Choosing a Financial Advisor

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Financial advisor Montreal

A financial planner or advisor is a professional that guides clients regarding how they spend, save, and invest their money. They provide a range of services including tax advice, retirement planning, estate planning, and investing. Financial advisors can also help individuals get out of debt and buy a home.  More info

It is important to choose the right advisor based on your needs. Meet with a few potential advisors and choose one that you are comfortable with and has the experience, expertise, and credentials to help you reach your goals.

Quebec has its own unique culture and legal environment that requires a specialized skillset. For example, Gene Kim of Summit Private Wealth at Mandeville Private Client is trilingual and focuses on establishing long-term connections with his clients. He has built a practice that has been recognized as an IIAC Top 40 Under 40 nominee and WPC 5-Star Top Advisors for three years running, among other accolades.

Wealth Management Strategies: Finding Your Advisor in Toronto

Generally, people seek the advice of a financial planner to plan for major life events such as buying a home or saving for children’s education. Others seek advice to manage an inheritance or financial windfall, develop a contingency plan for long-term care, and transfer their wealth to beneficiaries.

Banks typically have staff who can explain and sell certain investment products such as GICs or mutual funds, and contribute to registered savings plans such as an RRSP or TFSA, the FCAC notes. However, these advisors often change jobs frequently and are less suited to meeting individual client needs over the long term than independent experts. Plus, they can charge higher fees — such as 1% of your portfolio value per year.