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ALIGNED CAPITAL PARTNERS
Years in the industry:
Canadians’ financial literacy is a national concern, and it’s an important issue for Aligned Capital Partners advisor Colin Reid, too. Now in his sixth year in the business, Reid believes the industry’s difficulty in attracting new talent is linked to the financial myopia that holds back the population in general.
“Lack of financial literacy has always been a problem, but it seems more so today, and the amount of knowledge and expertise needed in our field is continuously growing,” he says. “The knowledge inequality gap grows larger and seems to act as a deterrent to young advisors who wish to enter our industry. The time and work required to become a top advisor now seems overwhelming.”
While the learning process can be arduous, being able to change people’s lives for the better was a real selling point for Reid when he began his career. Another plus is being involved in a fast-moving industry, which allows him the chance to test himself and develop new skills.
“Many people need financial help, and it is very fulfilling to provide that through the role of a financial advisor,” he says. “But it wasn’t just the ability to help people that attracted me to this industry – it was also the vast amount of knowledge to explore. I love to learn, and the ever-evolving financial landscape ensures there is something new to learn every day.”
Education is clearly important to Reid, who believes wealth management has a role to play in making Canadians more financially savvy. “I believe kids should be taught financial literacy at an early age, and the education system should make it a mandatory subject of study – our industry could help develop the programs,” he says.
When it comes to the day-to-day demands of his job, Reid is concerned that increased regulatory pressure could have the opposite of the intended effect – after all, an environment where compliance supersedes customer service will not benefit clients.
“Managing wealth, researching the investment landscape, building optimal portfolios for clients and developing strategies is a time-consuming and difficult job,” he says. “We have to be careful we do not pass the point where the advisor is spending more time on compliance than helping clients reach their financial goals.”
Aligned Capital Partners
200 – 3430 South Service Road, Burlington Ontario L7N 3T9