Wealth Advisors: What’s in a name?

On financial titles, and what they mean for clients

May 15, 2017

There has been a lot in the news about “wealth advisers”, and the trouble that investors have faced after placing their trust in someone who wasn’t as qualified as they believed them to be. Much has been made of the difference between a wealth “adviser” and “advisor”, and rightly so – they are very different things. An “advisor” has to meet very strict criteria, passing Canadian Securities Institute courses and earning specific financial designations. An adviser can be literally anyone.

Rest assured, Mailey Rogers Group falls neatly into the first category – wealth advisors who are highly educated and have all the appropriate financial designations. With our dedication to client service and an exceptional quality of wealth management, we can accept no less!

But what of titles that are a little more flexible?

Our team came across a great article on Forbes about the difference between an investment advisor and a wealth manager (are you confused yet?) and it’s a great read. At Scotia Wealth Management, we are titled Wealth Advisor – a separate term that perfectly explains what we do. Mailey Rogers Group does handle investments at a very high level, but that’s only part of the holistic wealth management we offer to clients. Our expertise does not stop at portfolio management – it’s simply a piece of the puzzle. Our holistic approach to financial well-being is centered around having a financial plan. That plan, in turn, dictates how the portfolio is constructed, how we approach tax minimization strategies, strategic use of insurance, and so on. We consider retirement and estate planning, philanthropic giving, legacy planning and additional services as needed. Your investments are important, but they cannot stand alone – a personalized, comprehensive plan that evolves over time is key to your success.

In short: Mailey Rogers Group works to preserve and grow your wealth over time using a personalized, holistic approach. For this reason, we are wealth advisors (with that all-important ‘o’ instead of an ‘e’) that manage every aspect of your wealth – much more than just investments!

So what’s in a name, and why is this distinction so important?

Because your wealth is part of what secures the future you want for your family, and the legacy you wish to leave behind. Mailey Rogers Group takes this responsibility very seriously, and as such, our team has been built upon a very high standard. From our Estate Consultant, Monique Trepanier to our Private Banker, Yael Dirnfeld and all of the MRG wealth advisors, we are committed to providing an exceptional level of service. Furthermore, we want to ensure that our clients understand our recommendations and have faith in them. Understanding our qualifications allows for greater trust, which is the basis of any good relationship. A study from Advisor.ca revealed the following:

Investors with advisors report greater confidence, more certainty in the ability to retire and larger emergency funds, says a 2012 report from the Investment Funds Institute of Canada (IFIC).
Vanguard Investments Canada research from 2015 shows the value of working with an advisor is roughly 3% per year, which is compelling over time.

This potential added value (below, in parentheses) breaks into different categories:

  • Coaching, providing discipline and maintaining a long-term perspective (1.5%).
  • Applying tax-efficient asset allocation strategies (up to 0.42%).
  • Using cost-effective investments (1.31%), rebalancing portfolios (0.47%) and implementing spending strategies (up to 0.41%).

Confidence is trust in our abilities, and in the end, it all comes down to the quality we provide. It matters that we are advisors – but it matters even more that we are skilled, dedicated advisors with a genuine commitment to client care. This is the value that Mailey Rogers Group offers, and what sets us above the rest.

If you have questions about the information in this article or would like to discuss your wealth management needs, please contact us! We’d be pleased to hear from you.