How to Find Reliable Investment Planners in Cambridge
The world of investing is hard to navigate, which is why many Canadians rely on an investment planner to guide them along their journey. But how can you trust an investment advisor to give you real and effective investing recommendations? Especially when advisors make commissions off certain investment products. As a financial advisory company in Cambridge, we have the resources and knowledge to help you access the best investment planners in the city. In this article, we’ll uncover where to find reliable Cambridge investment planners and how to choose an advisor that suits your needs.
Where to Find Investment Planners in Cambridge Online
FP Canada: FP Canada is a non-profit governing body of financial advisory services in Canada. The FP Canada Institute and FP Canada Standards Council both educate and certify financial planning professionals across the province. Their planner directory connects you with FP certified financial advisors, all you need to do is filter your location to browse dozens of professionals in your area.
Grand River Financial Solutions: Prefer to work with a small but passionate team of financial professionals? Our team at GRFS has years of experience working with individuals and businesses in financial planning, investment planning, tax planning, retirement planning, bookkeeping, mortgage advising, and much more. We’ve set ourselves apart with our commitment to personalized, goal-oriented service. Our hope is to make your financial goals a reality! Contact us today to learn if our GRFS advisors are the right match.
Advocis: Advocis is a voluntary professional membership association for financial advisors across Canada, including Cambridge. They offer education as well as designation and certification programs. Their “Find an Advisor” tool allows you to browse financial advisors with an Advocis membership.
Cambridge houses hundreds of local options for a financial advisor, so how do you make the choice of just one? Let’s explore best practices to help you choose the investment planner for you.
Schedule Consultations with Potential Investment Planners
When deciding between investment planners, Yelp and Google reviews are both popular resources for finding honest reviews. These client reviews provide a true glimpse into what working with that investment planner is like. For example, it provides insight into how effective their investment recommendations are, how easy they are to work with, and what their typical clientele looks like.
However, online reviews aren’t the only option for finding out more about your potential investment planners. Don’t be afraid to book a consultation with your top picks to get an initial first-hand experience with them. This gives you an immediate first impression of what their service is like instead of depending on the opinions of other clients.
Prepare Questions to Ask
At this consultation, your potential investment advisor will take the time to ask you about your personal financial goals and why you’re seeking services. Remember, the conversation doesn’t need to be one-sided! This initial consultation is an important opportunity to learn more about your potential investment planner, which is why we recommend preparing valuable questions to ask. Here’s some ideas of what to ask your potential investment advisor:
Investment Philosophy: Ask your potential investment planner about their investment philosophy. These are a set of principles which work to guide your planner in making investment decisions on your behalf. Do they approach their investing in a way that leans conservative, balanced, or aggressive? Depending on their answer, how does this impact the way they navigate their client’s financial goals? This helps you understand whether your mindsets align, which is an important trait in a well-matched investment planner.
Previous Client Experience: Pick their brain about previous clients they’ve had, specifically clients in a similar financial situation to yours. How did they succeed in meeting goals for clients like you? Was the approach always the same? Prioritize an investment planner who has experience providing financial advice to people like you. This is how you ensure that they understand your goals, lifestyle, and challenges.
Risk Management: One of the most important skills an investment planner should have is risk management. Risk is present throughout the investing process, whether it be losing money in a stock or managing an unexpected market downturn. Ask them about the steps they take to identify and mitigate investment risks. Another valuable question to ask is if they’ve ever dealt with an unexpected money loss for a client, and what did they do to solve the problem?
These questions don’t just provide insight into how their investment process works on your behalf. It also gives you an idea of your compatibility as a client. This is an easy and effective way to minimize your options until you find the right investment planning professional for you.
Assess Fees and Compensation Structure
Before starting services, make sure you clarify what the investment planners' costs look like. Do they charge a flat fee, hourly rate, or commission? This ensures you understand the total costs of working with them and if it fits into your budget. It’ll also help you identify any conflicts of interest the investment planner may have. For example, many investment planners receive commissions or are given incentives from certain investment products. This encourages them to recommend these investment products more often. For some investment planners, they’ll recommend these products even if it isn’t the best choice for your portfolio.
Keep in mind that you don’t need to settle for the first planner you meet. Browse your options, gather information, and request quotes and proposals from multiple planners. This allows you to compare services and fees to ensure you’re getting the best deal.
Interested in learning more about what it’s like to work with an investment planner or general financial advisor?: