A Guide to Financial Planning Advisors and Institutions in Canada

INTRODUCTION

Canadians are increasingly concerned with long-term planning and the management of their personal finances. News stories suggest that the future of the Canada Pension Plan (CPP) is uncertain. The aging of our population is changing the way we think about work and retirement. Media and technology have presented us with a confusing array of financial services and products. These factors are creating a sense of urgency – we know we "should" learn more about managing personal finances, but most of us don't know where to start, or whose advice to trust.

HOW TO USE THIS GUIDE

When concerned about personal finances, many people will attempt to learn as much as possible about money management by attending seminars, talking to friends, and reading books. While there is certainly nothing wrong (and a great deal right) about educating yourself, you may feel overwhelmed at times with how much you need to know.
Rather than focusing all your time and energy on learning about personal financial planning and investment management yourself (unless this is a hobby or interest for you), some of your most productive efforts can be put toward finding a trustworthy financial advisor who has already done much of the learning for you. This guide will give you the knowledge and tools you need to seek out and evaluate financial advisors and institutions. By devoting your time to this task, you will be able to find and develop a trusting relationship with an advisor who will apply his or her knowledge on your behalf and saves you the time and worry of learning it all yourself.
This guide will also provide you with a basic overview of personal financial services in Canada, including your rights and protections as a consumer.

WHAT IS A "FINANCIAL ADVISOR"?

A financial advisor may be any individual that provides advice on some or all of these aspects of personal financial management:

provide/implement investment advice
advise on/implement life and disability insurance
plan your retirement income
provide tax-reduction strategies
help you plan and save for long- and short-term financial goals
conduct or coordinate the implementation
coordinate these all of these activities with a financial plan

WHAT IS A FINANCIAL PLAN?

Briefly, a financial plan is "the big picture" – it coordinates investment strategies, tax-planning, estate planning, savings, insurance, and money management over the course of your lifetime. Financial planning will be explained in more detail later on in this guide. You will find tremendous variation in the types and qualities of services provided by different financial advisors. Your chosen financial advisor should specialize in the right combination of services for your needs. In other words, there is no one right advisor for everyone.

There are, however, some basic qualities you should seek in any advisory relationship:

Education – Your advisor should be very knowledgeable. Later in this guide, you will learn about what sorts of education and professional training you should expect from a good financial advisor.
Experience – While all advisors must start somewhere (i.e., everyone was "new" to their field once), practical knowledge and sound judgment are the positive results of increasing experience. If your advisor is not terribly experienced, he (or she) should be working with or mentoring with someone who is.
Professionalism – Your advisor should be ethical, unbiased, and sensitive to your needs. The individual is in an important position of trust and responsibility and this quality should be demonstrated to you in all their conduct. Your advisor should be open and honest in personal communication with you and should always demonstrate that your needs come first.
A good advisor may not come from any one particular institution or educational background. They need not even be experts in all areas of financial planning. They must simply be:

competent (education and experience)
professional (ethical and always places you first)
thorough (ensures directly, or by providing referrals, that all of your stated needs are met)
This guide also assumes that a financial advisor serves you over a long period of time. The best financial advice takes place in the context of a long term, trusting personal relationship. Later, the "Choosing an Advisor" section of this guide will give you a more detailed look at the qualities of a good financial advisor.

SO WHO NEEDS A FINANCIAL ADVISOR?

Most money-management professionals will answer, "Everyone!" and, indeed, most anyone can benefit from a long-term relationship with a quality financial advisor. Contrary to popular belief, good financial advisory services are available for all family types, all income levels, and all stages of the family life-cycle (i.e., you are never "too old" or "too young" for advice!).
Many people do not actually use a financial advisor. What holds them back? A number of factors may create "barriers" to advice.

BARRIERS TO ADVICE-SEEKING

A barrier is something that stops you from seeking out financial advice, even though you carry the sense that you "should" do it. Perhaps one or more barriers are preventing you from getting the help you need. Think about the following, and see which ones, if any, apply to you.

"I don't really know whom I can trust to give me good advice."

This guide should remove this barrier for you. It will show you how to find a trustworthy advisor. You should also remember that a trusting relationship takes time to build, and requires honest communication. Don't be afraid to "shop around" for your advisor, and don't make decisions if you feel pressured. You can help a trusting relationship develop by being honest with your potential advisor about your concerns and your intentions.

"I am afraid I will be pressured into buying investments."

A professional advisor who is looking out for your best interests will never pressure you to buy. You should always feel that you have choices, and that the ultimate control over investment decisions remains with you. Also, while investment products and advice are often encountered together, this guide can help you find advice that does not depend on purchase of an investment.

"I don't need a financial advisor."

Perhaps this is true for you. Some individuals have and do devote time and energy to thoroughly understanding and managing their own personal financial affairs. Many others, however, simply don't know what a financial advisor does, or how financial services can be helpful. Again, this guide should give you some understanding of this. Then, you can judge for yourself whether you need more advice than you are getting.

"It just seems like so much work, and I haven't got the time!"

This "overwhelmed" feeling is common with today's hectic pace of life. The good news is, that if you spend some time today making a wise choice of investment advisors and institutions, much of burden of managing your money will be relieved in the future. The trusted financial professional "worries" about your investments and your future for you.

"My savings are so small – I would be wasting a financial advisors time."

Many people have the impression that financial advisors work with only wealthy clients. While this is true in some cases, there are a wide variety of advisors and institutions who will provide quality financial advice regardless of how much money you have. In fact, many advisors enjoy having clients with whom they can grow over time.

"I feel bad about my past money habits, and I just don’t want to deal with it right now."

Your money management problems are much more common than you think, and are nothing about which to feel embarrassed or guilty. The important thing is what you decide to do today. Don't allow bad feelings about your past behavior to discourage you from taking positive steps now. Remember that a quality financial advisor is only interested in helping you, not judging you.

