Business & Personal Finance

In these years of economic uncertainty, how can we plan, save, and build a solid, financial portfolio? 

Nick Bontis, a professional speaker, management consultant, and award-winning business professor at McMaster University, recommends that people should not tackle the challenge alone.  Mismanaging your money is similar to throwing it away.

In an article entitled "A Financial Adviser is Your Best Friend", he advises "Go seek counsel from a registered investment adviser who works for a reputable financial services company".  You can get started with $50 per month at most financial institutions.

He provides a few good tips on selecting a financial planner such as:

• Be selective
• Interview at least four or five advisers
• Enquire about their expertise
• Ensure they understand your particular situation

Your final selection should be a professional that can'teach you the fundamental rules of money management.   Nick Bontis concludes "ultimately, you need to trust this person with your family's well-being." 

Here are a few titles in the Toronto Public Library system on how to select a financial planner:

Jaffe, Charles A.  Getting Started in Finding a Financial Advisor.  Hoboken, N.J. : Wiley, c2010.

Kelman, Steven G.  Choosing the Best Financial Advisor : Sage Advice.  Toronto : ITP Nelson, c1999.

Watters, Graydon G.  How to Choose a Financial Advisor.  North York, Ont. : FKI Financial Knowledge, c1998. 

To find a financial advisor online, try the following database available at the Toronto Public Library's website:

Financial Services Canada
This database contains information about banks, law firms, financial institutions and accountants across Canada.

After logging in with your Toronto Public Library card,

• Under Limit To, first Clear All and then select Financial Services Canada only
• In the Search Words Anywhere box, type in the following heading(s):  Financial planning or Investment management.  It is recommended that you search each phrase separately.
• Search Mode should be Phrase
• Under Category, select Business & Finance
• You can also limit your search geographically; i.e. by City, Province/State, Country, Postal Code Range, and/or Area Code.
• At the bottom of the form, click on Search Now

Also, try the following recommended websites:

Financial Planners Standards Council (FPSC)
The FPSC is a not-for-profit industry group that develops, promotes, and enforces professional standards for financial planners in Canada.  It includes a directory to find a Certified Financial Planner near you.  Also, it publishes an annual list of planners who have faced disciplinary action.

Financial Advisors Association of Canada (Advocis)
This organization serves financial planners and their clients.  Visit the For the Public tab.  You can Find An Advisor or learn more about financial information such as Life insurance, Other insurance needs, Retirement planning, Estate planning, Savings and credit, Investment strategies, Tax talk, Life's transitions, and Small business needs.

Portfolio Management Association of Canada (PMAC)
This association represents investment management firms across Canada.  Find a firm through their website.

GetSmarterAboutMoney.ca
This online resource provides information about investing.  To find an advisor,click on the Managing Your Money tab.  Under Planning, select Getting Advice.  On the Getting Advice page, scroll to Finding An Adviser.  Click on Finding an Adviser Online.  A list of useful websites is provided.