The second quarter ended two months ago which means this report is … about six weeks late. I did NOT meet the budget. Not even close. In my defense, the price of medium-speed internet went up by $4.60/month. Well, actually, the price went up in March (Q1) but I didn’t notice until April (Q2). Let’s talk about something else.
Two weeks ago, I took a day to do a big financial check-in. I had fun. I came up with a list of immediate actions.
One task was to update the investment selections in an old RRSP—a tax-deferred investment vehicle I opened in the 1990’s. I could not change the selections online because answers to a risk tolerance questionnaire were out of date. I went into the bank and learned, because of the personal questions, the teller couldn’t do the update and I needed an appointment.
So when I returned for the appointment, my goal was to simply update this risk assessment. How naïve. My appointment was with an advisor.
I felt like I got blindsided. I felt like I got talked at for an hour. I explained that I simply wanted to update the assessment so I could make changes myself online. I agreed that, yes, the investment selections were overly complex for the total amount and that was why I was there in the first place. I got a lot of investment advice I didn’t ask for.
I conversed but I had already decided: they don’t get it, they don’t get me, I’ll just play along, sign the form for the fund they want to sell me, get the hell out, and then make my changes online after I’ve done my own research. And that’s what I did.
But I left the bank feeling shitty. I was annoyed that I hadn’t interacted better. The introvert retreated. The advisor was following a script they were trained to follow. If A, sell them X. But if I had not followed my script and had been more assertive, the advisor might have learned something about their behavioUr and modified it for others. And it wasn’t an entire waste of time: I did get a valuable tip about their USD accounts.
A few weeks before that, I had a positive experience with a CPA specializing in US/Canada taxes. I’ve been doing my own income tax returns and other form-filling requirements for both governments but had a growing list of cross-border questions on taxes, estate planning, long-term residency status, and changes at 65. It was time for professional help. The meeting was beneficial and worth the expense. And at some point during the 45-minute discussion, the accountant had assessed that I could handle the returns and other requirements on my own.
I won’t hesitate to call on the CPA for assistance again. And if I look for a financial advisor in the future, I will be putting a bunch through an interview process to find someone who gets me, gets my goals, and takes the time to get that I’m actually good with money. In most quarters.
Related link:
- simpler-living report: CY19Q1 (post #114 )
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