Find a Financial Advisor in Canada: Web Resources for Canadians - dummies

Find a Financial Advisor in Canada: Web Resources for Canadians

Part of 76 Tips For Investing in an Uncertain Economy For Canadians For Dummies Cheat Sheet

A good financial advisor can talk you through your panic, walk you through the holdings in your portfolio, and reaffirm your investment strategy. In Canada, both Registered Financial Planners and Certified Financial Planner Professionals have minimum education requirements and adhere to a code of ethics. The following Web sites can help you in your search for a trustworthy Canadian financial advisor:

  • Investment Industry Regulatory Organization of Canada (IIROC): Click on “investors” and go to the section called “Member/Firm Registrant Info” to get the low-down on the registration and disciplinary history of member firms. Don’t stop there, though. Your provincial securities commission may have information that isn’t available on the IIROC site. Doing due diligence is worth your while!

  • Financial Planners Standards Council: Visit this Web site to locate a Certified Financial Planner (CFP) in your area. The CFP designation is the most widely recognized educational credential for financial advisors and planners. A professional designation indicates that an advisor has completed certain educational and examination requirements.

    However, professional designations don’t guarantee that you’ll get competent or objective advice that best meets your needs. Quality personal financial planning education is critical, but it’s only part of the criteria to consider when choosing a financial advisor.

  • Institute of Advanced Financial Planners (IAFP): The IAFP offers the Registered Financial Planner (RFP) designation, which is considered the gold standard for financial planning in Canada. Like CFPs, RFPs adhere to educational and ethical standards. But they must also have a minimum five years of specific planning experience.