Money – it is great to have it, but quite a difficult feat to keep and maintain it. Navigating finances often becomes a complex myriad of needs, desires, short and long-term goals, savings for emergencies, spending on immediate wants, and unraveling the mysteries of concepts such as insurance, mortgage, taxes.

To maintain your sanity and financial security, it becomes a very good idea to look for a certified financial planner in Canada to help you out.

Who is a Financial Planner?

A financial planner is a certified individual who can help you meet specific financial goals. This can range from anything to deciding how to pay back your car loan to saving for college or a house. Financial planners tend to specialize in one particular aspect of financing but are often adept in other areas. Thus, they can help you develop a holistic understanding of your financial status while achieving specific objectives.

Contrary to what many people believe, a financial planner will not swoop in and do some mysterious things with your money while you wait for profits or results to turn up. Instead, financial planning is a collaboration between you and the expert. Here, the expert lends their knowledge, skills, and experience to you and your assets, helping you make better financial decisions.

Thus, you do not lose control of your money or assets when you engage a financial planner – on the contrary, and you gain even better control over them as you learn how to better manage your finances.

What Can A Financial Planner Do for You?

Do you need a financial planner? The answer to this question lies in the services that a certified financial planner in Canada can provide to you, and these include –

  • Helping clients understand the basics of their finances so that they can engage in more effective decision-making.
  • Creating budgeting options for clients helps them cut down on unnecessary expenses and prevent money loss via loopholes or unwanted subscriptions.
  • Create detailed plans to help achieve savings goals such as college funds or baby money without leading to constraints on your necessities.
  • Helping out with areas such as insurance, estate management, or retirement, which often involve a combination of legal and financial concepts, jargon, and procedures.
  • If you have money or assets to invest, a financial planner Ottawa can provide you with the best options depending on the risks you are willing to take and the profits you are aiming for.

Do You Need A Financial Planner?

Do not believe that only those with high incomes require financial planning.

Financial security is a basic need and right for every individual. It is normal to struggle with managing your finances, no matter where you are in life. Good financial planning given by a certified financial planner in Canada can help you turn your finances around.

Good planning not only helps you save more and spend less but it can also help you reach goals you may have thought were out of your budget. You can learn the essential skills and information to help you remain financially sound throughout your life.

Thus, do not consider financial planning as something exotic or special – instead, see it as a routine thing that you must engage in at different points of your life for the best possible financial outcomes.

Planners vs. Other Financial Experts

Financial planners are often confused with other agents, so here is a quick breakdown of the difference –

  • Financial advisors┬áplay a more holistic role in managing client money and actively investing and growth of finances. In contrast, financial planners tend to work with what clients have and tailor financial plans and steps for them.
  • Insurance agents are employees of an insurance firm who try to sell insurance coverage to clients, such as health or car insurance. They are focused only on getting a particular asset of yours covered under their scheme.
  • Accountants are mainly employed by clients to help them figure out their taxes. Thus, they do not tell you how to save or spend; they give you an overall picture of what you have done with your money.
  • Financial attornies help you out with the legal aspect of any financial transaction, such as buying a home, making a will, negotiating divorce settlements and alimonies, etc.

Comparing these basic roles of other financial experts with a financial planner’s roles can easily help you understand the difference. You can thus decide who you need to call as per what your requirements are.

Best Certified Financial Planner in Canada

Why Certification?

For your financial needs, you must go only to a certified financial planner in Canada. The most recognized certification in Canada and across the world is the Certified Financial Planner Certification. Any financial planner you approach must have this certification or other nationally and internationally recognized certifications, such as a Qualified Associate Financial Planner Certification.

These certifications are very important because of the following reasons –

  • Firstly, they assure you that your planner has the necessary skills, knowledge, and education to help you make important financial decisions.
  • These certifications are also a hallmark of ethics and responsibility; without which you might find yourself at the short end of the decision-making process.
  • Certification also ensures that your planner works within the relevant laws and rules of the land. If these are not followed, both you and your planner might land up in hot water.

Think about it like this – would you trust your health to a doctor with no degree? Then why should you trust something as important as your finances to an uncertified planner? Choose only a certified financial planner in Canada to help you meet your goals and objectives and assure you financial security.

Searching for the Perfect Fit

Now that you know what a financial planner is and what basic requirement they should have in the way of certification, you might be eager to engage one. But with thousands of practicing certified financial planners in Canada, how do you choose your perfect fit? Here are some pointers to help you get started –

  • Firstly, look into the reputation and reviews of existing clients of the agency or planner. A good planner would not need loud adverts or thousands of reviews – their work will speak for itself.
  • Most financial planners hold an initial meeting with potential clients before they strike a partnership. This is a true test of the waters – you should come out of the meeting feeling confident and secure. If you have lingering doubts, then the planner may not be right for you.
  • A good financial planner must help you achieve your objectives, but they should also put out the hard truths to you. If a planner cannot clearly say “you cannot afford this” or “you need to cut down on this,” they are sugarcoating truths and only delaying problems for you.
  • Lastly, a good planner should give you peace of mind. You should feel like you are resolving your financial issues and have a clear plan to follow and goals to pursue. This secure feeling is a hallmark of a skilled and efficient planner. Forest Financial Planning would be the best option for all your financial needs.

What Does A Certified Financial Planner in Canada Charge?

Financial planners tend to have different methods of payment. Here are some prominent methods employed by financial planners –

  • Firstly, planners may charge you depending upon how much money or assets they are managing for you. This can range from 0.25% of the assets to 1% of the total amount. This can, however, varies considerably across planners.
  • Some planners charge a flat annual amount covering all your meetings and work with them, with additional charges occasionally thrown in for special projects or works.
  • Financial planners that you may engage for short term work may charge you an hourly fee.
  • Lastly, many planners often have set plans. They may modify these as per your needs and then charge you for the plans that you pick from them.
  • Today, there are also innovative ‘monthly’ subscriptions to financial planners, which you can take up for a few months and then drop them once you are done with your work.

With a good financial planner, fee payment should not be a worry. The first meeting would ideally be dedicated to understanding your financial situation and needs, and the planner would accordingly present you with their fee structure.

Financial security is what most of us strive for our entire lives. It is why we get an education, a job, and a plan for our retirement. But even though we spend all our lives working for money, there are always times when we struggle with it. This, however, does not have to mean defeat. With the help of a certified financial planner in Canada, you can learn how to get back control of your finances. What’s more, you can plan better for the future so that you never fall into a negative situation again and can meet all your goals. So do not hesitate to reach out for help!