megram - Index

megram - 55JulOttawa - Index

Retirement…continued from Ottawa 18
with a potential client during the first
interview. In that interview your advisor
will ask you a series of questions.
You should also have questions of your
own. Here is a guideline:
❐ Ask if the advisor concentrates
on a particular type of
client. It is not uncommon for an
advisor to work with a certain profession,
income level or age group.
❐ Ask about professional affiliations.
Does the person belong to the
Canadian Association of Insurance
and Financial Advisors, or any other
professional organization? If not, ask:
why not? Professional organizations
have codes of professional conduct
and continuing education requirements.
❐ Ask about credentials. The
most common professional designations
require courses directly related
to personal financial planning.
❐ Ask about independence and
impartiality. Are the advisor’s recommendations
limited or skewed to
her employer’s own products and services?
Ask about other products and
services in the financial marketplace.
❐ Ask about expertise. Ideally,
your advisor should be able to discuss
personal money management
issues such as budgeting, investments,
and insurance and tax strategies. He
should also have close working relationships
with professional specialists
such as lawyers and accountants.
Before entering into
a relationship.
❐ Ask how the advisor will
select your investment solutions.
Does he do independent analysis or
depend entirely on other companies’
research for the products he recommends.What
are his reasons for steering
you toward a particular mutual
fund, insurance or other financial services
company?
July/August 2008 • Ottawa 26 • Fifty-Five Plus Magazine
❐ Ask if the advisor will work
with you directly or if an assistant
will handle your account. If
your account will be delegated, ask to
meet the assistant and ensure that he
is well qualified.
❐ Ask how the advisor keeps
clients informed. Many planners
publish newsletters or offer seminars.
How often can you expect to
meet personally with the advisor to
review your financial situation?
❐ Ask if the advisor charges on a
fee, fee-and-commission, or commission-only
basis. Can the advisor
estimate the cost of ongoing service?
❐ Ask for references. The advisor
should be able to provide names of
clients with situations similar to yours
and provide a relevant sample plan
for your inspection.
Your relationship with your financial
advisor should be long term (the
average client relationship for an advi-
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