September 21, 2023


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4 Questions for Monetary Advisor Serge Robichaud on Making a Profession in Wealth Administration

4 min read

Serge Robichaud is a financial professional affiliated with Canada Life and Quadrus Investments. Fluent in each English and French, Serge brings invaluable data and sensible expertise to his clientele. As an completed monetary advisor, Serge oversees shopper accounts and delivers complete monetary providers.

With a life license designation and a robust dedication to steady skilled development, Serge Robichaud has accomplished an array of economic planning programs and certifications by means of the esteemed Canadian Securities Institute. Notably, he has efficiently cleared the second examination of the Chartered Monetary Analyst designation with the CFA Institute.

Serge Robichaud works diligently with an array of various purchasers and their households to assist them obtain their desired monetary aims. Leveraging his experience and perception, he supplies personalised monetary steerage to every particular person shopper.

In right now’s interview, Serge supplies some key insights into the life and profession of a monetary advisor.

What Made You Wish to Pursue a Profession in Finance?

Serge Robichaud: A part of what actually appealed to me concerning the profession is that it gives an mental problem. It includes analyzing advanced information, making strategic selections, and sometimes fixing some fairly intricate issues.

To be sincere, it retains your thoughts younger. I personally take pleasure in being challenged and utilizing essential pondering to get a job completed. There’s all the time fixed studying and flexibility. The business is repeatedly evolving resulting from altering laws, technological developments, and market dynamics. It is a actually stimulating atmosphere that requires you to remain updated, be taught new expertise, and adapt to rising traits.

What’s the Largest False impression About Your Profession Path?

Serge Robichaud:  One of many largest misconceptions about monetary advisors is that we’re solely centered on promoting monetary merchandise and producing commissions. Whereas there are definitely some advisors who prioritize their very own pursuits over their purchasers, it’s essential to needless to say the function of actually respected monetary advisors goes past product gross sales. Many people are very devoted to our craft and need what’s greatest for our purchasers, it’s counterproductive in any other case. There’s additionally the concept that monetary advisors are “just for rich individuals.” This isn’t true. Monetary advisors can help with quite a lot of different areas of finance and may be precious for individuals of all wealth statuses.

What’s the Most Troublesome Aspect of Your Job?

Serge Robichaud: Any advisor goes to inform you that essentially the most “difficult component” is compliance. The reality is, the compliance staff is there to ensure every part is correctly. We’ve got to stick to strict compliance and regulatory requirements for a purpose — to guard our purchasers. Following these moral pointers may be demanding and time-consuming, nevertheless it’s effectively value it.

For the Readers who Is probably not Conscious, what’s the Distinction Between Fiduciary and Non Fiduciary?

Serge Robichaud: The first distinction between fiduciary and non fiduciary primarily lies within the stage of authorized and moral accountability the advisor has in direction of their purchasers. A fiduciary is a person or entity that’s legally and ethically obligated to behave solely in one of the best pursuits of their purchasers. They’ve an obligation and loyalty and should prioritize their shopper’s pursuits above their very own. Fiduciaries are held to the next customary of care and should present full disclosure of any potential conflicts of curiosity that would negatively impression their purchasers. They’re anticipated to make suggestions or take prudent actions which might be unbiased and additional the curiosity of the shopper’s well-being.

Non fiduciary, then again, could have a extra restricted authorized obligation in direction of their purchasers. Whereas they nonetheless have the accountability to supply appropriate suggestions primarily based on a shopper’s monetary scenario and objectives, their main obligation isn’t essential to act within the shopper’s greatest curiosity. These advisors could have some potential conflicts of curiosity, resembling receiving commissions or incentives; however this doesn’t make them a nasty possibility or counsel they’ll do something to deliberately trigger their purchasers to lose cash – that isn’t how you retain a shopper. They nonetheless have to stick to a suitability customary, which implies recommending investments which might be appropriate for the shopper on the time of the advice, however not essentially the most suitable choice out there.

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