If you find that you are ready to seek the services of a financial professional be sure to keep the following things in mind.
1. Review their credentials. There are different designations that can be found in Canada CFA-Chartered Financial Analyst, CFP-Certified Financial Planner, ChFC-Chartered Financial Consultant, CIM-Chartered Investment Manager, CLU-Chartered Life Underwriter, CMP-Certified Management Professional, RFP-Registered Financial Planner, and TEP-Trust and Estate Practitioner.
2. Talk to them ahead of time. It's important to feel comfortable working with your planner. Therefore, call your list of potential planners and ask if they have minimum financial requirement. Some may require clients to have more than a specific amount to invest. Once narrowed down, set up a meeting with 2 or 3 of them to see if you click. Complete a list of questions about their qualifications, fee structures and charges, and other services.
3. Learn more about their fee structure. Some charge fee, while others may charge percentage, or through commission. Have an understanding of fee only: Fee for service by the hour, (which is common for professionals who serve smaller investors) Commission-based: paid through commissions or service charges Asset-based: charge fees based on a percentage of your portfolio.
4.Write down your questions ahead of time. This will help you get the most out of your visit, and will hopefully save you time in the long run.
5. Bring your financial information to your meeting. If it's your first time meeting, bring income and savings info, current investments etc. If you have met before, provide them with an updated income and make them aware of any changes.