The Value of Financial Advice: Expertise That No App Can Offer.

Thinking about DIY Investing?

DIY enthusiasts are super-powered by the internet, with how-to instructions on almost any topic just a click away. This includes DIY investing, which is fantastic because it means that people are becoming more engaged with their money and financial futures. On the other hand, while DIY investment apps make the process seem simple, looks can be deceiving. Finance and investment are complex. In trying to DIY without expert guidance, there’s a good chance you could end up making costly mistakes.

The Value of Advice

Advice matters, even to the most hard-core DIYers. For example, someone building a house would consult experts, starting with a blueprint created by someone who understands the foundations of construction. Their safety and long-term future in that house depend on this expertise. 100%.

This expertise is equally important when it comes to your money. A comprehensive plan - the kind that gives you a sense of control and well-being - begins with trained wealth management professionals. They have the expertise to consider every area of your financial life, from day-to-day spending and minimizing taxes to longer-term things like investments, education, retirement and estate planning. They also have tools and strategies to protect you from unexpected financial loss. They don’t rely on a one-size-fits-all approach either. Financial experts take you beyond investments, empowering you today to build wealth for the future you’re dreaming of. There’s simply no app that can offer you this kind of expertise.

What About the Cost?

You have access to this kind of advice regardless of where you are in your financial journey or how much money you have to get started. While there may be fees associated with stock purchases - just as there are with DIY investing, financial planning advice is an added service that we provide at no cost to you at Innovation.

What's In it For You?

Multiple studies have established that working with a skilled financial planner will increase your wealth over time. One comparative study found that people guided by expert advice reported an average of 3.9 more assets*. A different study compared retirement planning between those who worked with a financial planner vs. “naïve investors” who didn’t. The results were conclusive: those guided by a comprehensive plan reported a 22.6% better outcome. In another comprehensive survey, 88% of mutual fund investors reported better returns as a result of expert guidance.

It also turns out that people who work with a financial planner are happier. In a recent survey of more than 8,000 Canadians who completed a comprehensive wellness survey, 62% of those who worked with a financial planner scored higher emotional well-being. 85% of them scored higher on financial well-being and 45% reported being more content with their lives overall.

Does it pay to work with a financial advisor? It absolutely does.

Avoiding the Pitfalls of DIY Investing

If free financial guidance isn’t quite enough to convince you to work with an expert in building your wealth, that’s ok. Sometimes people just want to pump their own gas. However, before you jump into DIY investing, it’s important to understand its potential pitfalls. The learning curve is steep and time-consuming. Maintaining financial gains takes consistent effort and emotional fortitude. You could make decisions that will cost you in the form of hidden fees, tax savings or poor investment choices. Lastly, all the responsibility rests on your shoulders.

Bottom Line

Online investment products suggest that it’s easy to be your own investment guru, but building long-term wealth goes beyond DIY efforts. An app or Robo-Advisor is just an algorithm. It can't look at your finances in the context of your life by asking (and answering) nuanced questions like: “Am I saving enough? How can I budget for more disposable income? How can I pay less in taxes? When can I retire? How much should I save for my children’s education?”

Understanding your big picture is where a wealth management advisor comes in. They know what questions to ask, how to formulate a plan and how to support you in carrying it out. They keep you engaged every step of the way. What’s even better? When you’re a member of Innovation, you get unlimited access to professional advice. Work with a wealth professional to help build a financial plan for your individual situation. Contact one of our Wealth Management professionals to help you get started.

*over 15 years


1. The Investment Funds Institute of Canada. (January 2018).

2. Leong, Melissa. (January 23, 2013). The Financial Post.

3. Morningstar Canada. (August 28, 2013).

4. Klipinger. (February 7, 2020). 

5. Forbes. (July 2015).

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