{"id":65123,"date":"2015-11-19T10:31:06","date_gmt":"2015-11-19T16:31:06","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=65123"},"modified":"2025-01-07T15:37:37","modified_gmt":"2025-01-07T20:37:37","slug":"look-for-a-financial-adviser-who-will-take-a-holistic-approach-expert","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2015\/11\/19\/look-for-a-financial-adviser-who-will-take-a-holistic-approach-expert\/","title":{"rendered":"Look for a financial adviser who will take a holistic approach: expert"},"content":{"rendered":"
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TORONTO \u2013 Given the plethora of professional designations for financial advisers \u2013 a myriad of abbreviations covering everyone from planners to investment managers to experts on aging and divorce \u2013 shopping for money advice can be daunting.<\/p>\n

\u201cIt\u2019s sometimes difficult to sort through the alphabet soup of different types of designations and titles being used,\u201d says Lucy Becker, a spokeswoman for the Investment Industry Regulatory Organization of Canada.<\/p>\n

In a bid to help investors locate the right professional, IIROC \u2013 a national self-regulatory organization that oversees investment dealers \u2013 has created an online glossary of the various designations.<\/p>\n

Neil Gross, the executive director of investor rights group FAIR Canada, recommends enlisting the help of a financial planner, who will take a big-picture approach to a client\u2019s finances and devise strategies to help the client meet his or her goals.<\/p>\n

\u201cEveryone who needs financial advice should be looking for someone who is going to take a holistic approach to their situation, because financial decisions can\u2019t be made in isolation from a lot of other factors, such as what\u2019s going on in your life currently,\u201d says Gross.<\/p>\n

Gross cautions that in most parts of Canada, financial planning is not regulated, although Ontario has struck a working group to review the issue.<\/p>\n

\u201cOutside of the province of Quebec, anybody can call themselves a financial planner,\u201d says Gross. \u201cThat\u2019s a real problem for consumers.\u201d<\/p>\n

Gross recommends looking for an individual with the certified financial planner, or CFP, designation, which requires a \u201crelatively high level of training\u201d to obtain.<\/p>\n

Those looking for advice on how to invest their savings could find themselves consulting an investment adviser. These are professionals employed by investment dealers and registered with securities regulators to be able to buy and sell a variety of products including stocks, bonds and mutual funds.<\/p>\n

Of course, determining the type of professional needed is only the first step in the process.<\/p>\n

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Once the desired qualifications have been identified, consumers need to find the right individual.<\/p>\n

Gross suggests asking for recommendations from family or friends.<\/p>\n

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\u201cYou can do research online, but you never know about the quality of what you\u2019re seeing there,\u201d says Gross, who recommends interviewing a number of people before deciding who to work with.<\/p>\n

Greg Pollock, president and CEO of Advocis \u2013 an organization that represents Canadian financial advisers and planners \u2013 also says it’s a good idea to interview a couple of advisers before ultimately settling on one.<\/p>\n

It\u2019s important to ensure not only that the professional has the right credentials, but also that their training is up-to-date, says Pollock.<\/p>\n

\u201cThings are changing very quickly out there in the financial services world, so it\u2019s important that they are current in terms of their product knowledge,\u201d says Pollock.<\/p>\n

Pollock says clients should also feel they have a good relationship with their advisers, and that the advisers understand their clients\u2019 financial goals and needs.<\/p>\n

\u201cIf it doesn\u2019t feel right, you should probably just walk away.<\/p>\n

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\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

TORONTO \u2013 Given the plethora of professional designations for financial advisers \u2013 a myriad of abbreviations covering everyone from planners …<\/p>\n","protected":false},"author":33,"featured_media":65124,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[35],"class_list":["post-65123","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-original","mauthors-alexandra-posadzki","mauthors-the-canadian-press"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/65123","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=65123"}],"version-history":[{"count":1,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/65123\/revisions"}],"predecessor-version":[{"id":280258,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/65123\/revisions\/280258"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/65124"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=65123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=65123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=65123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}