tips on choosing a financial advisor

[Prairie girl]

I've been with a financial advisor loosely associated to my credit union and have had it. My file was transfered to a newbie because my portfolio was not big enough without being consulted and she is unable to explain things clearly. I like the mutual funds I am investing in but I think the service stinks.
Any tips on finding a better match? I'm not too sure where to start looking...Thanks!

[Colsgirl]

I'd be interested in the answer to this

[kduever]

Two (or possibly three) things I would suggest:

1. Use an investment/insurance company rather than a bank or credit union - in my experience you will get better service from these companies.

2. Ask around your with your friends or family and see who is happy with their advisor and get them to refer you to their advisor.

3. If you still can't find someone, then PM me and I will see if someone in my circle knows someone in your area (I really only know financial advisors in Ontario, but I'm sure that I know someone who knows someone...)

All the best! Hope you find someone you like working with.

[Tylers]

Here's a link to the Financial Planning Standards Council:

http://www.fpsc.ca/

Click on "Find a CFP Professional". It's at least a starting point. They also give some tips on what questions to ask your potential financial planner. They are all good questions and any good planner/advisor should have no problem with you answering them.

I recommend trying to meet at least 3 and doing a short interview before choosing the one you'd like to work with. It is a bit of leg work on your end, but this is the person that will be advising you on your life savings - large or small.

Good Luck!

[Litesandsirens911]

we have an awesome financial advisor that we have been with for 6 years now, and he is with SunLife financial...it costs nothing to work with them, as they make money off your investments maybe, but we've never paid anything...also, when my DH needed to trade his stocks into a Limited Flowthru account, the financial adviser set us up with Dundee Securities. He also told us that rather than invest in RRSP's, to invest in a Limited Flowthru Partnership because within 4 years you make your $$ back, and then when you have paid all your Capital Gains taxes are paid and your yearly tax savings (as you can write that off on your income taxes every year as you would with an RRSP), you end up making more $$ than RRSP's over the course of a 4 year span, and the tax savings are greater...this is highly recommended if you make more than $70,000 a year...you don't even have to go to Dundee Securities, you can do it at your bank.
Limited Flowthru Partnerships are YOU investing in oil, gas company and mining exploration for Canada, basically you are buying their tax credits, so they have the cash to continue exploration.
If anyone wants more detail, please pm me...all this was free.

[Bumper]

I've never had any luck finding a good financial advisor, so I decided to go with a self directed. Even though you have to do a little research, work and planning, I find it's a wash time wise, because you don't have to sit there and listen to the financial planner trying to sell you which ever fund(s) is paying them highest comissions/incentives every year.

[Litesandsirens911]

I've never had any luck finding a good financial advisor, so I decided to go with a self directed. Even though you have to do a little research, work and planning, I find it's a wash time wise, because you don't have to sit there and listen to the financial planner trying to sell you which ever fund(s) is paying them highest comissions/incentives every year.

ours wasn't like that at all..

[ashedfc]

All advisors have baised opinions.
So, be extremely careful when dealing with a new one.
Best way is to start a small account:- see the outcome & increase the account size gradually.
Regarding mutual funds selecting: a good fund today may not be good in the future.
And a bad fund this year can turn excellent next year. So, be careful, & always have the feature to move around from one fund to another without any fee.

Last year a mutual fund performed +131% return, & the same fund was -46% in 08. So if a fund is down it might be time to buy more.

[Insane]

http://www.gailvazoxlade.com/article...ial_guide.html

An interesting article. She has another article that I can't find tonight. It talks about why fee advisors are better than commissioned ones (because fee ones get the job done and that's that vs commissioned ones who only deal with a few investments or something like that.)

[ngoclan1946]

Choosing a Financial Advisor to Avoid Problems

---------------------------------------------

Most people have a difficult time deciding where and how to get a trustworthy financial advisor. We typically have no better idea of where to go for financial advice than we have for medical specialists.
And similarly, we usually ask friends or relatives who have had some experience with these matters for their advice. But sometimes that advice can sometimes be confusing, contradictory or just plain wrong.
The best way to find someone is to be aware of how that advisor can assist you in putting your needs and goals into action. You can do this by asking a series of questions that will let you know about the knowledge and character of the advisor.
Ask "Why should I work with you?" If an advisor, financial planner or insurance or investment professional cannot answer this question well, they shouldn't be in the business.
"What are your qualifications?" The advisor should be able to describe the training they have received, what continuing education requirements they have completed and any professional organizations they belong to. The fewer things that they have, the less likely they are to be serious about their career choice and the less depth they have for being able to give you good advice.
"How long have you been in the business?" While there are some good people who are just beginning their careers, if you have more complex problems you may want them to bring in more experienced help to assist them and you with your situation.
"Who is your pastor?" If they do not have a pastor or they are not believers, you may want to look elsewhere. Spiritual Development is not a prerequisite for honesty and integrity, but it is certainly a very good indicator. That is one reason that most sales training experts and organizations such as the Million Dollar Roundtable have an emphasis on the realization that we are all accountable to God.
"Do you have references or clients who I can speak to?" Find out how their customers and clients feel they were treated and if they had any problems with this advisor.
"How are you compensated?" The advisor should have no problem telling you whether they are paid by commissions on product sales, fees from providing planning or a combination of the two. The problem comes when there is no disclosure. A professional advisor is able to give good advice regardless of the way they are paid.
If you are able to get satisfactory answers to these questions, you may have a good source for financial advice. Do not be afraid to ask to speak to their manager, director or vice-president if you feel they have been unfair or unresponsive to you.
Don't neglect getting information about advisors from other professionals you deal with, such as accountants, lawyers and business owners. Often, they will have particular professionals they deal with who may be able to assist you as well.
Finally, if you get good advice from them, tell others about their services. They will appreciate the referral and you will support a person in business in a very practical way.

