megram - Index

megram - 55JulOttawa - Index

products. More general recommendations
are more likely from advisors
who will send you elsewhere for
implementation.
When you review your plan,
make sure it responds to your individual
investor profile by:
Reflecting your short-term goals
• (buying a house), medium-term
goals (financing your children’s
post-secondary education), and
long-term goals (retirement).
Respecting your investment phi-
• losophy including comfort level
with risk or preference for specific
investments.
Being manageable within your
• budget, and providing you with
room to save for specific items
(such as a vacation).
Including provisions for your fami-
• ly and business partners in the
case of your death or disability.
Source: ProfessionalReferrals.ca and files
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How are financial advisors paid?
Financial planning doesn’t have to be expensive and most financial
advisors will be happy to provide an initial consultation without
any obligation or cost.That way, you can determine whether the advisor’s
services meet your specific needs.
Here are the three basic examples of compensation:
Commission. Most financial advisors earn a commission based on
the purchase of financial products.The supplier of the product usually
pays the commission.
Fee-For-Service. Financial advisors who work on a fee-for-service
basis usually charge a flat fee or hourly rate for the work they do.
Some advisors may base their fee on the value of a client’s assets or
income. Hourly rate fee-for-service financial planners will likely send
clients elsewhere to purchase the financial products needed to execute
the plan.
Fee-and-commission. Financial advisors who combine fees and
commissions will often charge a fee for the amount of time invested
in designing and updating a client’s plan, and also receive a commission
from the products purchased.
July/August 2008 • Ottawa 30 • Fifty-Five Plus Magazine
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