Ever wonder what a financial advisor does? Well, you’re in luck. This week’s episode is a Q&A with Rob Anderson who is a Canadian financial advisor. We chat about what financial advisors do, different types of advisors, different fee models, how they can help you, who can benefit from having a financial advisor, and more.

Key Takeaways

  • A financial advisor doesn’t just invest money for you. There are so many things they do, from tax planning, estate planning, cash flow management, investment management, and risk management (insurance)
  • Look for the CFP (Certified Financial Planner) designation, as it is the most widely recognized financial planning designation in Canada
  • A good financial advisor can help refer you to other professionals that can help you with different aspects of your financial life
  • Financial advisors get paid in different ways – sometimes they are fee-based, and would take a percentage of assets under management, and some are fee-only which means they charge per hour or charge per plan. There is also commission-based which means the advisor will get paid from the insurance or fund company for the products they sell to you.
    • Look for fee-only advisors who will charge you per financial plan or hourly
  • “The right advice at the right time can be very powerful and is worth paying for”  
  • Everyone can benefit from a financial advisor at some point in their life – when you’re starting out and getting organized
    • Different life stages would be a good time to meet with an advisor, whether it’s starting a new job, starting a business, starting a family, approaching retirement, planning for retirement
  • A financial advisor can be a good neutral party to encourage couples to be more engaged in their finances, managing people and emotions
  • Once a year is a good starting point to meet with your advisor, but you can do more depending on your situation and the level of involvement you’d like to have
  • How to find a financial advisor that’s right for you? Ask your friends or family for a referral, you can look online and see reviews, you should also consider their age – find someone who can relate to you and be there during your different life stages
  • A good financial advisor can be a great tool to achieve your financial goals

Rob’s Links

Instagram – Beaver Finance

Instagram – RTA Talks



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