Choosing a financial advisor

Choosing a financial advisor is an important decision. Your financial advisor can talk to you about your financial goals and answer your questions about investment products. In addition, your financial advisor will remind you to stay with your well-founded strategy so that your money can continue to grow.

Financial advisors work at banks, financial planning firms, brokerage firms and investment management firms. Some offer a wide range of products and services, while others are more specialized.

It is important for you to know the range of products that your financial advisor is licensed to offer, the person’s qualifications, and how s/he is paid. There are rules requiring financial advisors to provide you with this information.

Financial advisors are paid by salary, commission, a set fee, or through a combination of these methods. Be sure to find out from your financial advisor how s/he is compensated and whether you will be charged a separate fee.

Regardless of which payment option you and your advisor agree to, make sure you understand all of the options open to you and think about which one will be the most cost effective for you.

Licensed advisors are overseen by regulators and must complete education programs before and after they are registered to help them keep on top of new financial products, rules and regulations, and industry trends.

If you know an advisor you can trust, start by getting in touch with the person. If you are looking for a financial advisor, you can ask family, friends, workmates or professionals that you work with, such as your accountant or lawyer. But don’t just take their word for it. This is about your investment style, your money, and your future. You might want to talk to more than one person to make sure your advisor will be a good fit for you and your needs. Then check the individual’s registration: it will tell you what products and services s/he is allowed by law to provide.

Licensed advisors are overseen by regulators and must complete education programs before and after they are registered to help them keep on top of new financial products, rules and regulations, and industry trends.

You can also see who is registered in your area by checking these links:

Finding the advisor that is right for you is a great start in working towards your financial goals.