If any of these barriers have been holding you back from seeking the help you deserve, it is hoped that this guide will address them for you!

THE FINANCIAL PLAN

Not every financial advisor will provide you with a formal financial plan. It is felt that a financial plan is always helpful, but you will need to decide for yourself if you would like a formal financial plan drawn up. You should seriously consider the value of a financial plan before seeking out your financial advisor.

A financial plan is a written document that coordinates all aspects of your financial affairs over your life-span. A financial plan helps you to set short and long-term goals, and recommends how you should arrange your financial affairs to best achieve these goals. It builds financial security and maximizes wealth by providing:

Income tax strategies – In addition to recommending the tax savings provided by an appropriate mix of investments, a financial plan may include other tax strategies, like RESPs, income splitting, or leveraging.
Estate planning advice – The most basic components of estate planning are a will, and an enduring power of attorney. Estate planning may also include the use of trusts for tax purposes, or care of dependent family members (living will). Proper estate planning ensures that your estate is distributed according to your wishes, and with minimum taxes and probate fees payable.
Investment strategies – The investments you choose for your RRSP and non-registered portfolios should minimize your income tax bill, conform to your risk-tolerance profile, and earn a return that keeps you ahead of inflation. The financial plan suggests appropriate investments in the right combination to achieve these goals.
Insurance advice – Most people will readily insure their valuables (car, home, and contents), but many do not think to insure their earning power with disability insurance.
Disability insurance protects your income if you are disabled and can't work. A financial plan evaluates disability insurance and life insurance coverage, including the types of policies and amounts appropriate to your situation.

As your needs dictate, a financial plan may also include:

tax planning and savings strategies for your business planning your income stream during periods of non-work (an extended vacation, for instance, or going back to school) retirement planning managing the financial aspects of your housing needs (paying off your mortgage, saving to buy a home, or planning to sell one.) managing savings and credit for short term goals like buying a car, renovating a home, or planning a vacation managing your children's money

THE FINANCIAL PLANNING PROCESS

A financial plan consists of six steps:

Consultation/Needs Assessment – In this initial stage, your needs and goals are identified. Important long-term goals include your retirement plans, and saving for post secondary education for yourself or a family member. Short to medium term goals might include home purchase/renovations, travel, starting a business, passing on a farm to children, getting out of debt, or saving for a recreation vehicle. Personal values and circumstances such as your family, work, and current spending and savings habits are also important considerations. Are you cautious, or a risk-taker? Is planning easy, or difficult for you? Are you anticipating any major life changes like marriage, or caring for an elderly parent? Do you and your spouse share the same financial goals and the same feelings about money? Your goals and personal circumstances are the foundation of your financial plan.

Understanding Your Current Situation – At this stage, a net worth statement and cash flow statement are generated to clarify your current financial situation. You will require records of your:

assets, including RRSPs, insurance policies, home, pension plan, and other savings plans/assets
liabilities, including your mortgage and other consumer debts
will and any estate planning you have done
recent income tax returns
This information is used to determine where you are now in relation to the goals you have set.

Identifying Barriers to Goal Achievement – At this stage, your current situation is examined for problems that might prevent or slow down the achievement of the goals you identified in the first step. These problems might include, for example, an outdated will, a tax problem, inadequate insurance coverage, poor investment returns, or shortfalls in your savings plans. You will determine whether your goals are realistic, given your situation.

Making Recommendations – Now, a plan is drawn up recommending and detailing the changes you should make to remove the barriers identified above. Recommendations might include, for instance, changes in your debt repayment strategies, different investment or insurance vehicles, or the restructuring of your investment portfolio.

Coordinating and Implementing the Plan – At this stage, the plan is implemented, often with the help of one or more financial professionals and institutions. A broker might be called upon to implement an investment strategy, or a lawyer consulted to revise or draw up wills and trusts. An insurance agent might review your insurance, or a pension consultant with your company might help to implement some aspect of your retirement savings. Your financial plan can be implemented by any combination of specialists, depending on your own needs and preferences.

Reviewing The Plan – Your plan should be reviewed at least once a year. The review should include a reassessment of your goals, the plan itself, and its implementation. Changes are made, if necessary, to ensure that your financial plan is still helping you to work toward your financial goals.

WHERE DO YOU GET A FINANCIAL PLAN?

A professional financial plan can be drawn up by a financial planner. A financial planner is a specific type of financial advisor – one who is trained to prepare a financial plan and, either directly, or by referrals to other professionals, help you to implement the plan.

The type and amount of service you receive from a financial planner can vary tremendously. You might encounter a for-fee financial planner who prepares the plan, but does not directly implement any of it for you. Most financial planners, however, also specialize in some aspect of the financial plan like insurance, tax planning, or investments. They frequently sell investment and insurance products. Where he or she does not possess expertise, a quality financial planner will consult and with other professionals on your behalf, or will refer you directly to professionals.

A word of caution: the term "financial planner" is not regulated by any government legislation (except in Quebec). This means that anyone may call himself or herself a financial planner, regardless of background, education and competence.

In this guide, the term financial planner is used only in reference to an individual who has been formally trained to provide a financial plan. This formal training is indicated by the following designations:

CHFC (Chartered Financial Consultant)
CFP (Certified Financial Planner)
CFP (Chartered Financial Planner)
RFP (Registered Financial Planner)
These designations ensure an educational standard of competence in financial planning and it is only individuals with these designations that are referred to as "financial planners". Other financial service professionals may have combinations of education and experience in the financial planning process, but their qualifications must be assessed on an individual basis. The techniques presented in this guide may be used to interview potential financial planners, or other individuals who offer financial planning services.

HOW MUCH WILL IT COST?

A financial planner may work for a fee, on commission, or some combination of both.

