September 29, 2023


Learn Business From Experience

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 progress, Serge Robichaud has accomplished an array of monetary 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 goals. Leveraging his experience and perception, he offers personalised monetary steerage to every particular person shopper.

In immediately’s interview, Serge offers some key insights into the life and profession of a monetary advisor.

What Made You Need 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 entails analyzing complicated information, making strategic choices, and infrequently fixing some fairly intricate issues.

To be trustworthy, it retains your thoughts younger. I personally get pleasure from being challenged and utilizing important considering to get a job completed. There’s at all times fixed studying and flexibility. The trade is repeatedly evolving resulting from altering rules, technological developments, and market dynamics. This can be a actually stimulating setting that requires you to remain updated, be taught new expertise, and adapt to rising developments.

What’s the Greatest 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 actually some advisors who prioritize their very own pursuits over their purchasers, it’s essential to take into account that the function of really respected monetary advisors goes past product gross sales. Many people are very devoted to our craft and wish what’s finest for our purchasers, it’s counterproductive in any other case. There’s additionally the concept monetary advisors are “just for rich folks.” This isn’t true. Monetary advisors can help with a variety of different areas of finance and could be worthwhile for folks of all wealth statuses.

What’s the Most Troublesome Component of Your Job?

Serge Robichaud: Any advisor goes to let you know that probably the most “difficult aspect” is compliance. The reality is, the compliance staff is there to ensure all the pieces is correctly. We’ve got to stick to strict compliance and regulatory requirements for a cause — to guard our purchasers. Following these moral tips could be demanding and time-consuming, but it surely’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 duty the advisor has in the 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 might negatively influence their purchasers. They’re anticipated to make suggestions or take prudent actions which are unbiased and additional the curiosity of the shopper’s well-being.

Non fiduciary, then again, might have a extra restricted authorized obligation in the direction of their purchasers. Whereas they nonetheless have the duty to offer appropriate suggestions based mostly on a shopper’s monetary scenario and targets, their major responsibility isn’t essential to act within the shopper’s finest curiosity. These advisors might have some potential conflicts of curiosity, resembling receiving commissions or incentives; however this doesn’t make them a foul choice 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 suggests recommending investments which are appropriate for the shopper on the time of the advice, however not essentially the best choice accessible.

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