How to find a financial advisor who’s compatible with you and your lifestyle

There’s no one-size fits all answer for finding a financial advisor that’s best suited for meeting your specific financial situation and goals. However, there are tips you can follow to help you find a financial advisor who matches your needs.

5 tips to consider when looking for a financial advisor:

1. Determine what type of financial advice you need 

Are you looking for help with:

• Investments 
• Estate planning
• Retirement planning
• Or something else?
   

Narrowing down what your end goal is can help streamline the pool of advisors who can help you with your unique situation. 

2. Look at their experience

Ensuring you find someone qualified to manage your money is critical. Knowing how long they’ve been in the industry can help give you a picture as to how they’ve managed market swings.

Also, many financial advisors require minimum investments to work with them. Ensure that their typical clients and any requirements they have align with the type of help you require. Again this will help narrow down the potential options. 

3. Check out their credentials and ask for references 

Did you know there is a difference between a financial advisor and a financial planner?

• Financial advisor: is a general term that can be applied to anybody who helps you manage your money. This could include an employee of your financial institution, a stock broker or an insurance agent.¹
• Financial planner: is a type of advisor who helps you create a plan to reach your long-term financial goals.¹
   

Use this glossary from the Investment Industry Regulatory Organization of Canada to understand different designations and to find financial planners and advisors.²

It’s also a good idea to ask for a few references from other clients. Their feedback can give you insight on what it’s like to work with the advisor you’re considering.

4. Ask family and friends for referrals  

Referrals are a great way to find a financial advisor. Trust is a key component of this relationship, so connecting with family and friends to see if they’ve got recommendations can be a great way to find a financial advisor. Working with someone who has been recommended by someone you trust can help you feel more relaxed. It could give you confidence in the financial advisor.

5. Ask questions when meeting with potential candidates 

There are no silly questions. If you have a question, ask upfront. Consider asking:

• What is your investment philosophy?
• How long have you been a financial advisor?
• How much availability do you have to meet with me?
• What is the best way to contact you?
• How can you help me reach my goals?
   

You may feel instant chemistry with them based on their answers. Communication is a key part of finding someone that is the right fit for you. It’s very important to ask them questions in the first meeting as it will be a good indicator of if they’re a good match for you.

There are many things to consider when investing; it can be complicated to understand. Working with an advisor can help you feel less alone when making investment decisions.

I’m more than happy to answer your questions and discuss your concerns even if you’re not currently a client. Contact me today!
 

1. Choosing a financial advisor - Canada.ca https://www.canada.ca/en/financial-consumer-agency/services/savings-investments/choose-financial-advisor.html
2. Understanding Financial Certifications | IIROC https://www.iiroc.ca/investors/learning-basics-and-protecting-your-investments/understanding-financial-certifications