How to start investing with your credit union, an interview with Cheryl Kirschman

January 13, 2022

Do you hear that? That’s the sound of your hard-earned cash begging you to invest it. You’ve seen the commercials, you’ve clicked on the Facebook ads, you’ve done a Google search here and there. You’ve even talked to your second cousin, Jim, who claims to be an ‘expert’, and yet, still, you don’t know how to start investing. And that’s okay.

Getting started can seem overwhelming, especially when you have to do everything yourself from the get-go. To help you out (or any confused credit union member for that matter), we’ve interviewed Cheryl Kirschman, Investment Advisor at Sunova Credit Union.

She’s here to give you the inside scoop so you can stop asking yourself how to start investing. Let’s get started, shall we?

Online and digital investing (or DIY investing) appear to be all the rage these days, but starting can be kind of intimidating. Why should a credit union member consider meeting with a wealth advisor, at least in the beginning stages?

Everyone has a different personality. While some people like to be at the wheel of their investments, researching and making the decisions can be very daunting for others. Speaking to a wealth advisor will help you understand your different options of either doing it yourself or having the help of a professional.

Well, that certainly seems to be a relief! Can you go into more detail about what Sunova can offer members in terms of plans, products, and investment portfolios?

We help out clients with non-registered and registered investment accounts (RRSPs, RRIFs, locked-in funds, RESPs, TFSAs, RDSPs,) for personal and non-personal entities. We offer access to stocks, bonds, ETFs, mutual funds, GICs, and insurance products. We help our clients with planning for big life events, advising in many areas: insurance, retirement planning, savings for children, tax minimization strategies, estate planning, budget building / analysis, the list goes on!

That’s quite a lot! But, how should a member determine their investment ‘style’ or ‘strategy’?

It is important to look at what your goals are for your investments, what your timeframe is, and of course, your personality. There is no one-size-fits-all investing style. That’s why I recommend credit union members speak to a professional. We can help determine the style and strategy that best suits you.

Is it ever too late to begin investing? When should someone start?

The sooner one starts to save, the easier it is. Think of saving for retirement, for example. If you are 25, you’re saving for retirement in 40 years, vs. if you are starting to save for retirement at 50. The sooner you start, the better off your future self will be, but remember, it’s better late than never!

Are there options for members to start the process with a wealth advisor and then transition to digital investing with a program approved by Sunova? What would those programs be?

Of course! If you choose to have the help of an advisor, you will have a trusted professional to help you navigate your options throughout your life. Some people prefer to “take the reins” later by transitioning to a DIY model through Qtrade or VirtualWealth. On the flip side, we have seen people who have been overwhelmed by the DIY route and would rather have the help of an advisor. The choice is always up to the member.

Lastly, the options these days seem to be limitless and endless. Why should potential investors choose a credit union like Sunova?

If you’re thinking about investing as a credit union member, there is no better place to start than your local Sunova branch! We strive to build strong relationships with our members, so we always have your best financial interests at heart. 

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How to start investing – the first step

If you’re interested in starting your wealth management journey, reach out to Cheryl or any one of our talented wealth management specialists.

Prefer the DIY route? Learn more at the links below!

The legal stuff

*Mutual funds are offered through Credential Asset Management Inc. Online brokerage services are offered through Qtrade Investor. Mutual funds and other securities are offered through Credential Securities. Qtrade Investor and Credential Securities are divisions of Credential Qtrade Securities Inc. Credential Asset Management Inc. and Credential Securities are subsidiaries of Aviso Wealth Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc.

VirtualWealth is a trade name of Credential Qtrade Securities Inc.