BY GERHARD SAWATZKY , CFP ®

2012 study from the Center for

Interuniversity Research and Analysis of Organizations ( CIRANO ) demonstrates that people who use an advisor have two to three times more wealth , save twice as much and are better prepared for retirement ” ( Globe and Mail , Feb 5 , 2014 ). Financial institutions are in business in Canada because citizens like you and me want to plan effectively and invest our savings to improve our financial futures . As an Alberta retired teacher and Certified Financial Planner ® professional , I know that ARTA members are influenced and courted by this industry .

Investors need to be very wise and discerning to make the most of investment opportunities . The financial industry is complex and diverse . In Canada , very specific rules and regulations determine who can sell financial products and what information must be given to consumers . It is critically important that you understand your choices .

The key to making astute choices and understanding them is having unbiased information that relates directly to your personal situation . A financial advisor should do a careful review of your finances before any recommendations are suggested . An open , trusting relationship with your financial advisor is critical . Clients are never forced

to invest in a certain product ; an advisor usually suggests a number of key recommendations . An analogy can be made to the advice you receive from your medical doctor . You have the choice whether to follow your doctor ’ s advice or not . Similarly , a financial professional has your best financial health in mind ; you choose whether to make the changes suggested .

The first step in selecting an advisor is to consider your options . Your bank or credit union will have investment advisors available to meet with you . A phone call to an investment or insurance company will put you in contact with a local representative . An Internet search will connect you with local independent brokers of insurance and investments . How do you choose the best professional to meet with ? Often you may rely on a referral by a friend or family member . If you have had good experiences at your bank or credit union , you might begin by asking to meet with an in-house advisor . Whomever you meet with , you should think of the initial meeting as a job interview . This person will be paid directly or indirectly for working on your behalf . Is this person the best one for the job ? How do you know ?

There are a number of indicators that will help you make this decision . First , the person you are interviewing for this financial planning position

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