Stubbing Wharf Resources Choosing a Financial Advisor

Choosing a Financial Advisor

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A financial advisor is someone who helps you manage your investments and set your savings goals. He or she may have specialized knowledge in areas such as estate planning, taxation and retirement planning. You can find an advisor through a bank, stock broker or insurance company. According to the Financial Consumer Agency of Canada (FCAC), anyone in some provinces can call themselves a financial advisor or planner, so it’s important to check out their credentials and experience. Go here ex-ponent.com

You can expect your advisor to start by completing an extensive questionnaire about your current assets and liabilities, income, sources and expenses. This will help the advisor create a picture of your net worth and outline any long-term liabilities you have. The questionnaire will also ask about your risk tolerance and your investment asset allocation. The latter is a rubric that determines the percentage of your portfolio that will be invested in stocks, bonds and/or real estate.

Finding the Best Financial Advisor in Montreal

If you’re a late saver, an advisor can help boost your retirement savings by 60% and reduce the amount of money you need to spend in retirement by 25%, FCAC reports. But choosing the right advisor is crucial, as some might criticize your existing investments or promise lofty returns in order to win your business, FCAC notes.

Independent financial advisors like William Rychliwsky, who runs Been There Financial Planning in Ottawa, are often a good choice. They don’t sell products or receive commissions, so they don’t have any conflicts of interest with the financial products they recommend. On the other hand, many experts who work for a bank or insurance company can have motivations to steer clients towards an investment product that might help them hit their sales quotas.

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