How to Choose a Financial Planner in Canada

How to Choose a Financial Planner in Canada Tonight for the #cdnmoney chat on Twitter I have a very special guest, Preet Banerjee the TV Host of Million Dollar Neighbourhood is joining me to talk about How to choose a financial planner. Such an important topic as how do we choose the best help for handling our money.

Reasons for choosing a planner may differ, but here are a few questions I would think about:

What are my money goals?

How much do I already know?

How much do I want to be involved day to day?

How does this person get paid and by who?Are they paid extra to recommend certain products?

How would I find a good planner?

What questions would I have for them from the get go? Do you have questions about taking risks? about securities? The list goes on.

Once you know you want from a financial planner, next ask your friends for a referral.  Ask them how are they helping them out? Is that the kind of help you need? If yes then meet the planner and check them out to see if they are a fit for you.

One other resource you may want to check out is The Financial Planning Standard Council they have a wonderful section on financial planning including 10 tips for choosing a planner.

Once you have a few names, you will want to meet them. Make sure you have your questions for them ready.


1. You are looking for a fit for you, this person will be handing your money, just as you are choosy about who you date, do your due diligence. Make sure you connect with them.

2. Ask about designations, and experience but more importantly can they make money real to you. Can they explain in ways you understand? Can they answer your questions?

3. Ask what products they offer and why? Are they limited in who they can choose to invest your money in.

4. Find out their track record, the company track record long term.

Do not sign any contracts in that first meeting, go home mull it over, meet with a few before you decide on one. Check references.

Does this sound like a chore, it should we are talking about your money and your future. Do your homework.

Now you have chosen someone, check in often and reassess are they really the best fit for you, are they doing what they said, and is your money growing?

These are just some thoughts on choosing a planner, how did you choose yours? What would matter to you?

You can join the discussion on the topic tonight on the #cdnmoney chat on Twitter, at 7pm EST.


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