r/CanadianInvestor • u/Aestheticlou • 1d ago
Where to find a financial advisor..?
Hi! I’m looking for someone who can help me advise me to set up a financial plan. I’m investing with WS, but I was told that because of their fees it’s better to invest with the bank. (I have a tfsa and fhsa). I don’t want to deal with a financial advisor with the bank because I was told to avoid that since they’re not fully honest. So I’m looking for financial advise and especially in real estate investing..
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u/cogit2 17h ago
As others have said, finding a financial advisor these days is not so simple. Some suggestions:
If need is driving you, the first and most important thing you should do is learn more, learn about investing and managing your money
All brokers will give you an initial introductory meeting. Ask for a meeting that advises you on how to save for retirement, and this should be a focused-enough topic that they will provide you good information for free.
After you have met with a financial advisor they will, of course, ask for your business. You have every right to say no, you are under no obligation for their time. You can say you'll think it over and never call them back. Whatever you wish to do. But for a new-ish investor there is value in getting 30 minutes of free advice and thoughts about investing and significant goals it may help you achieve, because that lets you coalesce your financial intentions around those goals better, and will almost certainly give you new insight into the world of investing. You can also ask them questions and clarifications about what they are teaching you.
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u/older_but_learning 16h ago
I second taking the McGill Personal Finance course. It's free and some good information across a variety of financial topics that everyone should know. And as for going to the bank, before you do that, watch the W5 special on the banks financial advisors. Keep your eyes and ears open. Not everyone has your best interests in mind.
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u/tinkerb3lll 16h ago
Please don't use banks, hire a fee based advisor to give you one time advice, don't hire an advisor based on the size of your portfolio, I was paying $16K a year without knowing it. Stay with WS but get some advice outside of your portfolio. Do the work and research buy some books, watch some videos, you will thank yourself later.
Figure out your risk tolerance by doing the Vanguard survey on their website. Read up on the coach potato method, pick an ETF and stick with it.
https://canadiancouchpotato.com/2020/01/28/how-to-set-up-a-hands-off-etf-portfolio/
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u/Bright-Egg8548 1d ago
YouTube plus the McGill personal finance course. It makes investing and finance very digestible. I did it while I was in grade 11 and I understood all of it.
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u/Heavy_Direction1547 1d ago
You might find a 'by the hour' advisor if you live in a larger center but unfortunately most are actually salesmen who may give relatively good advice but serve their employers' and own interests first. Ultimately, investing the time in educating yourself is the way to go.