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7 tips on how to choose a financial advisor in Quebec

New ambitions emerge at every stage of our lives:  going back to school, buying a house, travelling, having children, taking a gap year to travel the world, and, of course, retiring. Have you ever thought how to choose a financial advisor in Quebec to help you achieve a sort of freedom? Choosing a trustworthy and competent advisor is not an easy task, but it is essential if you want to reach your financial objectives.

Planning ahead is needed for the realisation of your various projects. To do this, you will need to develop a financial strategy. As a healthcare professional, there are many opportunities available for you. To achieve a certain degree of monetary security, these are some recommendations for hiring the right professional for you.

1- Establish your needs and goals 

Before searching for a counsellor, start by establishing your needs, your current and future goals. It will then be easier for you to determine what kind of assistance you will need.

2- Obtain a financial advisor’s recommendation from friends or family

Dealing with a professional who has been recommended to you by family members is more reassuring. However, this does not guarantee that they will be able to meet your needs. Because your friends’ needs might not be the same as yours, talk to the financial advisor to make sure they’re the proper fit for you.

3- Verify that the financial advisor is licenced to work

As stipulated in the law, sellers of mutual funds, stocks and bonds must be trained and registered with a provincial or territorial organization that regulates financial assets. You can check your advisor’s registration on the Canadian Securities Administrators’ website.

There are several designations and types of financial advisors: group savings representative, financial security advisor, group insurance and annuity advisor, scholarship plan representative and financial planner. But the requirements are not the same for each. For example, to use the title “financial planner”, you must first register with the Autorité des marchés financiers website.

4- Check for any disciplinary history

The Investment Industry Regulatory Organization of Canada (IIROC) and other securities regulators can give information about an adviser’s registration status, education, professional experience and disciplinary history.

5- Find out about their remuneration system

Before hiring, if you know the cost of your advisor’s services as well as his or her remuneration system, that would save you a lot of time and money. There are several methods of remuneration: fees, commissions, a percentage depending on the value of the assets they manage for you, management fees, entry or exit fees, etc. It’s up to you to decide which method is best for you, depending on your needs and capabilities.

6- Questions to ask the financial advisor

Usually, you take time to learn about a product before making any purchase. When making a major decision like hiring a financial adviser, having all the information you can about him is critical. You’re about to entrust him with your finances, long-term investments, life plans, and most significantly, your retirement plans.

Here are some things you should definitely discuss with your financial consultant to guarantee you choose the right advisor for you:

  • its education and experience
  • its accreditation or designation
  • its years of experience in the field
  • how long he has been with the company
  • registered with a securities regulator
  • what types of products and services it offers considering your financial situation
  • has he/she ever been subjected to a disciplinary action by a regulatory body
  • how it will help you achieve your goals
  • how often you meet to assess your financial plan and manage your money
  • how will they keep you informed of the outcome of your investments, etc.

7- Choose a financial advisor for health professionals in Quebec

The profession of financial advisor can be confusing to those who are unfamiliar with it, due to its broad nature. Fortunately, there are advisers who have developed expertise in the field of healthcare professionals such as doctors, pharmacists, and nurses. They are highly familiar with your particular situation and the products adapted to your needs.

A decision that could change your life

Choosing a financial advisor is an important decision. This professional can help you achieve your objectives, plan for retirement and enjoy your working life. Make sure you work with an advisor who has developed expertise in working with healthcare professionals. He or she will understand your situation and be able to help you achieve your goals.

Don’t forget to download the guide on financial strategy for nurses that we have prepared for you.


Healthcare professional development