it into a Tax Free Savings Account and change what I am investing in. At our last meeting, he had recommended a balanced investment account..showed me a list of the companies that were included. I recognized a couple of the companies (one my brother works for) and so I felt comfortable with the list (as comfortable as you can after looking at it for 3 minutes.:)
The interesting thing was that this morning, he told me that he actually thinks that the investment account that we (he must mean, that he recommended) had decided on was perhaps a little too aggressive for me, and he thought it better to move it down a notch, to better match my investing personality profile, and to make it more accessible should I decide to take it out in the next 7-10 years. (I guess I feel comfort knowing that the bank has controls in place to make sure that their employees don't put their clients at too much risk. ) Well, with my rambunctious 5 year old in tow today, (who I was fighting with to make sure he wasn't using wifi on my iPhone and costing me money while I was trying to save money), I took him for his word. The life of a mom.:)
It reconfirms the importance of self-educating to me though. If you don't go into a financial advisor educated and with a direction/goals already formulated in your mind, its pretty easy to be guided into what ever they suggest for you to do.
My husband is an accountant, but like me, is good at cost control, but not so great at knowing what do with the money. In fact, we moved from Southern Alberta to the big city 11 years ago, and I think he (and I know it should be 'we') has spoken to our advisor (where we have our RSPs) from back then maybe 5 times...none of those being recent. Now our question is should we move our investments from the person currently watching over our account to someone local...or keep it where it is. Honestly....not being able to meet with someone face to face makes things a little less personal. Not to mention, our account has been moved to an advisor we have never met before.
The man at the bank said that there is someone else that he could recommend to talk to us about what some of our options might be. So, I agreed to let them call (and talk to my husband..ha...might as well get him going full invested in this process as well!:) Truth be told, all my talk about what I am doing may be annoying my husband just a little bit...however, I think it is motivating him to address the issue of finding an advisor that can help give us a little bit of direction.
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