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Another week, another step towards your financial independence, Reader,

This one was a bit of a mix, bouncing between geeking out on financial strategies and celebrating another trip around the sun! Wednesday was my 38th birthday, and I actually managed to carve out the evening from my clinical schedule – a true win in my book! Katie, bless her heart, joined me after her own marathon day (in Toronto). To the uninitiated, the commute from Toronto to my place is not only long but filled with sporadic teeth-grinding traffic. Nevertheless, Katie was armed with all the fixings for a glorious surf and turf feast. And because she knows the way to my stomach heart , the whole thing was topped off with a box of those ridiculously good Crumbl cookies. Seriously, you guys know my weakness for a good cookie. It was the perfect little celebration.

Then, Friday night, instead of kicking back and relaxing (because who am I kidding?), I had the pleasure of delivering a seminar to the incredible team at Elevate Rehabilitation and Performance. We had a great discussion about all things personal finance, and a really interesting question came up about the "Do It Yourself" approach to investing and financial planning. It’s clearly a topic on a lot of minds, and it got me thinking even more about the different paths we can take to build financial security.

That thought process continued into my weekend reading this morning, when I stumbled across a rather unsettling article from CityNews Toronto. This news, coupled with the insightful conversation at Elevate, really hit home. It underscored the critical importance of making informed decisions when seeking help with your financial future, whether you're considering hiring an advisor or going it alone.

So, this week's newsletter is dedicated to navigating that very topic. We'll be diving into the crucial steps you need to take when seeking personal finance help, exploring both the advisor route and the DIY path.

​SmartAsset laid out some common pitfalls people fall into when selecting a financial advisor. And let me tell you, it's like choosing a surgeon – you want the best, someone you trust implicitly, and definitely someone who isn't going to accidentally leave a sponge inside you (metaphorically speaking, of course!).

Then, on the flip side of the coin, I was playing around with Fidelity Canada's retirement calculator, and it really got me thinking about the end game. All this financial planning, all this saving and investing… it's all geared towards that beautiful day when you can finally say, "I'm out!" and spend your days doing whatever the heck you want (within your budget, of course!).

So, let's connect these two seemingly disparate topics because they're actually two sides of the same financial coin. Choosing the right financial advisor can be the key to navigating the complexities of investing and ultimately reaching your retirement goals. But making the wrong choice? Well, that can be like having a GPS that's constantly leading you in the wrong direction, potentially delaying your "freedom date" significantly.

Steering Clear of Financial Advisor Faux Pas

The SmartAsset article highlighted some critical mistakes people make when hiring a financial advisor.

Let's break them down and see how we can avoid these pitfalls:

1. Not Understanding Their Fees: This is HUGE. Are they charging a percentage of your assets under management (AUM)? An hourly rate? A flat fee? Make sure you understand exactly how they get paid and what you're paying for. It's like understanding the billing codes for your patients – transparency is key!
2. Not Checking Their Credentials and Background: Would you trust a doctor without checking their certifications? Absolutely not! The same goes for a financial advisor. Verify their credentials, check their regulatory history, and make sure they are properly licensed.
3. Not Asking About Their Investment Philosophy: Do they align with your values and risk tolerance? Are they aggressive growth-focused or more conservative? Their investment approach should make sense to you and fit your long-term goals. It’s like making sure your treatment plan aligns with your patient’s goals and abilities.
4. Not Asking About Their Client Base and Specializations: Do they primarily work with high-net-worth individuals, or do they have experience with professionals like us? Finding an advisor who understands the unique financial challenges and opportunities of healthcare professionals can be a game-changer.
5. Not Asking How They Communicate and How Often: Will you hear from them regularly? How will they provide updates on your portfolio? Clear and consistent communication is crucial for building trust and staying informed.
6. Focusing Solely on Past Performance: While past performance can be an indicator, it's not a guarantee of future results. Don't choose an advisor solely based on how well their investments have done recently. Look at their overall strategy and approach.
7. Not Trusting Your Gut: Ultimately, you need to feel comfortable and confident with your financial advisor. If something feels off, don't ignore it. Trust your intuition.

I discussed this in more detail in this blog, Mistakes to Avoid When Hiring a Financial Advisor.

Mapping Your Escape Route: Using a Retirement Calculator (Like Fidelity's)

Now, let's pivot to the exciting part: figuring out when you can potentially hang up your stethoscope, goniometer, reflex hammer and/or acupuncture needles for good! Retirement calculators, like the one from Fidelity Canada, can be incredibly helpful tools. They allow you to input your current age, income, savings, desired retirement age, and estimated expenses to give you a projection of whether you're on track.

Here's why playing around with a retirement calculator is so valuable:

• It Provides a Realistic Picture: It moves beyond vague dreams of retirement and gives you actual numbers to work with.
• It Highlights the Impact of Your Choices: You can see how increasing your savings rate, delaying retirement by a few years, or adjusting your investment strategy can significantly impact your outcome.
• It Helps You Identify Gaps: If the calculator shows you're falling short of your retirement goals, it gives you time to make adjustments.
• It Can Be Motivating: Seeing a potential path to retirement can be a powerful motivator to stay focused on your financial plan.

