The terms “financial advisor” and “financial planner” are used broadly. These terms don’t always mean that a person has specific qualifications, expertise or certifications. Outside of the province of Quebec, anyone can call themselves a “financial advisor” or “financial planner.”
What sets some advisors apart from others are education, training, experience and qualifications. There are many designations for advisors. For financial planners, a type of financial advisor, there are three common designations: Certified Financial Planner, Personal Financial Planner and Registered Financial Planner. There are different requirements for each designation. Be sure to ask your financial advisor about their education so you can determine whether someone has specialized training to help you achieve your financial goals.
Managing your investments can be complicated. You may not be comfortable investing on your own. A professional financial advisor or planner can help.
An advisor can create a detailed financial plan, which involves:
- assessing your current situation
- determining your present and future goals and needs
- giving advice on the financial products that are right for you
- reviewing and updating your investments periodically
Choosing the right advisor depends on what help you need. If you need specialized advice, look for an advisor with expertise in that area.
Meet with several potential advisors. Ask your friends and family if there is an advisor they recommend. Choose one that you’re confident has the experience, expertise and credentials to help you reach your financial goals.
