Personal Finance

Best place to get introductory investment/financial advice

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Newbie
Feb 28, 2010
44 posts
2 upvotes

Best place to get introductory investment/financial advice

Hey guys. Quick question. I got married this past July and my wife and I would like to get a better sense of where we're at financially and what our options are to reach our goals. I know that we can walk into pretty much any bank and speak to a financial adviser there, but my worry is that they're working on behalf of the bank and they may not have our best interests at the top of their priority list. I'm not sure, since I've never looked into this before. What would you guys recommend? We basically want somebody to sit down with us, look at our assets, look at our revenue, look at our debt, and help us find the best way to manage our money for the short and long term. Who might be the best person to help us do this, and what would that service cost?

Thanks a lot!
11 replies
Banned
User avatar
Feb 15, 2008
26318 posts
3242 upvotes
Calgary
Well certainly you could ask on RFD. Many people do. The answers usually are fairly decent although they do not constitute professional advice, and there is nobody you can sue if any comments made are just wrong.

You're correct, when dealing with bank staff, they generally are motivated to make a sale.

There are fee-for-service financial planners available. If you think you're facing a crisis on the debt front, there's credit counsellors.

My suggestion, as an introductory exercise, would be to create a 'balance sheet', and a cash-flow statement. Post them here. You'll get a pretty good idea if you're off-side by the sorts of comments made.
TodayHello wrote: ...The Banks are smarter than you - they have floors full of people whose job it is to read Mark77 posts...
Deal Addict
Feb 2, 2011
1617 posts
270 upvotes
Ottawa
nano4288 wrote: Hey guys. Quick question. I got married this past July and my wife and I would like to get a better sense of where we're at financially and what our options are to reach our goals. I know that we can walk into pretty much any bank and speak to a financial adviser there, but my worry is that they're working on behalf of the bank and they may not have our best interests at the top of their priority list. I'm not sure, since I've never looked into this before. What would you guys recommend? We basically want somebody to sit down with us, look at our assets, look at our revenue, look at our debt, and help us find the best way to manage our money for the short and long term. Who might be the best person to help us do this, and what would that service cost?

Thanks a lot!
Going to a bank isn't bad per se but be well aware and informed yourself before going. Kinda defeats the purpose, but do a little research and learn a bit by yourself before trusting anyone blindly!
Sr. Member
May 5, 2010
971 posts
119 upvotes
Ask RDF. People here have ample of good advice, and there are enough knowledgeable people here to tell you when someone else is talking out of their ***** .

I'd suggest giving the Canadian couch potato a read.
Sr. Member
May 9, 2012
520 posts
173 upvotes
SF Bay Area
http://www.bogleheads.org/wiki/Main_Page

US based website, but the general concept still applies. Read there then ask questions either there or on RFD would be a good start.

Edit: you don't really need a financial advisor, no one is going to care more about your money than yourself. Start reading on the internet, find an investment style that you are comfortable with then go from there.
Deal Fanatic
Jul 1, 2007
8569 posts
1763 upvotes
Just be aware that no advice is offered completely free and with no strings attached.... except on this forum apparently where several of us work in the financial industry and just... can't... stop... ourselves. It's like an addiction, I think.
Money Smarts Blog wrote: I agree with the previous posters, especially Thalo. {And} Thalo's advice is spot on.
Deal Fanatic
User avatar
Jun 19, 2009
6135 posts
1981 upvotes
Scarborough
Really depends how much planning you need... No one can determine how much without more info but I do agree a bank "advisor" is most of the time more likely looking out for their own interests over yours...

Just try to read up on financial planning over time, if you have a foundation/general knowledge of your goals, time horizon and risk tolerance, you'll get more out of a meeting with a financial planner than you would going feet first. Heck, you might even find it interesting and do it yourself!

Good luck m
Banned
Nov 27, 2006
2200 posts
445 upvotes
Toronto
if u go to the bank they will teach u all about rrsps, spousal rsps, tfsas, non reg accounts.... not sure what else u expect them to tell u.. they wont do a comprehensive plan for you for free if youre not going to bring any business... so i dont see why u say "the banks looking out for itself"... right because an hourly paid fiannacial advisor, or one that can do the plan for you, isn;t??? lol
Deal Fanatic
Mar 24, 2008
6278 posts
2753 upvotes
Toronto
sirex wrote: if u go to the bank they will teach u all about rrsps, spousal rsps, tfsas, non reg accounts.... not sure what else u expect them to tell u.. they wont do a comprehensive plan for you for free if youre not going to bring any business... so i dont see why u say "the banks looking out for itself"... right because an hourly paid fiannacial advisor, or one that can do the plan :D for you, isn;t??? lol
Agreed, of course everyone is looking out for themselves. You have to do that to make a living.

Now to answer the original question "Best place to get introductory investment/financial advice" - Sirex. :D
Banned
Nov 27, 2006
2200 posts
445 upvotes
Toronto
Yep. But i wouldn't waste my time with him because just from his post I can tell he is cheap. And cheap people won't follow or benefit from my advice.
Deal Fanatic
User avatar
Aug 10, 2011
9598 posts
2225 upvotes
Somewhere
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Newbie
Feb 28, 2010
44 posts
2 upvotes
sirex wrote: Yep. But i wouldn't waste my time with him because just from his post I can tell he is cheap. And cheap people won't follow or benefit from my advice.
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