A financial planner is a professional with whom you have a relationship of trust in the same way as with your doctor or dentist. It is therefore important to choose it carefully. Here are some tips to guide you.
Posted at 2:03 a.m.
Updated at 9:00 a.m.
Julie Chaumont
Special collaboration
It was to alleviate the stress related to managing their financial life that Geneviève Tousignant and her partner decided to do business with a financial planner. “Financial worries in a couple are something that can become important, and for us, one way to mitigate that was to have external help that was neutral,” she says.
Geneviève Tousignant had also just changed careers, and the couple was preparing to carry out major renovation work on their house. “We were lucky that we had a financial planner because it really helped us make our project a reality, by reducing the stress associated with it,” she maintains.
A unique global vision
A financial planner, unlike a financial advisor, has a holistic view of your financial situation. “It looks as much at the level of your risk management as at the tax and inheritance level. He looks at your family situation, legal situation… all that. It’s interrelated, and financial planners, we train them to have this vision, and they are the only ones who have that,” says Chantal Lamoureux, president and general director of the Financial Planning Institute.
Geneviève Tousignant claims to have received good advice over time from her advisor at the bank, but maintains that the financial planner went much further. “It helps us to make this balance between the past, the present and the future. »
A title to validate
“I tell people all the time: the first thing to do before doing business with someone is to validate on the website of the Financial Markets Authority (AMF). It’s easy. You enter the person’s name and you see right away whether the person has their license or not,” says the president and CEO of the Financial Planning Institute.
Visit the AMF website
In addition to a diploma from the Financial Planning Institute, a financial planner must have a license from the AMF. “He must do continuing education every two years and he is governed by a code of ethics,” adds M.me Lamoureux.
In Quebec, we have the highest standards of financial planning training in North America.
Chantal Lamoureux, President and CEO of the Financial Planning Institute
Many financial planners have additional licenses, which allow them to sell products to you. “A financial planner who just has a financial planning license cannot sell you products. He can make you a financial plan. But if he has a collective savings representative permit, for example, he has the right to sell you investment funds. If he has a financial security advisor’s license, he can sell you insurance, etc. », explains Mme Lamoureux.
A specialization to watch
In addition to permits, some financial planners develop a specialty for a targeted clientele. “More and more financial planners are specializing in retirement withdrawals. We often think of the phase where we have to accumulate money, but at some point, we have to disburse it. We have climbed the mountain, but now we have to descend it and we must not descend haphazardly,” maintains the president and director of the Institute of Financial Planning, who adds that some young graduates aim rather to work with a younger clientele in order to be able to support them throughout their lives, as a family doctor does.
A personal choice
Beyond certifications and specializations, choosing a financial planner is very personal. As you would a psychologist, doctor or dentist, take the time to contact a few before making your choice. “Before signing the contract, ask him to explain to you how he works,” suggests Mme Lamoureux.
For Geneviève Tousignant, it was the references from her circle of friends who immediately gave her confidence in her financial planner. “We should have done it sooner. I think a good financial planner is a gift we should give our children at 18 rather than buying them a tank. »
The main principles of the AMF
Do you have an amount to invest or would you like assistance in planning your business and would like advice on making the right decisions? Finding the right person is not a step to take lightly. The Financial Markets Authority (AMF) presents certain key principles to help you find the right person to advise you.
- Basic rule, this person is duly recognized by the AMF.
- She must answer your questions to your satisfaction.
- Choose someone who is transparent about their compensation.
- This person will take the time to understand your current financial situation and your goals.
- It must also clearly inform you of the products and services offered.
Consult the AMF web page on choosing a financial planner
