Many Canadians are savvy investors, according to a recent poll from Toronto-based BMO Nesbitt Burns, however, advisors still have a role to play in educating clients about investments and the value of a financial plan.

According to the bi-annual study, the Savviest Investor Index, British Columbians are savviest about finance with a score of 92. Alberta, which held the top spot in 2012, came out with a ranking of 88, followed by the Prairie provinces with 86. Ontario scored an 82 on the index, followed by Quebec at 76 and Atlantic Canada with 74.

A person’s investment savvy was determined by several criteria including: whether the individual has a financial plan, the person’s awareness of his or her investment profile, the amount of attention the respondent pays to market trends, and the person’s general knowledge about investments and how various factors can impact his or her portfolio.

Study results also revealed that 84% of Canadians are confident about managing their investments despite the fact that only 50% of respondents said they have a financial plan. Furthermore, most Canadians have a handle on their overall investment strategy with 56% saying they know their investment profile and only one-third of survey respondents saying they don’t know what specific investments they hold in their portfolios.

When it comes to specific product knowledge most Canadians understand guaranteed investment certificates and mutual funds, 58% and 55% respectively. Exchange-traded funds are the most confusing for investors, according to the survey, with only 19% of respondents saying they understand that product.

As such, most Canadians will have at least a basic understanding of their investments, however Shane Mungal, head of marketing, BMO Nesbitt Burns, says financial advisors still have an opportunity to provide expertise and knowledge to their clients in creating a financial plan.

“Investment advisors could probably be [doing] a better job about educating their clients about what investments they hold in their portfolio and in particular what their risk profile is,” says Mungal.

Advisors have an opportunity to educate clients face-to-face about investment products and their risk tolerance profile, he says, during the on-boarding process of opening an account and sorting through the know-your client information as well as when meeting for an annual review.