How to Find the Best Financial Advisors in Canada

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When it comes to planning your finances, financial advisors in Canada can be a valuable partner. They can provide expert advice and help you find a specific financial product, or they can offer comprehensive wealth management services. In addition, they can help you manage your investments and set up savings plans that will help you reach your long-term goals. However, before you hire an advisor, you should be aware of the fees that they charge. These fees can eat into your returns and make it difficult to reach your goals. According to Questrade, a 1% difference in fees can cost you $30,000 to $50,000 in investment returns over 30 years if you have an account worth $200,000 or more.

What is the difference between a financial advisor and a financial planner?

The terms “financial advisor” and “financial planner” are broadly used, and they can mean different things. For example, some financial planners are fiduciaries, which means that they are legally bound to put their clients’ interests first. In contrast, a financial advisor may not be a fiduciary and might only look out for their own profits.

You can determine whether an advisor is a fiduciary by looking for the FPA (Financial Planning Association) designation. Additionally, you can check their qualifications and credentials with the industry regulators. For example, if an advisor sells securities, they will need to be registered with the Canadian Securities Administrators and/or Investment Industry Regulatory Organization of Canada.

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