Finding a financial planner

[tareks]

I've been thinking about this for some time, and wondering how do people go abouts finding a good, honest financial planner. To put a bit of context, my spouse and I are in our mid to late 20s and are starting to be in a 'comfortable' position with our finances - that is have extra money each month. We own a home and pay extra to the mortgage each month, but we'd like to do something with the left over money. And no, we're not giving it to you!

I'm at my very core a DIY'er. I like to find out as much about something as possible and do it myself because I think I can generally do a better job. However, when it comes to investing/financial planning there is just SO much out there and I honestly do not have the time to research every little product and strategy. But when it comes to a FP, I have this lingering doubt in my mind that they're looking out for *my* best interest. They make money by selling a certain product or a company's product - so how do I know they are best representing me? I'm not saying they're going to screw me or sell me something bad, but they obviously need to make money so they might sell me something that isn't quite as good as something else, because they make more money on it or aren't affiliated with another product.

Anyways, I was looking for some advice with this - any tips on finding a good FP? Are my fears about them founded? Should I just do it myself? This has been something that's been on my mind for a few months now and I really want to go one way or another with it soon.

[ksgill]

I've been thinking about this for some time, and wondering how do people go abouts finding a good, honest financial planner. To put a bit of context, my spouse and I are in our mid to late 20s and are starting to be in a 'comfortable' position with our finances - that is have extra money each month. We own a home and pay extra to the mortgage each month, but we'd like to do something with the left over money. And no, we're not giving it to you!

I'm at my very core a DIY'er. I like to find out as much about something as possible and do it myself because I think I can generally do a better job. However, when it comes to investing/financial planning there is just SO much out there and I honestly do not have the time to research every little product and strategy. But when it comes to a FP, I have this lingering doubt in my mind that they're looking out for *my* best interest. They make money by selling a certain product or a company's product - so how do I know they are best representing me? I'm not saying they're going to screw me or sell me something bad, but they obviously need to make money so they might sell me something that isn't quite as good as something else, because they make more money on it or aren't affiliated with another product.

Anyways, I was looking for some advice with this - any tips on finding a good FP? Are my fears about them founded? Should I just do it myself? This has been something that's been on my mind for a few months now and I really want to go one way or another with it soon.

Do yourself a favour and look for an advisor when you have over 100k saved. For now, look into index investing (e-series) and when you are ready for an advisor, look for independent fee only advisor who won't sell you crap products tied to one institution.

[Stryker]

I'm at my very core a DIY'er.

If you're at core a DIY'er, there's no reason you can't set up a portfolio and run it yourself. Plenty of good books at the library and investing information on the internet. After costs, it's unlikely a financial planner is going to do better than what you can do for your self over the long term....and by the way "costs matter".

[tareks]

If you're at core a DIY'er, there's no reason you can't set up a portfolio and run it yourself. Plenty of good books at the library and investing information on the internet. After costs, it's unlikely a financial planner is going to do better than what you can do for your self over the long term....and by the way "costs matter".

That is the way I'm leaning, but with all the information out there and the different types of investments - bonds, stocks, mutual funds, GICs, etc etc it gets very confusing and I feel that one could spend years and years learning about all of them, let alone finding what's best for their own situation. But that's my reason for coming here, to get feedback on doing it myself or getting someone who is more informed do it for me (but with their own interests in mind too). What are some good resources you could recommend starting to read if I wanted to learn more?

[theBeachBoy]

Read this: http://www.kurtismycfo.com/document/...20Advisors.pdf

the best list I have found.

thank me later

p.s. his book is also worth reading.. twice (called wealthbuilding)

[Stryker]

That is the way I'm leaning, but with all the information out there and the different types of investments - bonds, stocks, mutual funds, GICs, etc etc it gets very confusing and I feel that one could spend years and years learning about all of them, let alone finding what's best for their own situation. But that's my reason for coming here, to get feedback on doing it myself or getting someone who is more informed do it for me (but with their own interests in mind too). What are some good resources you could recommend starting to read if I wanted to learn more?

Two I'll give you for now:

On the web:

Canadian Couch Potato

A book which hopefully you can borrow out of your library system:

The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns

Resources like these weren't even available when I started investing for myself over thirty years ago. I had to figure it out slowly, on my own.

[Islandguy28]

My wife and I are in exactly the same position as you are. Mid twenties, house, great jobs, and I have good knowledge of DIY investment, but I'd ideally like a fee-for-service financial planner to review my positions once and a while. Additionally, I'd like a planner that can help us create a broader financial plan (I'm considering the Smith Manouevre on our home mortgage, which could have a MAJOR impact on how we structure our finances).

Anyway, I recently discovered a database of all the certified financial planners in Canada. You can type in your city and get a full list. Many of the planners have links to their websites so you can get more information. The website is: https://www.fpsc.ca/

So, sometime in the next few months, I'm planning on e-mailing about 5-10 planners. I will give them the basic details on our finances, and tell them my general plan for investing. I will let them know that I ONLY want a fee-for-services - I've read way too much bad news on commission planers. I'm hoping to get some detailed responses and organize some FREE consultation meetings. During these meetings (which I will include my wife in, as she is great at reading personalities), I will get get better sense of who the person is, how trustworthy they are, how intelligent they are... I have already met one (Rob Smith - son of Fraser Smith who invented the Smith Manouevre), Rob offers a free 2 hour consultation meeting where he outlines his ideas. There is no harm in taking up these offers. Hell, if I don't find someone I REALLY LIKE, I'll meet 10 more until I find a gem.

Hope that helps. Please let me know how you make out!

[Stryker]

I've been thinking about this for some time, and wondering how do people go abouts finding a good, honest financial planner.

A dozen ways financial advisers can stretch the truth

[Thalo]

https://kyfa.com/investors/welcome

All around good resource for finding advisors, especially if you're looking for people who focus in any specific areas.