Personal Finance

Need a Financial Planner

  • Last Updated:
  • Feb 27th, 2010 2:01 am
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[OP]
Newbie
May 26, 2009
17 posts
1 upvote

Need a Financial Planner

Good morning,

My wife and I are looking for recommendations on a Financial Planner. We want to try and get or financial situation in order and better manage our money. We are also looking for advice on where best to invest our money as well.

Can anyone recommend a good financial planner? We live in the Whitby area so someone in the Durham Region would be preferred.

Thanks in advance!

Chris
7 replies
Deal Addict
User avatar
Aug 30, 2006
3568 posts
34 upvotes
chrisb1972 wrote:
Feb 25th, 2010 7:49 am
Good morning,

My wife and I are looking for recommendations on a Financial Planner. We want to try and get or financial situation in order and better manage our money. We are also looking for advice on where best to invest our money as well.

Can anyone recommend a good financial planner? We live in the Whitby area so someone in the Durham Region would be preferred.

Thanks in advance!

Chris
When it comes to getting your financial situation in order, the best thing to do is educate yourself to better manage your money.

Most "financial planners" are nothing more then mutual fund and insurance salesman. They don't work in your best interest, they just want to make the most commission.
Deal Addict
Jul 8, 2009
2028 posts
479 upvotes
Edmonton
I'm a planner in Alberta. There are very good planners who are not just salespeople. You have to do a good job yourself of searching for them. No I'm not interested in this client nor do I know anyone in Whitby.
Jr. Member
User avatar
Jun 4, 2007
144 posts
6 upvotes
Beamsville
This link contains a number of fee-only financial planners:

http://www.moneysense.ca/2009/11/01/whe ... l-planner/

Fee only financial planners work on an hourly basis and, in many cases, are not licensed to sell you mutual funds.

Althought the cost may seem expensive, it will actually be much, much cheaper in the long run to pay a few hundred dollars each year to hear unbiased financial advice.
Newbie
Dec 3, 2005
26 posts
1 upvote
Although it is certainly possible to learn everything you need to know to manage your portfolio without consulting a professional, I do think that most people will benefit from the services of a fee-only financial planner. The upfront fee you will have to pay, which will likely be under $2000 for a basic financial plan, is a very good value compared to using a standard "financial planner". As previously mentioned, the majority of people who call themselves financial planners are really just commissioned salespeople.

Weigh House, which is in the Toronto area, has a pretty good reputation:

http://www.weighhouse.com/main/home.aspx

Even with the services of a good financial planner, it is still important that you acquire at least a minimum level of financial education (assuming you aren't currently knowledgeable in this area). The Little Book of Common Sense Investing (by John Bogle) is a great book to start with. It's very easy to read and will help you better understand all the conflicts of interest that exist in the financial industry. Once you understand how things work, it becomes easier to stick with a well-designed plan over the long-run.

Good luck.
Deal Fanatic
Jul 1, 2007
8220 posts
1151 upvotes
I don't see what the problem/conflict is with a fee as a % of assets Planner is. Growth in your assets is mutually beneficial and if the Planner doesn't work hard and retain your business (or gain more of it) they miss out on revenue.

I agree on sell-commission based Planners though. They simply sell you the product, get paid up front and then all they have to do is churn the portfolio every now and then.
Deal Addict
Jul 8, 2009
2028 posts
479 upvotes
Edmonton
I mostly agree, but I dunno about churning a portfolio. My company would kick my arse to the curb if I did that, which I wouldn't do anyway. We get audited for those things.
Deal Fanatic
Jul 1, 2007
8220 posts
1151 upvotes
That's maybe a worst case...

Selling no load or front end funds with the commission zero'd and collecting a higher trailer instead of rear load funds with a lower trailer can be more beneficial to both the client and the advisor.

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