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April 09, 2021

Canadian investors look for financial advice

Do you want some good advice?

Well, it appears that many Canadians do when it comes to managing their finances, according to a new study by BMO InvestorLine.

In fact, 73 per cent of those polled indicated they seek advice when managing their investments, including deciding which investments to buy/sell and ensuring their portfolios are well diversified.

I admit, I also consult with a professional on any money matters. I like to hear what they have to say and then make a decision based on that advice as well as other resources at my disposal.

Viki Lazaris, President and CEO. BMO InvestorLine, says, "It's no surprise that Canadians value advice for managing their investments.

"It's getting increasingly difficult to make investment decisions with the myriad of investment options available to investors and the speed at which global economic events occur."

She's right -- there are so many investment options available today to choose from. Just how do you decide which one is right for you? And, more importantly, do you understand the options clearly? That's where a professional advisor can help you out.

But even though investors tend to seek out financial advice, they also like to have the last word before committing to an investment (57 per cent).

Across the country, it appears that those living in Ontario are more likely to seek financial advice (79 per cent); followed by the Atlantic provinces (74 per cent); Alberta (72 per cent); British Columbia (68 per cent); Quebec (67 per cent); and lastly, Saskatchewan and Manitoba (64 per cent).

"Investing is an important but personal decision and investors have different life situations and investment objectives," said Ms. Lazaris, pointing out that there are many resources available they can take advantage of to help guide them in their decisions.

It really does makes sense to get some good, sound, professional financial advice before making important investment decisions. After all, it is your money.

By Donna Donaldson, MSN Money

Do you seek financial advice when making your investment decisions?



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