With the holidays behind us and tax remittances and topping up RRSPs on the horizon, many pharmacists may be looking to find a qualified financial advisor who provides the right advice for their situation.
By Mike Jaczko, BSc. Phm, RPh, CIM®
Maybe getting your finances in order was a New Year’s Resolution? Perhaps you’ve realized that retirement has been sneaking up on you? Whether you will be looking to work with a financial advisor for the first time or feel that your current advisor isn’t meeting your needs, you have begun the search for a new financial advisor.
Practically speaking, most pharmacy owners retain a financial advisor early on in commercial life based on circumstance and by chance; without thoroughly analyzing whether that advisor remains a good fit for them later on. Investor needs do change over time. Managing a five figure portfolio requires a different skill set as opposed to managing a six or even seven figure nest egg.
What should pharmacists and pharmacy owners consider when choosing the right financial advisor? Recent television ads have placed hidden management fees and dubious investment advisor practices in the public lime light.
Trying to determine if a financial advisor will be right for you is one of the most important decisions you make in life. Experience has revealed some key factors that deserve your attention and should drive that decision. There are some issues for you to consider in your process of choosing the right financial advisor for your situation.
Mike Jaczko, a pharmacist by background, is a portfolio manager and partner at KJ Harrison, an independent investment firm located in Toronto that provides advice and investment strategies to high-net-worth individuals and their families. Mike has more than 32 years of mergers and acquisitions experience with Canadian retail stores and more than 20 years of experience in the Canadian wealth management industry. Mike acts as a trusted advisor to pharmacy owners on matters associated with wealth management pertaining to estate, corporate structure, tax planning and insurance, as well as general succession matters. Mike also advises on strategies associated with preparing, valuating and negotiating the sale of Canadian retail pharmacy businesses.
To learn more about financial planning for your practice, plan to attend Pharmacy U.