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Episode Description
Don't forget to call your advisor!
Investors should proactively communicate life changes to their financial service providers.
Scenario: Whether it's losing a job (like Tricia) or receiving a bonus (like Saidy), these events warrant a call to your advisor.
The Gap: Investors often don't call because they don't think of it, assume it's irrelevant, or see no benefit—but these changes can significantly impact their financial plan and investments.
Why It Matters:
- Advisors can't read minds and won't know your situation unless you share it.
- Life changes (job loss, bonuses) affect how you should manage debt, RRSPs, TFSAs, and tax obligations.
- Early communication allows for better planning and minimizing financial damage or tax liability.
Takeaway: Call your advisor when circumstances change, and for advisors—create a supportive, shame-free environment that encourages clients to share news.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
