A good financial advisor should provide a personalized financial plan and give you the opportunity to discuss insurance , tax , and estate planning . Your advisor should have a communication plan and be willing to help you increase your financial knowledge .

Remember , you are about to employ someone to look after your financial future . Ask friends and acquaintances , and use the internet . With today ’ s technology , you can even have an advisor in another city ( make sure they understand your provincial laws and regulations ). Talk with several independent and company-affiliated advisors and ask questions . If you are unsure about any answers , cross that person off your list .

One question to ask : Do you prefer mutual funds or exchange-traded funds ( ETFs )? Both mutual funds and ETFs invest in a diversified portfolio of securities from companies around the world , can focus on specific world regions or a particular category ( e . g ., banking , energy , technology , dividend-paying securities ), and are well regulated here in Canada . However , their management expense ratios ( MERs ) — the cost of operating the fund — are different . Mutual funds typically charge 1.5 %– 2.5 % while the ETFs charge 0.25 %– 0.35 %! Over time , this difference could mean thousands more dollars earned with an ETF .

ARTA ’ s extended health care coverage includes Greenshield Counselling ( formerly Inkblot ), which includes financial counselling . A thirty- to sixtyminute introductory meeting can allow you to determine if you are happy with the advisor and understand how much it would cost to continue .

In the spirit of full disclosure , retired teacher Ray Hoger explains that he invests almost entirely in ETFs , and he has not held a mutual fund for over twenty years .

The ARTA scholarship program is made possible by the generosity of ARTA members and Orbit Insurance Services , a service partner for home and auto insurance . Orbit Insurance Services provides , through ARTA , scholarships to students who are related to an ARTA member . These scholarships recognize academic achievement , community involvement , and volunteer work .

The scholarship criteria have been updated this year to make the scholarships more accessible : the diploma and degree scholarship categories have been combined into one category , which will award up to eight $ 5,000 scholarships . Applicants will no longer be required to specify one or the other .

Applications for the 2024 scholarships are now open and close on July 31 , 2024 .

To read the full criteria and to apply , visit arta . net / scholarships .

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