Serge Robichaud is a financial professional affiliated with Canada Life and Quadrus Investments. Fluent in both English and French, Serge brings invaluable knowledge and practical experience to his clientele. As an accomplished financial advisor, Serge oversees client accounts and delivers comprehensive financial services.
With a life license designation and a strong commitment to continuous professional growth, Serge Robichaud has completed an array of financial planning courses and certifications through the esteemed Canadian Securities Institute. Notably, he has successfully cleared the second examination of the Chartered Financial Analyst designation with the CFA Institute.
A well-crafted business plan for financial advisors is essential for outlining strategies, setting goals, and ensuring long-term success in the competitive market.
Serge Robichaud works diligently with an array of different clients and their families to help them achieve their desired financial objectives. Leveraging his expertise and insight, he provides personalized financial guidance to each individual client.
In today’s interview, Serge provides some key insights into the life and career of a financial advisor.
Table of Contents
What Made You Want to Pursue a Career in Finance?
Serge Robichaud: Part of what really appealed to me about the career is that it offers an intellectual challenge. It involves analyzing complex data, making strategic decisions, and often solving some pretty intricate problems.
To be honest, it keeps your mind young. I personally enjoy being challenged and using critical thinking to get a job done. There’s always constant learning and adaptability. The industry is continuously evolving due to changing regulations, technological advancements, and market dynamics. This is a really stimulating environment that requires you to stay up to date, learn new skills, and adapt to emerging trends.
What is the Biggest Misconception About Your Career Path?
Serge Robichaud: One of the biggest misconceptions about financial advisors is that we’re solely focused on selling financial products and generating commissions. While there are certainly some advisors who prioritize their own interests over their clients, it’s crucial to keep in mind that the role of truly reputable financial advisors goes beyond product sales. Many of us are very dedicated to our craft and want what’s best for our clients, it’s counterproductive otherwise. There’s also the idea that financial advisors are “only for wealthy people.” This isn’t true. Financial advisors can assist with a lot of other areas of finance and can be valuable for people of all wealth statuses.
What’s the Most Difficult Element of Your Job?
Serge Robichaud: Any advisor is going to tell you that the most “challenging element” is compliance. The truth is, the compliance team is there to make sure everything is as it should be. We have to adhere to strict compliance and regulatory standards for a reason — to protect our clients. Following those ethical guidelines can be demanding and time-consuming, but it’s well worth it.
For the Readers who May not be Aware, what is the Difference Between Fiduciary and Non Fiduciary?
Serge Robichaud: The primary difference between fiduciary and non fiduciary primarily lies in the level of legal and ethical responsibility the advisor has towards their clients. A fiduciary is an individual or entity that is legally and ethically obligated to act only in the best interests of their clients. They have a duty and loyalty and must prioritize their client’s interests above their own. Fiduciaries are held to a higher standard of care and must provide full disclosure of any potential conflicts of interest that could negatively impact their clients. They’re expected to make recommendations or take prudent actions that are unbiased and further the interest of the client’s well-being.
Non fiduciary, on the other hand, may have a more limited legal obligation towards their clients. While they still have the responsibility to provide suitable recommendations based on a client’s financial situation and goals, their primary duty isn’t necessary to act in the client’s best interest. These advisors may have some potential conflicts of interest, such as receiving commissions or incentives; but this doesn’t make them a bad option or suggest they’ll do anything to intentionally cause their clients to lose money – that isn’t how you keep a client. They still have to adhere to a suitability standard, which means recommending investments that are suitable for the client at the time of the recommendation, but not necessarily the best option available.
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