Best Montreal Financial Planner Advisor
How to find the Best Financial Planner in Montreal
Like any other decisions, you need to be one step ahead in order to make the right choice. After all, you or your financial planner will ultimately be accountable. In reality you probably dont have the expertise to do an effective job of it, but on the flip side you are aware that not every financial planner out there is trustable to freely manage your hard earned money. First, lets see if a Financial Planner is right for you
What kind of services does a financial planner offer?
A financial planner can help you design a plan to maximize your existing resources, a financial roadmap for long-term financial growth, and track the progress. Pick one that has expertise to help with your retirement plan, or small-business, or insurance needs, or just plain old capital growth & preservation. Ask for his expertise to match you needs.
Why use a financial planner?
– Because he is educated and held to strict standards by the Board of Financial Planners
– He is up-to-date on the latest reputed investment products that can benefit you
– He can safeguard your money against market downfalls (with Stop Losses)
– He has tools to track progress of your investments towards your set goals.
(Beware, not every financial planner understands Stop Losses and long-term capital preservation. Ask him that important question.)
How do I find a good financial planner in Montreal?
Montreal has a wealth of information to pick a suitable financial planner. These steps will help you pick the right fit for you:
– Ask for references, but double check his performance record
– Check if he is a member of the Financial Planning Standards Council
– Verify that his field of expertise matches your situation and objectives
– Validate that he can be trusted. Google his name for public records
– Make your selection based on interviews. See below:
7 industry tested questions to ask during the interview
#1 – What experience does my financial planner have?
The number of years he is in the business confirms his reputation and longevity in the business. Aim for five years or more. And does he have good overall knowledge of available products or just a few? How about risk-reward ratio of my investments?
#2 – What is his fee structure or how does he get paid?
The fee basis may limit his selection of investment products. Ask if his compensation is dependent on the following: Percentage of value, Commission based, or Consultant flat fee.
#3 – Will my money be safe?
No one wants to lose money, especially as we get close to retirement. You planner must: apply Stop Losses to the positions, you need direct and immediate access to your funds whenever you want, investments must be protected in federally insured institutions.
#4 – What investment vehicles will the financial planner utilize?
This will depend on the goals set forth, whether it is a portfolio based on Growth, Balance, or Income. But ETFs (or Exchange Traded Funds) should definitely be a large part of the mix. And no individual investment should carry more weight than 10%
#5 – When would the financial planner sell?
Conservative options should not be overlooked in times of crisis. Selling is a matter of timing. However, long-term planning should not involve frequent trading, it should involve capital preservation and risk mitigation.
#6 – How often do I get statements?
Use of monthly guide posts to measure performance to facilitate performance tracking. This is your measuring stick. Ask for this standard.
#7 – How does my financial planner track progress?
Progress tracking is the only way to measure your performance and hold your financial planner accountable. Consider these two yardsticks:
– Charting of monthly values to view trends,
– Comparison against benchmark indexes such as S & P 500
Best of luck in your future financial wealth!
I have deicided to write this article to help you find the best financial planner and advisor in Montreal or elsewhere. I made extensive research on this topic and here are my best tips.