For-Fee – most financial planners charge somewhere between $75 to $200/hour to draw up a financial plan. A financial plan of average complexity will cost approximately $250 to $500. Some financial planners work for a flat fee. If your situation is complex, this maybe more cost-effective for you.

Commission – some financial planners self investment and/or insurance products. The planner would prepare a plan at no cost, and anticipate some compensation via product sales. If the planner is paid by commission, there is some potential for bias in the financial plan, especially if the planner represents only one line of products. If the potential for bias exists, you should talk to the planner about it.

Fees & Commissions – some financial planners will prepare a financial plan on a for-fee basis, but rebate that fee if you choose to buy investment or insurance products from their company. This system does allow you to take your written financial plan with no further obligation to the planner. Again, if financial products are involved, you should address the possibility of bias in the plan.

"DO IT YOURSELF" FINANCIAL PLANNING

You may be interested in trying to develop your own financial plan. There are numerous books and software kits on the market that can help you do this. They will take you through the steps of financial planning as we have described them above. You will find some of these resources in the resources section at the end of this guide.

It seems that financial planning is complex enough that it should not be undertaken without some form of professional support, particularly when it comes to retirement income planning and investment and insurance decisions. We recommend that you use your resources, walk yourself through the financial planning process, and then review your work with a financial planner. Your own work can save you time (hence money) by cutting down on hourly fees, and will also allow you to work with your planner as an active participant in your own financial affairs. The financial planner can review your financial plan, and confirm your findings, or suggest improvements.

If you decide to tackle financial planning on your own:

Ensure that your resource is for the current tax year. Many financial planning decisions depend on current government legislation (tax laws, RRSP rules, etc.).
Do not rely on just one resource. By looking to other resources, you may catch something that your primary resource has missed.
Be somewhat wary of 1-800 numbers, and other supports for your financial planning. Financial planning kits may be offered by book authors or institutions that have an interest in selling you their products. Be aware that this may bias any advice that they give you.
Read, read, read, everything you have time to read about financial planning.
Review your financial plan at least once a year, preferably more often.

REGULATION OF FINANCIAL ADVICE AND FINANCIAL PLANNING

The financial planning process we have been discussing is idealized. When you go "shopping" for your financial advisor, you will find tremendous variation in the degree to which this process is adhered, and in the quality of advice offered by those who call themselves "financial planners". The cause of this variation lies in the regulation (or lack of regulation) that currently exists in the financial services industry.

Types of Advice

At this point, it is important to distinguish between financial advice and financial products. The financial planning advisory process outlined in this document is not, at this point, regulated by a government body in Canada although discussions are currently underway at various organizations to change this. The sale of investment or insurance products, however, is regulated by provincial legislation. The confusion for most consumers lies in that financial advice and products are often encountered together. To sort out this confusion, it will be noted that any financial advice you receive can generally be separated into two categories:

General financial advice and Planning – this kind of advice may include the financial planning process outlined in this guide. An individual giving this kind of advice may make general suggestions about how you should structure your investments, estate, or tax planning. This kind of advice is not regulated by a government body. The quality of the advisor and advice given can vary widely among individuals and financial institutions. As a consumer, you can use this guide to help make some judgments about the advisor and the advice given based on the advisor's education, experience, and professional affiliations.

Specific Advice - to advise you on specific investment or insurance products, an individual must be licensed under provincial securities and/or insurance acts. To become licensed, the financial salesperson must meet government-determined standards of education which are usually handled through competency exams. These standards ensure that the salesperson understands the products he is licensed to sell. Once licensed, he can advise you to purchase certain financial products or combinations

of products and can sell you those products. A person who is not licensed cannot give advice about specific financial products, or them to you. her income tax.

Which Is Which?

How can you tell whether the advice you are receiving is general or specific? The distinction between the two is artificial; in fact, one is rarely encountered without some element of the other. It is difficult for a salesperson to sell a financial product without venturing somewhat into the more general advice described above. The majority of financial product salespersons will use some financial planning techniques when they deal with you because they want to sell you the product that best meets your needs.

Most of the situations you encounter will be some combination of general and specific advice. The following scenarios should clarify the difference between the two, though they by no means cover the range of situations you might encounter when you are seeking a financial advisor, buying financial products, or both:

Scenario 1 – Martina goes to her local bank branch to purchase an RRSP. The teller at her branch shows her that day's deposit (GIC) rates Martina notices an ad for the bank's mutual funds, and inquires about them. The teller refers Martina to the bank's "mutual fund specialist", who does a sit-down presentation with Martina. He asks her about the rest of her savings, and goes through an exercise to determine her risk-tolerance . He suggests two of the banks mutual funds, which Martina then purchases for her RRSP. Martina asks him a question about how her RRSP changes would affect her income tax. The mutual fund specialist advises that she speak with an accountant.

In this situation, the teller was able to offer/sell Martina a GIC because deposit investments are not regulated under the licensing bodies described above. When Martina asked about mutual funds, the teller could not, without a license, give her any advice or information about the funds. He then referred her to the branch's licensed mutual fund salesperson. The salesperson did not do a full financial plan, but did provide some general advice when he tried to ‘fit’ Martina's mutual funds with her other investments, and her comfort level, as deter mined by a risk-tolerance profile. He did not present himself as a financial planner (remember his title, "mutual fund specialist"), nor did he do a full financial plan with Martina. He did provide specific advice by recommending the two mutual funds, which Martina then purchased. When Martina asked for tax-planning advice (another form of general advice), the mutual fund specialist rightly recognized that this was not his area of expertise, and referred her els

Scenario 2 – Don and Marlene are confused about their investments, and uncertain of what they can expect in retirement. Don is retiring in five years, and Marlene expects to work for another ten years. They have a number of RRSP and non-RRSP investments at different institutions. They have three life insurance policies. A friend recommends they speak to a financial planner with whom he has dealt. The Chartered Financial Planner (CFP) interviews the couple extensively about their retirement plans, goals, and expectations. He asks them to bring in records of their investments, tax return, and insurance policies. He performs retirement projections to determine what they can expect for retirement income. He explains the types of investments and insurance the couple should be holding for their stage in life, and recommends some tax-reduction strategies. He notices that the Don and Marlene have not updated their will in 10 years, and could benefit from some simple estate planning. He charges the coupl

