Certified Financial Planner in Ontario

Certified Financial Planner in Ontario

A certified financial planner belongs to the category of a financial advisor. These professionals have a dedicated skillset based on intense training and competent financial understanding. A certified financial planner in Ontario has years of experience regarding long-term financial planning, compliances, and strict ethical standards as provided by the governing authority.

However, unlike other financial advisors, a certified financial planner in Ontario categorizes its relationship as professional. This means they must always make decisions considering clients’ interests rather than prioritizing personal gain.

What Are The Responsibilities Of A Certified Financial Planner?

A certified financial planner will create and revise a financial plan as the parameters and clients’ requirements shift. Regardless, the intention to create these plans is financial liberation from the current state. Financial planning will reduce risk and increase rewards.

Further services include offering advice on investments, creating a plan to pay for a house, retirement savings. Furthermore, a certified planner in Ontario also focuses on a specific service if you are searching for concentrated advice. These financial planners will resolve property settlements regarding divorce or offer economic advice to retirees and small-scale business owners. Regardless, it is always wise to consult with a professional before making a decision that could impact you for the long term.

Should I Hire A Financial Certified Planner?

It’s fair to assume not everyone is seeking financial advice. However, those interested in growing their investment portfolio or earning more than the average Canadian individual will consult a financial planner. They consider financial advice crucial to their inevitable success. The professionals will organize their funds, guide the clients through investment challenges, and prioritize financial payments.

Due to the diverse services, a certified financial planner is expensive too. They charge CA$ 1500 for a financial plan, CA$ 300 for hourly consultation, and more than CA$ 5000 as a retainer. However, the bracket is not set in stone. The service may vary based on office location, client portfolio, and experience.

Before You Pay, Let’s Ensure The Mode Of Payment.

It is essential to categorize how the certified financial planner will be paid. It is based on identifying whether the certified financial planner is fee-only or fee-based.

Merrick Financial Inc. is a fee-only financial planner. This means their source of revenue is a direct payment for the clients, which limits their income streams due to conflict of interest. However, a fee-based advisor will earn commission on a successful investment which can clash with clients’ wishes.

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A commission involves personal satisfaction rather than working solely for the clients. It may cause fee-based advisors to suggest the wrong investment just to earn a side commission. Regardless of who you intend to hire, it is crucial to ask about their payment plan. Since a certified financial planner is a fiduciary relationship, they must always put their client’s interest first. Therefore, inquire if working in a fee-only advisor capacity is doable.

How To Become A Certified Financial Planner In Ontario?

A financial applicant will undergo an extensive educational program. However, the end goal is passing the national exam and showcasing three years of working at an approved financial firm. A certified financial planner must maintain their financial knowledge and analytical skills by completing 25 hours of training course every year.

Furthermore, a financial plan must also comply with Standards of Professional Responsibility presented by FP Canada Standards Council. The code is extensive in offering guidelines to prioritize client interest. The Standards Council has taken the responsibility to implement these guidelines long-term.

Consult With A Certified Financial Planner Today

Not every financial planner is suitable for every situation. Therefore, browse through the district to discover a financial planner by studying their credentials and client testimonies. Merrick Financial Inc. offers client-centric, fee-only services to achieve financial freedom.