Looking for some professional help with your investments, budget and retirement planning? You should look for a financial planner. Looking for someone to do this with your best interests in mind? You should hire a fee-only financial planner.
Fee-only financial planners get their income from you, at $100-$250 an hour, to create a financial plan suited for you. Their fees are clearly laid out so that you know exactly what you are paying for and how much.
Commission-based financial planners have an inherent conflict of interest since they might make more money selling you a mutual fund with a higher MER, which also includes a higher commission for them. Paying these higher hidden expenses could cost you more in the long run, especially if you’re not on the financial path that’s right for you.
While I’m sure there are many commission-based financial planners that do not let this sway their decisions, going with a fee-only financial planner, at the very least, gives you peace of mind that both you and your advisor are working towards the same goals… yours.
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Tom Drake is the owner and head writer of Canadian Finance Blog.
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It would be great if you might consider posting a directory that could list the fee only planners across Canada.
regards,
Mike Bayer, CFP
Mike, I like this idea. I will look look into getting this set up!
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Hmmm interesting. Personally I prefer the Credit Counselling Society. They are very reliable and ethical, but thank you for your opinion!
Thanks for sharing this, i will surely see to it.
Compass Financial Management is a small size Fee Only financial planning firm with 3 in house CFPs. We use passive investment like DFA and other index funds to construct investment portfolio. We accept clients with smaller investable asset size but would like to work with seriouslya financial planner.
Weigh House Investor Services is a fee-for-service modelled financial planning company. We accept clients from anywhere in Canada.
We bring the kind of reporting an institutional investor would expect to the individual investor.
Call anytime. I would be happy to set up a free consultation to further discuss our services and quote prices.
Neal Chambers – (705)719-7982
(Barrie office)
[...] Inc included Fee-Only Financial Planners in this week’s Carnival of Financial [...]
[...] subscribe to the RSS feed for updates on this topic.There is little doubt in my mind that hiring a Fee Only Financial Planner is in the best interest of the consumer. Financial Planning is an occupation and every Financial [...]
I’am looking for a recommended fee-only financial planner in Saint John N.B.,can you help?
Thanks
Terry
I am a fee based financial planner servicing the Halton, Hamilton, Brant and Niagra region. See my website http://www.feebasedfinancialplanning.info for details or call me @ 905-512-2311
What’s the point is providing links to fee-only associations that only list US advisors? Useless!
Any list of fee only CFP’s in Canada or Saskatchewan that I could access.
Thanks
G
I am myself looking for a fee-only CFP in Ottawa. Anyone worth recommending???
I am an independent objective fully accredited and certified advice only financial planner. I even make house calls for my client’s convenience in the Greater Toronto Area.
I graduated from Trent University with a Bachelor of Science in Economics and completed the Strategic Change Management program at the University of Toronto (Rotman). I have twenty years consulting experience in a wide spectrum of organizations including; the Ontario Teachers’ Pension Plan, BMO Nesbitt Burns, EDS (Electronic Data Systems), ATI Technologies, and Duracell.
Rob Parypa B.Sc., FMA, CIM, CFP, FCSI
http://qwa.co/
416-206-8230