Don and Marlene dealt with a Chartered Financial Planner with an accounting back ground and several years of financial planning experience. His CFP designation meant that he had taken specific training on how to perform the financial planning process. As an accountant, the planner felt comfortable looking after the couple's tax needs. To implement the other components of the financial plan, the planner referred Don and Marlene to the appropriate, knowledgeable professionals - a lawyer, a broker, and an insurance agent. This financial planner provided good quality general financial planning advice. He did not need to be licensed to do so, but was qualified by virtue of his CFP and accounting designations. The financial planner was not licensed to sell insurance investment products, so did not recommend any specific products to the couple. You will note that he could not receive commissions from product sales, so charged the couple an hourly fee for his financial planning.

REGULATION OF FINANCIAL PRODUCTS

The sale and distribution of investment and insurance products is regulated by a complex network of government legislation, government administration bodies, and self-regulatory bodies. Different products and institutions may be covered by different jurisdictions (or areas of regulation and control). This guide will not go into great detail, but some of the following basic distinctions should be helpful.

Insurance Sales

The sale of all forms of life insurance, disability insurance, and segregated funds (similar to mutual funds) is regulated by a provincial Insurance Council that carries out and administers all the requirements in the province's Insurance Act. The ultimate authority for the insurance act is the province's Superintendent of Insurance. The insurance council regulates the operations of insurance companies, and some of the sales practices associated with insurance products. Most provinces' Insurance Acts, for instance, restrict the buying and selling of insurance contracts so that the consumer is not sold a new policy to replace one that is already meeting his or her needs. Insurance agents (who sell you insurance products) must be licensed through their province's insurance council. This licensing process utilizes competency exams to ensure that agents have a reasonable standard of knowledge about the products they are selling. Life insurance agents generally take their training and e

Mutual Funds

The sale of mutual funds (including Money Market Funds) is regulated through provincial securities commissions. The securities commission administers and carries out the requirements laid out in the province's Securities Act. The Securities Act regulates the structure and activities of companies that sell mutual funds to the public ("mutual fund dealers"). The act also regulates some sales practices associated with mutual funds. It requires, for instance, that the consumer be provided with an up-to-date prospectus, or explanation of the mutual fund, at or before the point of sale. Individual salespersons are also regulated by the Securities Act, in that they must study for and pass competency exams before becoming licensed. The study and exams ensure that the salesperson has a reasonable understanding of the products he or she is selling.

Securities

Sales of securities (stocks and bonds) are also regulated by provincial securities acts, but in a more complicated fashion. The Securities Act regulates the activities of companies that offer investment products (stocks, bonds, and mutual funds) to the public. These companies are known as "brokerages" or "investment dealers". Investment dealers are generally required

by their provincial securities commission to carry membership with the stock exchanges on which they trade and with the Investment Dealers Association. The four Canadian stock exchanges (Toronto, Alberta, Vancouver, and Montreal) and the Investment Dealers Association (IDA) are self-regulatory organizations. This means that provincial securities commissions have allowed these organizations to regulate the activities of their member dealers on their behalf.

Individual brokers, or investment advisors as they are often called, are also regulated by securities commissions. They take their training through the Canadian Securities Institute, an educational institute sponsored by the IDA and stock exchanges. Investment advisors are licensed through the securities commission when they complete their training and pass competency exams.

Deposits

Savings accounts and GICs can be issued by any employee of a financial institution that offers these products. Salespersons do not require any special training or licensing to offer you a savings account or GIC.

CONSUMER PROTECTION

The regulations that guide the sale of investment products and advice provides the consumer with minimal protection.

Are You Protected from Financial Losses?

Your foremost concern is probably how well your money is protected. There are three instances where you can be compensated if the financial institution with which you are dealing fails:

CDIC – The Canadian Deposit Insurance Corporation will cover your deposit (i.e. income or interest-bearing) investments to a

maximum of $60,000 per depositor. Check with your bank or deposit-taking institution to get details on this coverage. It is almost universally held by banks and trust companies (credit unions and the Alberta Treasury Branch are government-protected, not by the CDIC).

IDA – The Investment Dealers Association carries a Canadian Investors Protection Fund, that provides compensation of up to $60,000 cash and $500,000 in securities per person. This money protects investors in the event that their financial institution (which must be an IDA member) becomes insolvent. The CIPF does not protect you from poor investment advice, or poor investment performance.

CompCorp – The Canadian Life and Health Insurance Compensation Corporation is funded by its members to provide compensation for life and health insurance policy holders in the event of an insurance company's insolvency. Only policies of member companies are covered by this protection fund. The amount of coverage for which you qualify depends on the types and combinations of policies you hold. Again, this fund does not protect you from poor advice or products. If you would like to know more about Comp Corp, you should ask your insurance agent if his or her company is a member, and ask to receive CompCorp's brochure.

It is important to recognize that the above resources protect you only in the event of the financial institution's bankruptcy. They do not in any way protect you from poor investment decisions even if you feel you have been misled by your financial advisor.

Are You Protected from Poor Financial Advice?

The short answer to this question is, simply, "no" If you feel you have been misled, or deceived by an investment advisor, you have no formal means of recourse. By "formal", we mean that there is no government agency or professional body that can compensate you monetarily for the losses you incur as a result of bad financial advice. If you feel you have lost money from bad or misleading investment advice, your ultimate recourse for recouping that money is to launch a civil liability suit against your advisor, and possibly against the company he or she represents. You will recall, however, from our case study with John, that these civil suits are time-consuming, expensive, and certainly not guaranteed in your favor.

