Choosing a financial advisor is an important decision. Your financial advisor can talk to you about your financial goals and help remind you to stay within your strategy so that your money can continue to grow.
Al 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 able to offer, the person’s qualifications, and how they are Financial advisors that are registered in mutual funds and other securities are subject to rules that require them 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 they are compensated.
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.
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.
You can see who is registered in your area by checking these links:
- The national registration search, which lists all registrants (individuals and firms) in Canada.
- The Investment Industry Regulatory Organization of Canada member list.
- La Chambre de la sécurité financière (Quebec only).
- The Mutual Fund Dealers Association of Canada member list.
Finding the financial advisor that is right for you is a great start in working towards your financial goals.