Financial planning is a six-step process that is widely practiced throughout Toronto. This is the standard go-to guideline for professional planners. Therefore, hire financial services that understand the principles and protocols involved in the client’s wealth. It is extremely essential.
An advice-only financial planner is one of the categories in financial planning. The field encompasses retirement, estate planning, and tax documents combined to reach the optimal investment portfolio. Remember, financial planning is an art. It is not a product off of a shelf.
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Formal training
Let us mention Toronto is the only province that requires financial planners have formal training to call themselves with the title. It is a well-earned designation, so check the credentials when hiring an advice-only financial planner. It will give you peace of mind and result in a trusting professional relationship.
An advice-only financial planner will help clients figure out the missing puzzle to amplify their investment. They do not sell products or are commission-hungry. The absence of such parameters makes their advice impartial.
Underrated
Unfortunately, advice only financial planners in Canada are extremely rare. There are only 150 across Canada. However, on the other hand, there are at least 18,000 certified financial planners, 25,000 financial planners, and well over 90,000 financial advisors in the Canadian Homeland. Statistically, that means only 1/6th or mere 1 percent are advice-only financial planners.
Furthermore, most of these advice-only financial planners are not working in an independent capacity. The remaining are still continuing their financial training to become financial planners.
Collaborative environment
Financial advice in Canada is mostly related to investment and tax. Most financiers will file the client’s tax return, skim over their real estate portfolio and do nothing more.
In contrast, an advice-only financial planner will combine finances to prefer client’s needs over anything else. These planners and their affiliated companies are only earning from the fees paid by the clients. As a result, there are no hidden costs or motives. Furthermore, there is no involvement of third-party too. The relationship is only between the advice-only financial planner and the client.
Objectivity
Advice-only financial planners stand out because of their objectivity to the clients. A lingering conflict of interest may lead to biased advice and losing clients. Moreover, an advice-only financial planner must not be confused with fee-based investment services.
Such practice requires the client to pay a certain percentage of their investment as a fee to the investment manager. It is a common form of calculating and paying the advisor who is an expert in supervising your investment.
Prospering and long term
Most clients will continue adding financial experts to their repertoire to maximize yearly returns. They will meet with an investment advisor in February for their RRSP filling. Later, they will schedule an appointment with the accountant to submit tax returns in April.
Furthermore, they will also meet throughout the year with their insurance agent and lawyers. Unfortunately, none of these services are suggestion-based. They do not offer recommendations like an advice-only financial planner in Toronto will.
Contact Merrick Financial today
Advice-only financial planners are a contrast to financial and investment experts. These are objective-based services that are extremely advantageous. We suggest visiting Merrick Financial for a trusted advisor-client relationship. We will answer as many questions you bring regarding tax efficiency to help you achieve your goals.
