John De Goey's Wealth Professional Canada Top 50 Advisor Profile.
Name: John De Goey
Question: What is your top tip for other advisors?
Answer: Use reasonable assumptions when doing your illustrations. In particular, if you’re using high-cost products, make sure your projections take those costs into account. If your projects cost 1 per cent less and your fees are the same, it stands to reason that your clients’ returns will be about 1 per cent higher – which is massively impactful over an investor’s lifetime.
Question: What makes a good advisor?
Answer: I incorporate actual empirical evidence, peer reviewed research, into my recommendations. That means using reasonable assumptions and teaching my clients about the importance of cost. I’m also a big believer in informed consent, meaning I try hard to help clients understand the trade-offs involved in the choices in front of them.
Question: What do you like most about being an advisor?
Answer:I like that I can help people achieve their goals – not only the financial ones – on their terms and based on their values and priorities. I get to work with people who have a wide range of perspectives and experiences. Many are experts in their fields and it is a treat to be able to work with people who are obviously competent in their field, yet simultaneously in need of advice in something that isn’t second nature to them.
Question: What has been the best thing about the last 12 months?
Answer: The fact that people out there seem to “get it” now. I’ve been talking about professionalism, transparency and the alignment of advisor and client interests for over a decade now. I’m finally getting the sense that the message is taking root. I love it when a plan comes together!
Question: What are your top tips for gaining, and retaining, clients?
Answer: Pay attention and stay connected. Clients need to know that you’ve got their back and that you’re always making recommendations based on what’s best for them.
Question: What targets do you have for the coming year?
Answer: Play a significant role in getting the industry to ban embedded compensation and adopt a statutory best interests standard. Admittedly, this might take more than a year, but these are big and impactful goals, too.
Question: What has been the biggest challenge for advisors in the last 12 months?
Answer: Nothing springs to mind. I suspect it will be important to temper expectations.
|Years of Experience:
Over 21 years of experience in the financial industry.
|Interests||Running, Professional Hockey, Classic Rock|
To read the full feature, click on the following link Wealth Professional Canada Top 50 Advisor for 2014