- What is Personal Financial Planning?
- How do I know if I need a Financial Planner?
- How do I choose a Financial Planner?
- Which financial planning designations have your planners earned?
- Is the first consultation free?
- How much does the financial planning service cost?
- What is an engagement letter?
- Are your planners tied to just one product vendor?
- How are your planners compensated?
- Do your planners carry liability (errors and omissions) insurance?
Q. How do I know if I need a Financial Planner?
People hire financial planners for many reasons. These questions will help you to decide if you need professional financial advice:
Do you have the time to attend to your personal financial affairs? Are you confused about conflicting financial advice from several sources? Do you feel you are paying too much tax? Are you confused about where to invest your money? Do you feel that you can't make ends meet? Do you feel that you can't save any money? Has there been a recent change in your life that could affect your financial future, such as retirement, job loss, an inheritance, an addition to your family, or loss of your spouse?
Q. How do I choose a Financial Planner?
All of our planners are qualified professionals, with different types of experience. It is important that you get along well with the person you choose as a financial planner. Meet with the planner to discuss how s/he will work with you. Find out about the planner's background and credentials - experience and education are very important. Meet Our Planners.
Q. Which financial planning designations have your planners earned?
All of our planners have one or more of the following designations: Chartered Financial Planner (CFP), Registered Financial Planner (R.F.P.), Chartered Financial Analyst (CFA), and Certified Management Accountant (CMA). The right to use these designations must be renewed each year by satisfying ongoing educational requirements and adhering to each association's code of ethics and conduct.
Chartered Financial Planner (CFP) was the first Canadian financial-planning designation and is awarded to individuals who complete a three year correspondence course offered by the Canadian Institute of Financial Planning and pass a qualifying exam.
A Registered Financial Planner (R.F.P.) is a professional designation awarded by the Institute of Advanced Financial Planners (IAFP) to its members who satisfy certain educational and experience standards and pass a comprehensive written examination.
The Chartered Financial Analyst (CFA) designation is an international professional certification offered by the CFA Institute to financial analysts who complete a series of three examinations. The CFA is a qualification for finance and investment professionals, particularly in the fields of portfolio management and financial analysis of stocks, bonds and their derivative assets.
The Certified Management Accountant (CMA) designation is awared by CMA Canada to strategic financial management accounting professionals who integrate accounting expertise with advanced management skills to achieve business success.
Q. What is an engagement letter?
An engagement letter will spell out: (i) the planner's understanding of your situation and requirements, (ii) what type of plan will best suit you-comprehensive or focused, (iii) the format of the written plan-multi-page brief or letter, (iv) the fee for the plan, (v) the services the plan fee covers, (vi) whether the planner is paid for implementing portions of the plan, and (vii) how to initiate the engagement.
Q. How are your planners compensated?
Our planners are fee and commission-based financial planners. Our planners determine the fees by the amount of work involved in designing a client's plan and the need for ongoing updating. The commissions are derived from the purchase of financial products, if the client implements the product portion of the program through the planner.
Q. Do your planners carry liability (errors and omissions) insurance?
Yes, all of our planners carry liability insurance. Besides protecting you against errors or omissions, we feel that professional liability insurance is a sign of prudence, an important trait in any financial planner.