Resolving Disputes

If you do feel you have been misled, or sold financial products that do not meet your needs, you should take the following steps:

First, talk to your advisor or salesperson about your concerns and give him or her the opportunity to address them. You may be feeling a little panicky or mistrustful, but it is only fair to give this person the opportunity to resolve your problem. Remember that an erroneous knee-jerk reaction on your part could be damaging for all concerned. Don't panic!
If you are still uncomfortable, or don't understand the explanations you have been given by your advisor or salesperson, consult other resources. You will find a number of helpful resources at the end of this guide. You are also free to speak to other financial institutions and professionals about your situation. Explain to them that you are in an uncomfortable situation, and that you need a second opinion on the financial advice and products you have received.
If you now feel the salesperson or advisor has acted improperly or irresponsibly, and that you cannot deal with him directly, speak to his superiors at the company he represents. He may have a branch manager, or sales manager, or the company may have an ombudsperson or mediation process of which you can take advantage. You will find that most financial institutions are anxious to resolve your concerns. They do not want their reputation harmed by dissatisfied consumers who then express their displeasure to friends and family members.
If the company has not been responsive to your needs and concerns, it is time to consult outside sources. Call your province's securities commission and explain your situation. The securities commission will look into your problem, and will initiate a mediation process, or refer you to other resources. If the Securities Commission finds the company unresponsive, or suspects the company and/or salesperson has violated securities regulations, it will likely conduct an investigation, suspend the company or individual's securities license, or both. In extreme cases, criminal charges may be laid.
Where does this leave you, as an investor? Again, If you are "out of pocket", you must consult a lawyer. Your Securities Commission does not have a fund to compensate or protect investors monies.

While these steps probably sound like a terrible ordeal, it is important to realize that, in practice, few individuals are forced to undergo this process. The vast majority of financial institutions and professionals adhere to Securities regulations, and take reasonable steps to meet their clients' needs.

Protecting Yourself

You can protect yourself from bad financial advice:

Devote some time to developing a basic understanding of financial products and their tax implications.
Cross-reference the advice you receive by checking it against the advice of other professionals, or by following up with some reading.
Use the techniques in this guide to help you choose your financial advisor and institutions.
Be wary of high-pressure sales tactics. Do not make a decision if you feel pressured to do so.
Deal with reputable firms and financial products. If you do not know much about the company that has approached you, use the techniques in this guide to help you find out more.
Ask for written information about the investment product and the company. Read it carefully. As written information is often presented in a way that encourages you to buy, read critically (i.e. write down questions, or things you do not understand). Also, if the information is often written in "legalese," or equally difficult language, do not feel embarrassed if you don't understand -- get a second opinion and use a trusted resource to have the information explained to you.
Ultimately, do not purchase that with which you do not feel completely comfortable.

HOW FINANCIAL ADVISORS ARE TRAINED

A source of confusion for consumers and members of the financial services industry is the great variety of backgrounds from which financial advisors come. The advisor's professional training, work history, and education will all have an impact on:

where the advisor works
how she is paid
her areas of specialization
her approach to and goals for the financial planning process
The financial advisor can come from many different backgrounds. Many combine experience in two or more areas:

banking
general sales
insurance
general business and accounting
estate and trust law
nursing and gerontology
human resources
home economics
None of the above backgrounds leads a person directly to professional competence as a financial advisor. In addition, the background may lead the individual to specialize in a certain area of personal financial management. A lawyer, for instance, may specialize in the estate planning aspect of the financial plan. An accountant might evolve into an investment advisor as a result of his special knowledge of how complex investment portfolios are taxed. A nurse or home economist might, as a result of her work with aging clients, become a financial planner focusing on retirement issues. Any of these individuals may or may not utilize the full financial planning process as laid out earlier in this guide. You can see that the terms "financial advisor" or "financial planner" can mean many things. Beyond the assortment of college certificates, university degrees, or sales training a financial advisor or salesperson may have, are a number of professional designations that indicate certain levels of knowledge in financial planning. Remember that a "financial planner" is an individual who is trained to carry out the six steps of financial planning that have been discussed.

You will note that many professional designations are offered through professional associations. To use the designation, the advisor must maintain his membership with the association that offers the designation. An individual's designations and professional memberships may tell you something of her suitability as an advisor. We will discuss this more in the section "Choosing Your Advisor".

What Do Professional Associations Do?

In financial planning and sales, professional association membership is voluntary. This means that a financial or insurance advisor/salesperson does not have to belong to a professional organization to practice her business. The same applies to financial planners. While there are exceptions and variations, most professional organizations have the following functions or components:

provide education or are affiliated with an educational institute. This may include a professional designation that is managed by the association
encourage ongoing professional development among their members
provide a code of ethics for members. Members are expected to follow this code of ethics. A member of the professional association may inform the association if one of his peers is violating this code. The advisor does not want his/her membership or the professional organization sullied by the unethical behavior of a fellow member.
consult with government agencies or lobby the government; the Canadian Bankers Association, for instance, lobbies the federal government for changes to the Canadian Bank Act
may provide some form(s) of consumer education
disciplines its members and may withdraw membership and/or professional designations as a result of violations.
Basically, the professional organization tries to regulate the activities and conduct of its members and enhance the profile of the profession as a whole. For the consumer, this does not provide any guarantees of fair and ethical practice, but it does help. Most of those working in the field of personal finance belong to professional organizations because they have a genuine interest in maintaining high professional standards.

