Discover Your Wealth Personality – TD Canada Trust
Your success can’t be understood with just a set of numbers. Our discovery process harnesses the cutting-edge field of behavioural finance, which our advisors use to understand your Wealth Personality and what influences your wealth decisions – including your financial blind spots.
We all have financial blind spots
Even the savviest of investors have financial blind spots.
TD Wealth advisors understand your financial blind spots
and that's exactly what makes their advice so valuable.
An in-depth understanding of your Wealth Personality is instrumental to delivering relevant financial advice that
works toward helping you achieve your goals.
Explore some financial blind spots
The tendency to respond to the same problems differently depending on how they are presented.
Is this you?
You may view a 10% loss on a $1 million portfolio differently than a $100,000 loss even though these are equivalent.
- Examining investments from various perspectives
- Becoming aware of how you respond to presentations of your portfolio – e.g. percentages vs. dollar amounts
The tendency to over-invest in what you are familiar with.
Is this you?
You may have a tendency to invest more heavily in companies or industries you know (e.g. companies or industries in which you work). This could lead to an overconcentration in a specific sector.
- Working with an advisor to help you develop a diversified portfolio
Sensitivity to Noise
'Noise' is recent information that can tempt you to second guess your established investment strategies.
Is this you?
You may be tempted to make reactionary changes to your portfolio at inopportune times based on noise in the media. These decisions based on noise may negatively impact your portfolio.
- Seeking out more information to dig deeper beyond the headlines
- Seeking your advisor's advice before making changes to your portfolio
The tendency to feel losses more strongly than gains.
Is this you?
If your portfolio lost 10% in value, this might generate a stronger emotional response than a 10% gain in value.
- Talking with your advisor about your risk tolerance and developing a goals based plan that you feel comfortable with
- A formal insurance or estate plan review
Short Term Focus
The tendency to value a reward that arrives sooner and discount a reward that arrives later.
Is this you?
You may have a hard time visualizing retirement income and expenses or have difficulty saving for a future goal.
- Talking with your advisor about the tools they have to help you estimate cash flows in retirement
- Setting up regular deposits to an investment account to save for what matters to you
The tendency to overestimate your own investment ability.
Is this you?
You may engage in higher trading activity than the average person, which has been shown to lead to lower returns.
- Consulting with a tax advisor to understand the potentially negative impacts
- Looking at the bigger picture when making decisions – Keep your wealth goals in mind in addition to traditional benchmarks
Understanding your Wealth Personality
We use the Five Factor Model of Personality to chart your Wealth Personality. This model identifies major personality traits, which can help to predict behaviours and identify underlying motivations – as well as allow your TD Wealth advisor to see how you and your partner's personalities interact to influence financial and investing decisions.
Intrigued? Meet with an advisor to uncover your wealth personality
Getting to know the full picture
Our discovery process is in-depth. Your TD Wealth
advisor doesn't just get to know your financial picture.
They apply principles of behavioural finance to dig
deeper and understand your personality, your goals,
your family, and your motivations.
With these additional layers, your TD Wealth advisor
is well equipped to provide you with guidance
when and how you want to receive it.
The TD Wealth discovery process
Our approach to discovery is comprehensive. Your TD Wealth advisor will get to know you using the following:
Your Family Tree
A deep understanding of your family's vision and values so that we can bring the best of TD to you.
Your Financial Picture
Together we'll review your financial picture to develop strategies to grow your net worth and assets.
Your Wealth Personality
A questionnaire that applies principles of behavioural finance to uncover you and your partner's wealth personality and your financial blind spots.
Your Goals for the Future
Building Net Worth
We know how important it is to build your wealth so you can enjoy life’s priorities and achieve your vision for the future. Working together we can develop innovative strategies to help grow your net worth by identifying which credit strategies and investment solutions match your current lifestyle and needs. Our team of professionals can work with you to develop an effective plan to help you achieve that vision.
Implement Tax-Efficient Strategies
You've worked hard to accumulate your wealth and we want to help you to make the most of it. Working closely with you and your tax advisors, we'll create an integrated wealth strategy that will help structure your investment portfolio to help reduce tax exposure while keeping income available as and when you need it.
Protect What Matters
Leave a Legacy
You are the architect of your legacy and we can help you with the blueprint. We'll collaborate with you to identify your top priorities, from estate planning and trusts to gifting and philanthropy. Our goal? To help you optimize the transfer of wealth to those who matter most to you.
Kim Parlee talks to Dilip Soman, professor and director of the Behavioural Economics in Action Centre at the Rotman School of Management, about the study, the psychology of losses, and how a well-thought-out plan could save your bottom line.
Investors have individual financial blind spots and investing tendencies that can get them into trouble. In this video, Kim Parlee speaks with Brad Simpson, Chief Wealth Strategist, TD Wealth, about the importance of keeping perspective and the travails of market timing.
Investors are often their own worst enemy when trying to outsmart the market and end up sabotaging their financial goals. Learn how to avoid these behaviours and how to keep yourself — and your money — on track. Brad Simpson, Chief Wealth Strategist, TD Wealth
A Q&A with Dilip Soman, Behavioural Economist and Professor of Marketing at the University of Toronto, about the specific personality types that may have a better chance at succeeding financially relative to others.
Dilip Soman, Professor of Marketing at the Rotman School of Management at University of Toronto, and one of Canada’s leading thinkers in behavioural economics discusses investing blind spots.
Behavioural Finance: People can learn to be smarter with money when they understand how their actions may be sabotaging their investing decisions. Don Sutton, Money Talk Life
TD Wealth Private Wealth Management Introduces Unique Service to Shine Light on Investing Blind Spots. Advisors now use proprietary behavioural finance technology to help clients make better decisions. Toronto, April 18, 2017