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  • Feb 4th, 2015 12:07 pm
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[OP]
Newbie
Jan 11, 2015
1 posts
London, ON

Financial Advisor

I am looking to getting myself organized in terms of my finances. How would one go about finding a creditable financial advisor in the London on area. Some one that is not selling anything. I would like to move money/investments around in proper places. Any suggestions or recommendations.
7 replies
Deal Addict
Mar 8, 2009
1420 posts
109 upvotes
Ask friends and coworkers for a referral. As well, you could just call a few firms an ask to schedule a meeting with someone. Interview a few people then make the decision.
Newbie
Nov 26, 2014
7 posts
2 upvotes
Montreal, QC
Only get a fee-only advisor. Anyone else is getting paid by commissions. Only a fee-only advisor has your best interests in mind, instead of being a salesperson for high-cost funds with big kickbacks.
Deal Addict
User avatar
Sep 19, 2013
1931 posts
624 upvotes
Winnipeg
what range of assets are you talking about? a fee-only advisor costs a lot, upwards of $100/hr maybe more. so it makes sense only if you have significant assets..you can do it yourself but you need to do a lot of reading and you can always get a lot of help from this forum
Newbie
User avatar
Jun 14, 2009
34 posts
4 upvotes
What would be a cost of a fee only advisor? I went to money sense and their were some that had $100 per hour. Some had 3000 per project. Is a client a project?
Deal Addict
Aug 13, 2008
3159 posts
302 upvotes
Mississauga
Andex wrote:
Jan 12th, 2015 12:27 pm
Ask friends and coworkers for a referral. As well, you could just call a few firms an ask to schedule a meeting with someone. Interview a few people then make the decision.
I don't know if i agree with this. most friends/coworkers if they are like the average canadian would say go to your bank and buy whatever fund (high MER) they recommend.
******* wrote:
Jan 12th, 2015 2:02 pm
^This

However, your income, current savings (amount of money available to invest) and potential to save are all key factors in a) choosing who you should work with and b) who will take you on as a new client. For example, if you have $250k+ in current investable assets you have more options in terms of quality of advisor, firm, team, credentials, experience, etc then does ones who is fresh out of university with $30k in debt, little to no savings and making $40k annually. The former is more suited to a customized plan and portfolio management then the latter who's really only choice is the bank branch route to be set up with a debt repayment plan and a basic/straightforward savings plan.

Where do you fall?
on point.
69isfine wrote:
Feb 4th, 2015 9:51 am
What would be a cost of a fee only advisor? I went to money sense and their were some that had $100 per hour. Some had 3000 per project. Is a client a project?
yes. fee only advisors can also be pretty pricey. some charged as a % of your portfolio, some charged hourly. prices vary based on experience, knowledge, specialty, etc.

i would say perhaps sit with a personal finance book that breaks down everything (income, budgeting, tfsa, rrsp, retirement, pension, resp, etc) and then as ******* says, figure out where you are in life and what you need to tackle.

if you are relatively young and early in your investing knowledge, just start by building savings, paying off debt, and then start looking look at how to max out tfsa and rrsps.
Deal Fanatic
Jul 1, 2007
8103 posts
957 upvotes
69isfine wrote:
Feb 4th, 2015 9:51 am
What would be a cost of a fee only advisor? I went to money sense and their were some that had $100 per hour. Some had 3000 per project. Is a client a project?
A "project" is a financial plan. $100/hr is kind of on the low end of cost. Site he's referring to btw is http://www.moneysense.ca/directory-of-fee-only-planners
Only get a fee-only advisor. Anyone else is getting paid by commissions. Only a fee-only advisor has your best interests in mind, instead of being a salesperson for high-cost funds with big kickbacks.
They're not "kickbacks", they're straight up commissions and that is how they get paid. No one works for free.

If the OP has a small amount of investable assets, his choice is either to pony up the cash and pay for a financial plan or to find a good and reliable bank representative who can at least provide some basic advice on organizing his finances and a basic retirement plan while not putting him into funds that are too overladen with fees.
Money Smarts Blog wrote:
Nov 29th, 2010 11:18 am
I agree with the previous posters, especially Thalo. {And} Thalo's advice is spot on.
Deal Addict
Nov 11, 2004
3017 posts
248 upvotes
Ottawa
One of the best things people can do.

Yet no one does it
Hello

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