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Did you choose your financial advisor, or did they choose you?

Many people spend more time planning for a vacation or buying a sofa than they do planning for their financial future. When they finally decide it's time to put their financial house in order, they don't know where to start.

Start by getting some professional help. You shouldn't hesitate to seek professional financial advice any more than you would avoid seeing a doctor when you are sick. A professional financial advisor can help you set up a financial plan. He or she can help you determine which investments are best suited to achieving your financial goals, establish a savings program to build your assets, and explain the potential risks and rewards of different investments.

Probably the most important contribution an independent financial adviser can make is to help you stick to your plan. Research conducted by Dalbar Financial Services found that during a 12-year period ending December 1996, U.S. investors with a financial advisor held their funds longer and earned five percent more in total cumulative return on their equity investments than those who purchased their funds directly.

Independent financial advisors will have greater access to a variety of investment options for their clients when compared to an institutional financial advisor. Therefore, when looking for one, it is important to ask whether the investments they recommend are exclusively from their company products or whether they will be considering other company's products as well.

Finding a financial advisor is no different from finding a doctor. People are usually willing to give a good reference. Ask your friends and relatives for recommendations. Ask about their advisor's experience, track record, services, investment approach and fees. And don't be afraid to request credentials. Remember, it's your money and your future. If the person you're considering makes you feel like you're wasting his or her time, chances are you'll be wasting your money.

Source: Trimark Mutual Funds 1998


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MTM Wealth Planning is a proud member of DundeeWealth's national team of financial advisors, committed to setting new standards in the investment management industry.

As our licensing dealer, DundeeWealth creates and provides full service investment solutions as well as capital markets and advisory services for financial advisors, institutions, corporations and foundations through three businesses: investment management, capital markets and financial advisory.

The network of advisors that is the face of DundeeWealth in Canada stretches across more than 520 local and regional offices, comprising approximately 1,200 men and women. Whether managing a fund or a book of business on behalf of retail clients, capital allocation decisions are critical roles of DundeeWealth advisors. Financial planning, estate planning and a growing insurance practice are other growing areas of client service.

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