Professional Designations

You might encounter individuals with these designations in your search for an advisor:
CLU/CHFC – The Chartered Life Underwriter and Chartered Financial Consultant designations are offered through the Life Underwriters Association of Canada (LUAC). Life insurance agents take three courses from LUAC to prepare for the competency exams they need to pass to become licensed through their provincial insurance council. Beyond taking these courses, the agent may choose to take more courses toward a professional designation. The CLU designation emphasizes estate planning, pension and benefits management, and disability insurance, so a CLU would tend to specialize in or emphasize these areas of financial planning. The CHFC or Chartered Financial Consultant designation emphasizes advanced investment and retirement planning over insurance-related issues. There is considerable cross-over between these two designations: for instance, a CHFC, while not specializing in pensions, would still have to understand them well enough to incorporate your pension issues in a retirement plan. Either of these i
Once an individual obtains the CLU or CHFC designation from the Life Underwriters Association, he is expected to adhere to a Code of Ethics provided by LUAC, and to maintain a membership status with LUAC.
CFP – The Chartered Financial Planner designation is offered through the Canadian Institute of Financial Planners (CIFP) which is an educational institute, but not a professional organization. The designation consists of six courses which can be taken by correspondence or in a college affiliated with the program. The courses teach estate planning, retirement planning, basic tax and business law, and investment management. The final course requires the submission of an actual financial plan. The individual must also have at least two years experience in the financial services industry. The holder of the CFP designation has good general knowledge of all components of the financial planning process.
The Chartered Financial Planning designation is not currently administered by a professional organization and does not have to be renewed regularly. The downside of this designation, then, is that its holders are not accountable to anyone. This may change in the future(see the information on the Financial Planning Standards Council of Canada). Some confusion has been generated by the Certified Financial Planner designation which uses the same initials (CFP). The Certified Financial Planner designation is internationally recognized, whereas the Chartered Financial Planner is a Canadian designation. Either is currently valid in Canada.
RFP – the Registered Financial Planner designation is administered by the Canadian Association of Financial Planners (CAFP), a professional association. RFPs require a minimum of two years experience in financial services. To receive the designation, the candidate must write a comprehensive exam, covering material similar to that offered in the CFP program. The RFP designation must be renewed annually showing 30 hours of professional development per year, and adhere to the Code of Ethics laid out by the CAFP An RFP's qualifications are similar to a CFPs, but have the added benefit of ongoing education requirements and annual review and evaluation by the professional organization.
CIM – the Canadian Investment Management designation is offered by the Canadian Securities Institute, the educational arm of the Investment Dealers Association (IDA), the self regulatory body we discussed earlier. To be licensed as a broker through a IDA member firm, an individual must complete two courses through the Securities Institute (CSI). Individuals with this much training are usually referred to as Investment Advisors (IAs), though this is not a formal designation and does not guarantee knowledge of the whole financial planning process. Beyond these basic courses, the advisor can take the Professional Financial Planning course, which leads to the Certified Financial Planner designation (CFP). An additional course in advanced economic issues qualifies the individual as a CIM.
CA/CGA/CMA – you may recognize these letters as accounting designations. While these individuals are very well trained in tax and finance, their knowledge may not translate entirely to the personal financial planning process. Some individuals in these programs choose to specialize in financial planning by choosing certain combinations of courses in their training, but do not actually receive a financial planning designation as a result.
The Financial Planning Standards Council of Canada (FPSCC) – is an important recent development in the financial services industry. Its intent is to consolidate financial planners in Canada under one designation: the Certified Financial Planner. CFPs licensed by the Council are required to uphold standards of professional and ethical conduct and to meet ongoing educational requirements. While membership under this new system is still voluntary, consumer protection would be encouraged because:
The FPSCC is consolidating educational programs; eventually, professional designations should be fewer in variety, and much easier to understand!
by better defining and regulating the financial planner designation, and the financial planning process, the FPSCC is in a better position to work with the government to regulate financial advice.

A Word About Experience...

While the designations we have discussed can be valuable indicators of the quality of advice you are receiving, it is still important to consider experience. No amount of classroom instruction can take the place of practical knowledge, which is why the designations above demand at least two years of experience, and, in some cases, "field experience" with the preparation of an actual financial plan. You will certainly encounter financial professionals who have years of experience and considerable practical knowledge, but do not hold a designation. In such instances, you will want to use other criteria besides a designation to determine if the individual is still right for you.

Summarizing...

What Does This Mean for You?

If you are dizzy from trying to remember all of these designations, here is the short form:
You recall that the term "financial planner", as used in this guide, refers only to those individuals who are qualified in a areas of the financial planning process. The CHFC, CFP, and RFP designations all indicate that the individual is trained to provide you with a full financial plan.
All other titles and designations fall into the "other" category. -ibis does not mean that their holders cannot provide financial advice, or even that they cannot provide a financial plan. It just means there are no guarantees that they will use and understand the whole financial planning process.