The DIY Route: When Wearing the Financial Hat Yourself Makes Sense

Now, while having a trusted financial advisor can be a game-changer, let's be real – there are definitely situations where taking the DIY approach to your finances can be a solid move. For some of us healthcare professionals, we're naturally detail-oriented, analytical, and maybe even a little control-freaky (no judgment!). If that sounds like you, and you're willing to put in the time and effort, managing your own investments and financial planning might be a rewarding path.

Here's when the DIY route can be particularly relevant:

• Early Career & Simpler Finances: If you're just starting out, your financial situation might be relatively straightforward. You might have some student loan debt, be contributing to basic retirement accounts, and have a clear savings goal for a down payment or a specific purchase. In these early stages, the complexity might not warrant the ongoing cost of a full-service advisor.
• High Financial Literacy & Interest: If you genuinely enjoy learning about personal finance and investing, and you're comfortable with concepts like asset allocation, risk tolerance, and different investment vehicles (like ETFs, which we've discussed!), then you might be well-equipped to manage your own portfolio. There's a real sense of empowerment that comes with understanding and controlling your financial destiny directly.
• Time Commitment (If You Have It): This is a big one. Managing your own investments takes time. You need to research investment options, monitor your portfolio, rebalance periodically, and stay updated on market trends and tax implications. If your demanding healthcare career leaves you with very little free time, the DIY route might add more stress than it's worth.
• Cost Sensitivity: Let's be honest, advisor fees can add up. If you're highly cost-conscious and comfortable with the learning curve, the lower fees associated with DIY platforms can be attractive. Discount brokerages (Wealthsimple) and robo-advisors offer cost-effective ways to invest.
• Simpler Investment Needs: If your investment goals are relatively basic (e.g., saving for retirement in a few index ETFs), the ongoing management of a full-service advisor might be overkill.

However, a word of caution on the DIY path:

• Emotional Discipline: Managing your own investments can be emotionally challenging, especially during market downturns. It's easy to panic and make rash decisions that can harm your long-term returns. A good advisor can act as a rational sounding board.
• Time vs. Expertise: While you might save on fees, your time is valuable. Consider the opportunity cost of spending hours researching investments versus focusing on your career or personal life. Also, a good advisor brings years of experience and expertise that you might not have.
• Complexity Creep: As your financial situation becomes more complex (e.g., you start a practice, have multiple investment accounts, or need estate planning), the DIY approach can become overwhelming and potentially lead to costly mistakes. Knowing when to seek professional help is crucial.

Ultimately, the decision of whether to DIY or hire an advisor is a personal one.

There's no right or wrong answer.

It depends on your individual circumstances, financial literacy, time availability, and comfort level. You might even start with a DIY approach and then transition to an advisor as your needs evolve. The key is to be honest with yourself about your strengths and weaknesses and to choose the path that best supports your long-term financial well-being and helps you reach that glorious retirement finish line.

So, this week, I encourage you to do some soul-searching:

1. Assess your comfort level with managing your own finances. Are you genuinely interested and willing to put in the time? Or does the thought of it make your head spin?
2. Consider the complexity of your current and future financial needs. Are things relatively simple now, or do you anticipate more complexity down the road?
3. Think about the value a good financial advisor could bring to your specific situation. Could their expertise and guidance save you time, reduce stress, and potentially lead to better outcomes?

Whether you decide to build your financial dream team solo or recruit a seasoned advisor to join your squad, the most important thing is to be proactive and informed.

Your financial future is in your hands (or the capable hands you choose).

Building Wealth: A Financial Guide for Healthcare Pros- Webinar

Feeling financially stretched or uncertain about your long-term security?

As busy healthcare professionals, managing personal finances can feel li

ke another demanding task. In a few weeks, I'll cut through the complexity and provide actionable strategies to take control. Learn simple ways to track expenses, understand effective saving and investment options tailored for your career path, and build a solid plan to weather any financial storm (ie. a recession) Invest in your peace of mind – register now on Embodia and gain clarity

• Date: Monday June 9, 2025
• Time: 7:00pm EST
• Cost: Free
• Recording: Yes
• Q & A: Yes

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And speaking of taking control and learning the ropes yourself, if you're leaning towards that DIY path (or even if you just want to level up your financial knowledge), you should definitely check out Blossom Social

It's not just another social media platform; it's a community of investors sharing insights, strategies, and their journeys. It's a fantastic place to learn from others who are actively managing their own portfolios, see different approaches in action, and even get ideas for your own investment strategy. Think of it as having a study group for your finances, where you can see real-world examples and ask questions in a supportive environment.

Plus, you can even follow along with what I'm doing (once you're signed up, of course! 😉). It's a great way to bridge the gap between just reading about investing and taking confident action.

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Robin Valadares,

​@financiallyfulfilledphysio​

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