What it’s like to work with a financial advisor

If you’re like many Canadians, you’re probably weighing working with a financial advisor. Maybe you’ve just gotten married, started a business, expanded your family or come into an?inheritance, or you’re planning your financial future as you approach?retirement.

A financial advisor can be an invaluable resource in taking stock of what you currently have—and in developing strategies to protect and grow those assets. An advisor can provide a blueprint for your financial goals, identify what?insurance?products you need, help with?tax planning?and offer advice regarding your investments, savings and?budgeting strategies.

What’s also important is that you find someone reputable who you can trust—a person who will be a good fit for you. Here’s how to ensure that process goes smoothly.

Narrow down your search

To find potential advisors, you can ask around for recommendations, or you can use?MoneySense’s Find a Qualified Advisor tool. All of the advisors listed in the tool are members of the?Financial Planning Association of Canada?(FPAC).

If you want to be able to visit your advisor in person, select someone who lives in your town or city. If you don’t mind meeting by phone or video chat, many advisors now offer services remotely.

Book a meet-and-greet

Your first chat with an advisor can be brief, says Bily Xiao, a Certified Financial Planner (CFP) and the principal of?Mobius Planning?in Richmond, B.C. He says a 15-minute call or meeting should give you a good introduction to the advisor and give you a feel for the way they work.

This meeting should include a discussion of what you’re looking for, the advisor’s services and their pricing model—some are?fee-only planners?who charge by the hour or service, while others receive commissions or charge a percentage of the investment assets they manage on a client’s behalf.

The discussion can also include what areas the advisor specializes in and whether they’ve worked with clients similar to you. “Ask the advisor to elaborate on their planning philosophy,” says Xiao.

Timelines should also be addressed. Questions to ask include:

• How often will you meet with the advisor?
• How will meetings be conducted: virtually or in person?
• What are their work hours?

Read the full article for how prepare for the discovery meeting and more