FINANCIAL INSTITUTIONS

You can look for a financial advisor, and financial products through a number of different kinds of institutions. We'll explain generally how these institutions work, but there may well be variation from company to company in the types and degrees of service provided, particularly as the Canadian financial services is changing rapidly. Traditionally, financial services were divided into four "pillars" -brokerages, trust companies, banks and insurance companies. As these pillars have competed with each other or combine to provide "full financial services," the distinctions among them have all but disappeared. Major Canadian banks, for example, now own brokerage, discount brokerage, and trust company subsidiaries, and clients are cross-referred between these institutions.
Banks – In addition to savings and chequing accounts, banks provide Guaranteed Investment Certificates and, in most cases, "in-house" mutual funds. "In-house" means that the mutual fund "family" ( or collection of different types of mutual funds) offered is administered and available only through the bank in question. Most banks provide only their own "in-house" mutual funds, but can readily refer clients to their brokerage or trust company arms for other financial products, including other mutual funds.
Most bank financial advisors are paid by salary, or some combination of salary and commission. As the banking industry provides its own training and educational programs through the Canadian Bankers Institute, the designations we've described in this guide may not apply. You will need to use the interview questions we've provided to determine how well qualified your bank advisor is to provide financial planning, and/or investment and insurance advice.
As of yet, banks are not able to provide life insurance products, but have appealed to the federal government to be allowed to do so.
Discount Brokerages – Discount brokerages provide a full range of stocks, bonds, and mutual funds. They can be purchased for less money than you'd pay through a full investment brokerage or mutual fund brokerage. However, discount brokerages provide no financial advice. You are truly on your own when you choose your investment vehicles, or must find financial advice elsewhere for an hourly consultation fee.
Life Insurance Companies – Life insurance companies have traditionally dealt strictly with insurance products, including different types of life insurance, disability insurance, and annuities. In addition to these, a number of insurance companies offer segregated funds which are similar to mutual funds. Some life insurance companies are also beginning to offer a wider range of financial products through bank and security subsidiaries. (n the past, financial planning and full financial services have not been the focus of life insurance companies, although this is changing. If you require financial planning and investment advice, you should assess your agent's qualifications in these areas.
Full Brokerages – The main role of a brokerage is to provide investment advice and products. Investment advisors (IAs) have full securities licenses, and can thus provide financial advice on a full range of investment products (stocks, bonds, mutual funds, GICs, etc.) Many IAs specialize in certain types of investments. The quality of advice provided in other areas of the financial plan (estate planning, tax advice, etc.) varies widely from institution to institution and broker to broker. If you are planning to use a full broker as a financial advisor, you will need to ask how your financial planning concerns can be accommodated. An advantage of a full brokerage is the full range of investment products offered. A disadvantage is that smaller networth investors may have difficulty diversifying their portfolios properly.
Mutual Fund Brokers – A mutual fund broker holds a mutual funds license, so is restricted to selling mutual funds. He can, however, access funds from a variety of independent distributors (also known as "third-party funds", as opposed to an "in-house" mutual fund representative who can provide only from his company's own family of mutual funds. Again, the quality of financial planning advice varies widely from one broker to the next. You should use your interview questions and techniques to establish the broker's level of knowledge in this area. The advantage of dealing with mutual funds lies in their inherent diversification, making them somewhat more stable for the smaller net-worth investor. The disadvantage of the mutual fund broker, however, is that he cannot offer you a full range of investment products, and can only structure your portfolio and provide advice as it pertains to mutual funds and, in some cases, GICs and insurance products. You would, for example, have to go elsewhere to purchas
Financial Planners – Only approximately 5% of all designated financial planners provide for-fee financial planning exclusively. In most cases, you will find a financial planner working for or with a company that provides financial products as well.
Trust Companies – Trust companies provide a variety of specialized services, with an emphasis on discretionary investment management (this is where the trust company assumes responsibility for large, complicated financial portfolios). This often involves the establishment and administration of trusts, which are legal entities created to manage money on someone's behalf. Some examples of trusts include:
testamentary trusts (trusts created as a result of someone's wishes as stated in his or her will)
trusts created to provide money for a beneficiary who cannot make financial decisions (a dependent adult, or child, for example)
trusts established to create tax advantages
management of financial affairs for individuals living abroad
blind trusts
Trust companies can also provide investment services outside of trusts and can act as executors of an estate.
Trust companies are usually staffed by individuals with different areas of expertise (lawyers, accountants, investment advisors). If you deal with a trust company, you should inquire as to the qualifications and experience of each of these individuals. A trust company may or may not have a financial planner on staff. Trust companies also vary widely in the types of investment products, packages and services they provide. Trust companies usually charge annual fees for their services. The structure of these fees is such that discretionary investment management usually only makes financial sense for those with high net worth, or special needs that demand trust services.

CHOOSING YOUR FINANCIAL ADVISOR

The difference between financial product sales and financial advice-giving has now been reviewed. By now, you understand that these two aspects of financial services are often encountered together. You can appreciate how much the quality of financial advice you receive can vary by:
the financial institution you use the background, ethics, education, and experience of the advisor your own goals Do you want a full financial plan, or just some aspects of it? Do you just want to buy financial products without much general advice?
With the information provided about licensing, education, and training of financial salespersons, advisors, and planners, you will be well equipped to use the techniques presented in this section to find a good financial advisor.

Know Yourself First

From the first sections of this guide, you likely have some understanding of your own reasons for seeking a financial advisor. The first step in your search should be some self-evaluation. Consider the following questions:
How much do you want to learn? - If you are interested in learning more about persona! finance, you will want to select an advisor who supports your efforts to educate yourself. If money matters bore you to tears, or simply take up too much of your time, you will need an advisor you can trust a great deal. You will want to rely on her advice without necessarily understanding all the technical aspects and details of it.
Do you want one relationship, or many? - Many people feel more comfortable working with two or more advisors. If this is your intent, you should make it clear to the financial advisors) you are considering. If you would prefer, for convenience's sake, to work with one advisor, a highly trusting relationship becomes all the more important.
Are you a cautious/conservative person, or a risk-taker? - This basic distinction is important to financial management. You will recall the risk-tolerance profile we discussed earlier in a case study. It reveals what "style" of money management works for you. Your advisor will probably have a "style" or philosophy, too. It is generally a good idea to find an advisor whose money "style" works well with your own.
How do you feel about money? - We like to think our money decisions are logical. In fact, they are often more emotionally-based than we realize. Our savings and spending decisions are usually closely connected with other emotional issues in our lives: family, personal values, how we feel about work, and the goals and aspirations that give meaning to our futures. Give some thought to these issues as you prepare to choose your advisor.
What is your "bottom line? - As you read this section, take a couple of minutes to answer this question. What are the most important issues for you in choosing and advisor? The cost of the services? Whether financial products are involved and, if so, what type? A pleasant, personal relationship? Thinking about your own criteria now will make your decision easier.
Now that you have given some thought to what you need from the relationship with your financial advisor, we can move on to helping you find that relationship. Remember that because it is a relationship you seek, that the decision is ultimately very personal. Beyond all the information presented here, you will use your own instincts and judgment. Ultimately, your advisor will be someone whom you trust and with whom you feel comfortable.
The Right Training
Generally speaking, it is best to seek out an individual who is familiar with, and gives appropriate attention to, all aspects of financial planning: personal goals, asset accumulation, insurance, estate planning, tax planning, and retirement planning. A good advisor will refer you to someone else if one of these areas is beyond her expertise and training. An advisor who downplays or disregards any of these areas as unimportant may be doing so simply because she lacks the knowledge to properly advise you, but doesn't want you to know it. For situations without specialized needs, a financial planner is often a good starting point. He or she can refer you to others as necessary. If you have special needs, you will want to consider finding a financial advisor whose educational background meets those needs. Some examples include:

