A New Era for Financial Planning: Fee-Only Advisors

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A New Era for Financial Planning: Fee-Only Advisors

Did you know that in Canada anyone can call themselves a financial advisor?

 Currently, the sales activities of advisors who sell products such as life insurance, mutual funds and other securities are regulated by each province. The title of "financial advisor," however, is not regulated. This means that anyone regardless of education, experience and level of financial knowledge can claim to be one.

 If this is the case, then how do you as a consumer go about choosing the right financial advisor?

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Fees: You Might Be Losing More Than You Think

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Fees: You Might Be Losing More Than You Think

Fees, nobody likes them. Everywhere in life these dreaded additional costs follow us around, from the additional charges on your hydro bill, to environmental fees when you buy a laptop, and of course the banks hitting you with a multitude of fees.

When it comes to your investment portfolio your ultimate goal is to grow your money. However, the costs associated to your choice of investments may very well be eating away at your potential growth and eroding your chances of achieving a positive return. Think of fees as a loss on your investment. Your investments must grow enough during the year to cover this fee just so you can break even for the year. The higher your investment fees, the harder it is to grow your money over the long-term.

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My Financial Adviser: Friend or Foe?

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My Financial Adviser: Friend or Foe?

What qualities do you look for in your financial adviser? 

When asking a few clients recently, the most common answers mentioned were: integrity, honesty and accountability. It is no surprise that clients are inclined to choose an honest adviser. After all, there have been many scandals in the financial industry from Bernie Madoff to Earl Jones that have made many investors think twice when choosing an adviser.

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