Exponent Investment Management is a term used to describe anyone who helps you manage your finances, whether that’s someone working at your bank or brokerage firm, or someone who holds a professional designation and follows a code of ethics. Rules about who can call themselves a financial advisor vary by province, with Ontario, for example, having regulations requiring those who want to be called financial planners to meet certain education and certification requirements.

While the responsibilities of a financial advisor are many and varied, they can be boiled down to helping clients figure out what’s possible given their unique circumstances, and then build plans to reach those goals. This might include developing an investment portfolio based on your risk tolerance and goals, creating an estate plan, or recommending specific life insurance coverage.

Navigating Financial Decisions: Finding Your Advisor in Ottawa

The first step in finding a good financial advisor is getting referrals from friends or family members who have worked with one. You can also visit your local financial institution or insurance company and ask for a staff member who can recommend an advisor. Once you have a list of candidates, it’s important to find out how they’re compensated for their work. Many financial advisors are paid a salary plus bonuses, but some receive commissions on the products or services they sell, so it’s important to understand what type of compensation structure you’re dealing with before hiring someone.

Once you’ve found an advisor, the process of developing a financial plan begins with filling out a comprehensive questionnaire that details your assets, liabilities, income and expenses. This information will then be analyzed to create a snapshot of your current financial situation, including net worth and the amount of liquid or working capital you have.

…