If you are unwilling to create and manage your own Retirement Road Map, you will want to find an advisor that specializes in working with people who, like you, are planning for the transition to retirement or who may already be retired.
A report from July 2014 called “Sound Advice Insights into Canada’s Financial Advice Industry,” prepared by PWC for Advocis, the Financial Advisors Association of Canada, explains that financial advisors generally work in four broad advisor segments:
These advisors generally work for a bank brokerage, although there are some non-bank-owned companies.
These are advisors who work for deposit-taking institutions, such as a bank or credit unions.
Insurance-based advisors are contracted with a life insurance company directly or with a larger group called an MGA, which means Managing General Agent.
Financial advisor dealer
These are advisors that work outside of a deposit-taking institution.
The specific channel is not the most important; however, you will want to ensure that you deal with a firm that is financially strong. You will also want to find an advisor that provides holistic plan-driven advice that puts your interests first.
You should also look for an advisor who has obtained the CFP® or CERTIFIED FINANCIAL PLANNER® professional designation, as they are trained in the following key areas:
- financial management,
- retirement and cash-flow strategies,
- investment management,
- tax planning,
- insurance and risk management, and
- estate planning.
Finding the right financial advisor for you who specializes in retirement income planning may be difficult, as most financial institutions are not set up to help in the decumulation stage. You will want to find someone who resonates with your values and communicates in a way you understand.
They should be focused on the entire plan, not only on the “hot” stock or fund of the day, and one who has a detailed ongoing process to follow.
For more information, you can refer to Preserving Wealth: The Next Generation – The definitive guide to protecting, investing, and transferring wealth by Jack Lumsden, MBA, CFP®
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This material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources however no warranty can be made as to its accuracy or completeness. Before acting on any of the above, please make sure to see me for individual financial advice based on your personal circumstances. The information provided is for illustrative purposes only. Commissions, trailing commissions, management fees and expenses may all be associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated. Please read the Fund Facts and consult your Assante Advisor before investing.
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