How to Choose a Financial Advisor in Canada
Updated: Mar 14, 2019
So, you want some help improving your financial situation, but you aren’t sure how to choose a financial advisor in Canada. I’m going to show you five of the most important things to keep in mind when looking for a financial advisor.
When finding the right financial advisor for your situation, you want to ask a few key things.
Ask how they get paid, what qualifications and experience do they have, how often will they meet with you, if they make a custom financial plan just for you, and finally, what services do they offer?
How Do They Get Paid?
One of the first things you’re probably wondering is how will my financial advisor get paid. Do they earn a commission? Do they charge upfront fees? Or worse, do they have hidden fees for their financial services?
You want to pick the financial advisor that only earns money the more that you make money. This guarantees that it is their job (and in their best interest) to make sure that you’re making more money. You also want a financial advisor who gets their commissions from the big insurance companies who all have way too much money.
What Qualifications and Experience Do They Have?
You need to choose the financial advisor with the right qualifications and experience to fit your situation. There are many different types of financial advisors from bankers to mutual fund representatives. Some financial advisors may have little to no experience, but they might have fancy letters beside their name.
Others have worked for years in the financial industry. The type of financial advisor you need depends on your unique situation and the type of relationship you want with your advisor.
For example, I’ve been working in the financial services industry since 2002, helping clients find the right policies to fit their needs. I have my Life Insurance license, Mutual Funds license, Home and Auto license, as well as my Fraternal Insurance Counselors certificate.
You want an advisor who is continually learning, which is why I’m always working towards new courses and accreditation. The most important thing about me is that I’m a coach, able to help you reach your goals faster and easier due to the experience and knowledge I have.
How Often Will They Meet with Me?
The right financial advisor for you might be the one that doesn’t forget about you. Unfortunately, some financial advisors neglect their most important asset—their client. Before choosing your financial advisor, it’s important that you know exactly how and when they plan to meet with you.
You also want to learn how often they plan to update you on your financial situation. This is why I make sure that you personally hear from me a minimum of every six months, in addition to our weekly social media posts and quarterly newsletters.
I meet with you in your home, coffee shops, or wherever is most convenient for you. I also meet some clients by phone or Skype. I communicate by text, phone calls, or social media—it all depends on your preferred method of communication.
Will My Financial Advisor Make a Plan Specific to Me?
A good financial advisor will make a plan just for you, but a great financial advisor will do much more than that. A great financial advisor will get to know you and your family. They will learn what you value most—what’s important to you and your family. Together you will learn where you stand now, and where you want to be, financially.
From here, they will set out a path for you to achieve your financial goals. During the first and second meeting with you, we will review all of the things you are trying to accomplish, now and in the future. Together, we will set priorities for what’s most important to you and your family. We will decide in what order you want to accomplish your goals.
What Services Do They Offer?
Depending on your situation, you might want your financial advisor to handle a variety of aspects of your portfolio. A good place to start is by looking at the types of services they offer, and see how these services line-up with their qualifications and experience.
When it comes to The Financial Diva, I’m licensed in Ontario for every form of insurance that exists. With my years of experience, I find the best policy that fits you and your family’s needs. One of the most important pieces is starting with your household budget.
When I work on a budget with you, the most important thing to me is to make sure you enjoy the money you earn. I’m not going to take away your morning coffee or weekend getaway with friends. We’re just going to make sure it’s in your budget. I love my shoes; I just make sure they fit my budget!
Summary of The Five Most Important Things
Now you know five of the most important things to look for when searching for a financial advisor in Canada. Always remember to look for their cost, qualifications, fit, planning, and variety in services before choosing your next financial advisor.
Set up an appointment today, and learn why I’m the best financial coach for you!