Selecting the Right Financial Advisor
There are thousands of financial advisors across Canada, with a range of qualifications and experience. Here are the five essential steps to find the right one for you:
1. Do a Quick Self-Assessment
If you know your financial goals, you’re in a stronger position to select the right advisor. Jot down a few details about your near-term and longer-term goals and your attitudes about investing to prepare for a first meeting. Use our Quick self-assessment fillable PDF to get you started.
2. Build a Shortlist of Candidates Based on Word-of-Mouth and Internet Research
3. Interview Your Candidates
4. Check References
5. Rank Your Candidates and Make Your Decision
Creating a Productive Relationship
Working with your financial advisor – clear expectations, annual meeting checklist make for a productive relationship.
Like any relationship, an advisor-client relationship requires ongoing, open communication with clear expectations set on both sides (see “Responsibilities” below). At a minimum, you will probably meet your financial advisor once a year. To make the meeting a productive one, be sure you have a list of topics and questions ready using this Annual Meeting Checklist.
Your Financial Advisor’s Responsibilities to You
- Act in your best interest
- Answer questions
- Identify opportunities and make appropriate recommendations
- Confirm expectations and investment needs
- Disclose compensation
- Discuss risks associated with recommendations
- Observe and adjust strategy
- Recognize problem areas
- Recommend other professionals/experts
- Report regularly
- Respond quickly
Your Responsibilities to Your Financial Advisor
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