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Tag: financial planner in Ontario

Tips For Choosing The Right Financial Planner

A financial planner is a person who plans your finances. He creates efficient plans for your existing finances and helps in making your future better and secure. Finding a financial planner for your family or business comes down to trust.

You can visit many consultancies like www.hbfc.ca for finding a financial planner to reach the financial goals that you have set for the retirement years or for purchasing a new home or maybe for the college education of your children or for starting a business after retirement.

It is a bit tricky to find a financial planner who can fulfill all these needs. Even if you find someone who can do this, make sure you are very clear to him regarding your needs. When deciding what type of planner best fits for you or your business’s finances there are four areas to consider:

Credentials

The financial planner in Ontario offers financial services to many individuals and businesses. These professional financial planners are certified to the four credentials for the financial planners around the world.

Certified Financial Planner (CFP)

Certified Public Accountant (CPA)

Chartered Financial Consultant (ChFC)

Chartered Financial Analyst (CFA)

Experience

Before hiring a financial planner, make sure that he has been in the profession for more than five or ten years and has an educational background in the profession.

Compensation

Always consider whether a planner’s compensation requirements will interfere with their objectivity when it comes to your financial plan. There are three general compensation categories that a planner will fall into commission-based, fee-based, or fee-only.

Commission Based Planners earn their paycheck through commissions on sales of products, such as stocks, bonds, mutual funds, and insurance.

Fee-Based Planners usually have their compensation based on a flat fee or percentage of money under management as well as commissions on sales of products such as stocks, bonds, mutual funds, and insurance.

Fee-Only Planners do not sell any commission-based product, instead of charging an agreed-upon flat fee or a percentage of assets under management.

Hiring a financial planner can help you in many ways. You can visit this link to know why hiring them is beneficial for you and your business.

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