By encouraging young Canadians to see the value in learning more about finances, the Brandes Scholarship Program is also helping the client-advisor relationships of tomorrow.

“Better education for young Canadians will help them work better with their financial advisor,” says Carol Lynde, president of Bridgehouse Asset Managers. For example, a stronger understanding of finances will help the Know-Your Client process.

“It shouldn’t just be a very simple ticking of boxes,” she says. “I think it’s very important that people understand the questions that they’re answering and the impact of answering those questions in that way.”

The program, now in its second year, is run by Toronto-based Bridgehouse Asset Managers, is open to Canadians aged 16 to 22. Between March 29 and July 2, 2013, participants took an online self-knowledge quiz that generated a personalized financial profile. Individuals then submitted an essay discussing what they had learned about their financial knowledge and profile. This year over 3,000 essays were submitted. A panel of five financial advisors chose 10 winners all of whom received $1,000.

“This is something we believe is very, very important for young Canadians to participate in,” says Lynde, “and just to understand their investment personality and to improve their investment literacy overall.”

One of the winners revealed in her essay that she is already taking that message to heart. Sukriti, 19, an Ontario resident admitted in her essay that when she started taking the quiz she felt confident about her financial knowledge, however, she realized she didn’t know what a mutual fund was. As a result, Sukriti decided to do some research and to find out more about those products and others.

The following individuals won scholarships this year:

  • Madison, 19, Ontario
  • Mikaela,21, Alberta
  • Darya,17, Ontario
  • Katie, 21, Manitoba
  • Chinmaya,21, Ontario
  • Laurence,22, Quebec
  • Sukriti, 19, Ontario
  • Kelsey,18, Newfoundland
  • Regina,20, Ontario
  • Sarah,18, Ontario

The program will be renamed the Bridgehouse Scholarship Program in 2014.