FINANCIAL
FINANCIAL
" Every Canadian citizen should have a financial plan and understand it fully . Financial advisors aim to give consumers confidence to seek out new ways to improve their financial plan ."
should be talking openly about the importance of a successful relationship between the two of you . Finances are personal and private . You should feel confident in sharing your information with the chosen advisor . It is important that you feel comfortable asking whichever questions come to mind for clarification .
You will want to know about the experience and training of the advisor . Since each client is unique , you will not likely find an advisor who can say with confidence that he or she understands your situation completely . Experience in the financial industry teaches advisors to make recommendations very thoughtfully and for advisor and client to be very clear on the risks involved . For example , advisors who have experienced financial recessions have a better understanding of market risk . Training for advisors is provided in a variety of ways . Large financial institutions will do much of their training in-house . Many online sources offer related coursework and certification training . Universities and colleges provide courses for full-time and part-time students .
Advisors may also have related post-secondary degrees and specific designations . Designations such as Certified Financial Planner ® professional or CFP ® require very comprehensive education and examination . The Financial Planning Standards Council is the standards-setter for financial planning in Canada , establishing CFP certification as the standard for financial planners . Canadian CFPs are listed at fpsc . ca / find-a-planner-certificant .
In Alberta , an advisor must be licensed to sell financial products . There are separate licence requirements to sell life insurance , as well as accident and sickness insurance . This licence is obtained by successfully writing a comprehensive exam and purchasing errors and omissions insurance . Find licensed Alberta insurance agents online at public . abcouncil . ab . ca / agentsearch / agentlookupfrm . jsp . Similarly , a mutual funds salesperson must write a licensing exam and purchase errors and omissions insurance . Look for licensed Canadian mutual fund agents online at securities-administrators . ca / nrs / nrsearch . aspx ? id = 850 . Someone selling individual stocks must have a stockbroker ’ s licence also with “ e and o ” insurance to protect the consumer . You can find licensed Canadian stockbrokers at iiroc . ca / investors / knowyouradvisor / pages / advisorreport . aspx .
Every Canadian citizen should have a financial plan and understand it fully . Financial advisors aim to give consumers confidence to seek out new ways to improve their financial plan . Consultation and planning with a licensed financial advisor will alleviate stress and increase wealth . Long-term financial wellness is our ultimate goal .
Gerhard Sawatzky , BEd , MEd , is a Certified Financial Planner ® Professional , mutual funds representative , life insurance agent , and accident and sickness insurance agent in BC , AB and SK . Website : momentumcap . ca
news & views WINTER 2016 | 15