[Prairie girl]

Wow, lots of food for thought. Thanks for all the tips

[BestRates]

<meta http-equiv="Content-Type" content="text/html; charset=utf-8"><meta name="ProgId" content="Word.Document"><meta name="Generator" content="Microsoft Word 11"><meta name="Originator" content="Microsoft Word 11"><link rel="File-List" href="file:///C:%5CDOCUME%7E1%5Cpooja%5CLOCALS%7E1%5CTemp%5Cmsoh tml1%5C14%5Cclip_filelist.xml"><!--[if gte mso 9]><xml> <w:WordDocument> <w:View>Normal</w:View> <w:Zoom>0</w:Zoom> <wunctuationKerning/> <w:ValidateAgainstSchemas/> <w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid> <w:IgnoreMixedContent>false</w:IgnoreMixedContent> <w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText> <w:Compatibility> <w:BreakWrappedTables/> <w:SnapToGridInCell/> <w:WrapTextWithPunct/> <w:UseAsianBreakRules/> <w:DontGrowAutofit/> </w:Compatibility> <w:BrowserLevel>MicrosoftInternetExplorer4</w:BrowserLevel> </w:WordDocument> </xml><![endif]--><!--[if gte mso 9]><xml> <w:LatentStyles DefLockedState="false" LatentStyleCount="156"> </w:LatentStyles> </xml><![endif]--><style> <!-- /* Style Definitions */ p.MsoNormal, li.MsoNormal, div.MsoNormal {mso-style-parent:""; margin:0in; margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:12.0pt; font-family:"Times New Roman"; mso-fareast-font-family:"Times New Roman";} @page Section1 {size:8.5in 11.0in; margin:1.0in 1.25in 1.0in 1.25in; mso-header-margin:.5in; mso-footer-margin:.5in; mso-paper-source:0;} div.Section1 {page:Section1;} --> </style><!--[if gte mso 10]> <style> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman"; mso-ansi-language:#0400; mso-fareast-language:#0400; mso-bidi-language:#0400;} </style> <![endif]--> I want to give you 5 tips for choosing a best financial adviser...

1. Get recommendations and references -- then check them out.
2. Ask a lot of questions.
3. Check out the professional training, credentials, registrations, and legal standing of anyone you select
4. Find out, up front, how you will pay for services.
5. Nail down the specific services the planner will provide.
<o:p> </o:p>
I also want to share my personal experience with you when I got confused in choosing my financial adviser I take a tour of a site “bestratesbc”.And I must say I got the best knowledge from there.
<o:p> </o:p>

[siantzi]

Ours is great, she comes to our home, works on our schedule and knows what we are looking for and what products work best for us.

Banks are terrible, they never call you when things are due and don't care about who you are and your goals.

[ishikasams]

Financial advisor can provide great picture view of financial condition and make a best plan which provide long term direction for investment. there are some tips to choose a financial advisor such as his reputation, strategy over product, multi-faceted approach and have an Independent skills.

[Carlotta]

I agree with the statement regarding working with an advisor outside of the bank. Also, do not deal with someone who only talks about investments, as they are not financial planners.... they are investment advisors/salesmen.
I am a CFP. (Certified financial planner). I work on commission, but remember, if you do not do well, neither do I, as my pay is based on the performance of your investments as well as how long you stay my client. So it is in my best interest to make sure YOUR best interests are being met.
The first thing your potential advisor should ask, is "What is important to you?" From there, they should offer to work on a full financial plan which includes tax planning, estate planning, insurance planning, investment planning, retirement planning and cash and debt management. The last one is really the most important one. I always tell my clients that there is no point in me telling them to put $500 a month into an RRSP if they end up paying for their groceries with their credit card. You have to get your monthly expenses under control, control your debt load, and THEN work on using an RRSP/TFSA/RESP for your different needs. A full financial plan looks at ALL areas of your life, rather than just on investments.
Do your homework and find someone you feel comfortable with and someone you feel you can be honest with, and who is honest in return. Ask your friends and family to recommend someone.