History is a Good Teacher

Like many young adults, Lindsay took what her parents had to say with a grain of salt when it came to money. A new college graduate with an entry-level job, she was more interested in spending her paycheques than saving them. Saving was for later, she thought. Life was for living. When her father raised an eyebrow or offered advice, she brushed him off.

Then came the financial collapse of 2008. Lindsay lost her job and moved back into her parents' basement, regretting immediately almost every dollar she had blown.

As the economy slowly recovered over the next couple of years, Lindsay found a new career-track job. She approached things very differently the second time around. She had no intention of living off her parents again and realized that financial independence required time, smarter choices and sound advice.

As soon as she was eligible, she joined her company's Group RRSP plan, contributing enough to get the maximum employer match. The plan representative opened her eyes to the power of compound interest, showing her how much the first ten years of investing could fuel long-term growth. He also explained that contributing an additional 1% to her RRSP - an amount she'd hardly miss - would offer tax savings and a well-funded retirement down the road.

A decade later, when COVID-19 sent the market plummeting again, Lindsay was very grateful for the investment decisions she'd made in 2010. With guidance from a trusted financial advisor, she had built a growing investment portfolio that should easily support her future goals and make her feel less vulnerable to market volatility. She'd learned the value of balancing risk and reward and listened to her advisor's recommendations for diversifying investments.

She realizes now that these were the lessons her father had been trying to teach her so many years ago. "Those raised eyebrows felt like judgment at the time, but Dad was just wanting me to respect the money I was working so hard for," says Lindsay. "Encouraging me to take an active interest in my financial future was also motivated by the fact that he and mom had started planning much later in their lives. He didn't want me scrambling for financial security in my 40s as they had."

Whether it was the painful lessons of the 2008 financial crash or the fresh panic unleashed by the COVID crisis, Lindsay is one of a growing number of younger adults choosing to work with a financial advisor earlier in life. Today, Lindsay views working with a financial advisor as "the best insurance against a roller-coaster market. I'm grateful that I started when I was in my 20s, even though I was resistant to it at first. Honestly, it's still a little hard to admit, but my dad was right."

Want help with your investment planning?
Contact our office!

Copyright © 2020 AdvisorNet Communications Inc. All rights reserved. This article is provided for informational purposes only and is based on the perspectives and opinions of the owners and writers only. The information provided is not intended to provide specific financial advice. It is strongly recommended that the reader seek qualified professional advice before making any financial decisions based on anything discussed in this article. This article is not to be copied or republished in any format for any reason without the written permission of the AdvisorNet Communications. The publisher does not guarantee the accuracy of the information and is not liable in any way for any error or omission.

What our clients are saying...

  • We valued receiving a detailed report and explanation of our finances. When working with a financial planner, we expect to have our questions answered with adequate detail and to have a plan developed to help grow our money. Our expectations were clearly met and we would be happy to recommend Anthony to anyone looking for a Financial Plan.

  • We valued the fact that you sat down with us, heard what we wanted to say, asked for clarification and offered suggestions, and then came up with a detailed and well-reasoned plan in a short period of time and communicated that back to us so that we knew what we needed to do moving forward. Thanks!

    Our expectations for a financial planner are several fold: (1) Does the planner communicate well, in that they both listen but also offer suggestions and ideas in a clear easy-to-understand way, (2) Are they able to meet their client at the same energy/level and meet their specific needs? In our case we needed a tax minimization strategy within a short turn around time. (3) Did the planner actually do their job, in that were they able to provide ideas and suggestions that helped address the client's asks?

    We came to see you because we realised that we hadn't looked at how to minimize the taxes related to my Father’s estate planning and my mother’s future financial planning, and you were able to tell us things that we didn't know about, and offered us solutions that helped us with our future financial planning.

    You definitely met our expectations! In some ways, you actually exceeded our expectations. We were hoping that you could respond quickly, and you came up with a detailed and well-reasoned plan faster than we expected!

    Our only area of improvement we could think of was, given that the plan was very detailed, if we had an explicitly spelled out action plan with a timeline for completion.

    We are very happy and would definitely recommend you to our family and friends and in fact have already done so!

  • Anthony made the process very clear and explained each step along the way. He was very honest and straight forward. My expectation from a financial planner is that they are honest and transparent. Anthony definitely met my expectations and I would be happy to recommend him to my family and friends.

  • When working with a financial planner our expectations are to maximize our investments and have a solid plan for retirement. We now have a greater awareness of our current portfolio and options to best protect our estate. We were provided with good information to use in order to make better investment and estate planning decisions. We would gladly recommend Anthony to our family and friends.

  • We value the personal service and detailed explanations we receive from Anthony on an ongoing basis. We feel comfortable recommending Anthony to our family and friends as he is someone who we can trust and has our best interests in mind. He has been great at helping us work towards a comfortable and manageable retirement.

  • The financial planning process we went through was clearly outlined and explained to me. I wanted to have a better understanding of my financial position and to know whether I could retire early or not.

    I am happy to recommend Anthony to my family and friends.