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Toronto Financial Advisors

Finances are typically one of the biggest stresses that each of us has as we age and get closer to retirement. Concerns about whether enough money has been saved or you have created realistic budgets can frequently keep you up at night. Yet, without a proper financial background, it can be hard to tell if you’re on the right track.

Getting the professional help of a financial advisor can help you stay on track and ensure you’re prepared for all the expenses that may arise as you age.

Do you really need a financial advisor?

Although we commonly believe financial advisors are only for the wealthy, just about any individual at any financial level can benefit from the help of a financial planner. If you’re struggling to get your budgets in order or you’re overly stressed about saving, a financial advisor can help you get on the right track.

Where can you find a financial advisor in Toronto?

When searching for a financial advisor in Toronto, you will have a number of options to select from. But if you want to have a positive experience with your financial advisor, you will want to do thorough research before making a selection.

There are a few credible places you can look for a financial planner. First is on the CFP Board website. By searching the CFP Board database for financial advisors in your area, you can rest assured knowing that your financial planner has all their certifications and credentials. The CFP Board search system also allows you to filter results to meet certain specialties, minimum investments, or compensation method.

Additional financial planning consultants can be found on the Better Business Bureau website. Each individual or company listed on this page has met the requirements and credentials of the BBB, so you can work with your financial advisor knowing you are protected.

How do you know when you’ve found the right financial advisor?

Your financial needs will be different than your friends and family members who have worked with financial advisors in the past, so make your selection based on what you need out of the partnership. Things you will want to consider include how the planner will be paid and if they are capable of meeting the needs of your budgeting, investments, insurance, or savings.

Typically, there are three ways that a financial advisor may be paid:

A fee-based plan may be put in place if the financial advisor is going to focus on managing your investments. This kind of plan allows the advisor to secure a small percentage of the investments as their compensation.

For insurance policies and products, commissions are typically used as payment. In these instances, the company providing the policy or product will pay the financial advisor when they make a sale.

The third payment plan is a combination of fee-based and commission. These are common if your advisor will both manage your investments and cover your insurance.

Talk with a few potential advisors before deciding which is the right connection for you.

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