megram - Index

megram - 55JulOttawa - Index

Inadequate emergency funds
Most Canadians have inadequate
funds to handle an emergency or take
advantage of an unexpected opportunity.We
all should have the equivalent
of three to six months’ salary in easy
to cash-in investments such as Canada
Savings Bonds.
How to shop for an advisor
It is estimated that there are over
50,000 financial advisors in Canada,
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including accountants, lawyers and
perhaps even your local banker. How
do you know which one is right for
you? Membership in a professional
association is a good start.
Trust is also critical. A large part
of your retirement lifestyle is going to
be guided by investment income
rather than Canada Pension Plan
cheques. Planning should be left to a
professional whom you are comfortable
with. When choosing a financial
July/August 2008 • Ottawa 18 • Fifty-Five Plus Magazine
advisor, find somebody who understands
your personal and financial situation,
and whom you will feel good
working with.
There are several things you
should do in advance of shopping for
a financial advisor:
1. Word of mouth. Advertising creates
awareness of what is out there.
But don’t rely on ads alone. Ask
friends and relatives about their experiences
(good and bad) and whom
they would recommend.
2. Request information. Before
consulting a financial advisor, ask for
general written information about the
company they work for and the services
it offers.
3. Initial meeting. You need to feel
comfortable with your financial advisor.
If you like what you’ve heard and
read, arrange a meeting — see if the
advisor really listens to you, understands
your needs and appreciates
your concerns.
4. Look around. Don’t limit your
search. Visit several advisors to measure
which one you are most comfortable
with. Ask questions about
how they are paid and how they
arrive at specific recommendations.
Remember your financial advisor is
one link in an investment chain.
Consider some additional research
into the company whose products
they are recommending.
How to find a
financial advisor?
Do not be afraid to ask your financial
advisor questions either on the
telephone or in his office.And do not
allow yourself to be hurried. Financial
planning is a detailed and complicated
process with your financial well-being
at stake. Most advisors will spend
approximately one hour to 90 minutes
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