a financial advisor with an accounting background for a small business owner who wants to retire and transfer the business to his child
a financial advisor with training in wills, estates and trusts to establish charitable foundations, or supports for dependent adult family members
a financial advisor who deals with mutual funds for people who would like to invest but avoid the stock market directly
a financial advisor who is a full broker for the more sophisticated or risk-tolerant investor
a financial advisor trained in counseling to help you with your retirement planning; this person might consider your lifestyle as well as your financial needs
When you interview your potential advisor, you Generally speaking, it is best to seek out an will want to ask about his or her educational individual who is familiar with, and gives background: how well does it mesh with your needs?

The Right Experience

A basic rule of thumb: the more experience your advisor has, the better! Again, it is a good idea to seek an advisor who has experience with other situations like yours.

Some advisors may be very experienced, but lack a professional designation. In these cases, you may want to ask your candidate up front how his or her experience makes up for this lack of formal training and why he or she has not acquired a designation.. You should also inquire as to what other activities the advisor undertakes to stay current in his profession.

Ethics

The ethics of a professional can be difficult to judge. In essence, you should have the feeling that the advisor is placing your needs and interests first and is making every effort to ensure that you are as comfortable and knowledgeable as you need to be. To assess this, you'll probably find yourself relying mostly on your own instincts and on referrals from others. Here are some ways to evaluate the ethics of your potential advisors:

Is the advisor an active member of any professional organization? You can call the organization to find out if the advisor has received any complaints or disciplinary action.
Call your local Better Business Bureau and make a similar inquiry. Ask for references from other clients.
Do you have the impression that this company or individual is interested in your needs? If you talk to the potential advisor a couple of times and still feel uncomfortable or pressured, you should probably move on.
Do you feel your questions are answered freely and openly? The advisor should be comfortable answering your questions and explaining how she is compensated for her services.
Does the advisor seem to take a genuine personal interest in you? A warning here that some professional salespeople will act like your best friend to sell you a financial product. A good personal relationship takes time to develop, but you should still have the sense that it has the potential to develop.
Will the advisor support your efforts to educate yourself?
Is the advisor a little too eager for your business?
It is now time to put all the background information you've been reading here to work for you. You will now want to compile a list of potential financial advisors, interview each one, compare your experiences, and select the individuals and institutions with whom you are most comfortable.

HOW TO INTERVIEW YOUR FINANCIAL ADVISOR

Finding Candidates

Where can you find your potential financial advisor? Try any of the following:

Attend seminars - Many financial professionals and institutions use public seminars to introduce themselves to potential new clients. These seminars are often advertised in local newspapers. Try to attend at least two seminars so you can compare the information presented and the style of the presenter. Seminars are also a great way to learn some financial planning basics for your own education. However, be wary of any seminar that feels like a "sales pitch" in which you will be pressured into a buying situation. You can avoid this pressure by being assertive and clearly stating your needs. You can inform the seminar presenter(s) that you are just researching your options and are not prepared to meet with anyone yet. Feel free to state that you do not wish to be contacted following the seminar.

Consult your local Yellow Pages - Look under headings like: Financial Advisors, Financial Planners, Stock Brokers, Financial Services, Investments, Mutual Funds, Life Insurance.

Personal referrals - Ask your friends and family members with whom they deal, and why. Find out if they know of anyone else who deals with the advisor they recommend, and see if you can speak to these people as well.

Media - Ask the editor of the "Money" or "Business" section of your local newspaper if he or she is aware of any reputable financial advisors you might contact. You might also try the Internet under several headings to find advisors' home pages.

Other resources -This guide provides additional resources you can contact for help and information.

A Phone Interview

If your list of potential advisors is extensive, you might want to narrow your choices by conducting phone interviews with your candidates. Use the following guidelines:

Stay non-committal. Tell the companies you call that you are considering several options and will call back if you would like to book an appointment. (You can, of course, book an appointment if you have a good first impression of the candidate.)
Find out if the company or individual offers financial planning and, if so, how they charge for it.
Determine what products and services are available through the company.
Ensure that the company works within your asset range.
Keep the interview short (within ten minutes). Remember that the purpose of the phone interview is to narrow your field, not to make a final selection.
If you have special needs (infirmity, or long-distance traveling, for example), ask if the company can accommodate these.
Use your instincts. Is the person with whom you speak helpful? Does the company strike you as being professional? Does the person or company seem interested in your business?
Some General Interviewing Guidelines

Tale a list of prepared questions. Leave room on your sheet to take notes, if you want to make any. It is a good idea to structure each interview in a similar way, to allow yourself to compare your experiences later.

Stay on task. If you are not an experienced interviewer (and most of us are not), you will need to remember who is doing the interviewing. Your potential advisor will need to find out something about you to assess your need so you will likely also be asked a number of questions. Answer questions as you feel comfortable doing so, but don't allow this to distract you from your own information gathering process. Make sure that you have all of your questions answered by the time you leave.

Don't make any major decisions. Remember that your first interview is to meet and establish a relationship with an advisor. You may be particularly concerned if you feel pressured to commit during your first meeting. A financial advisor who is interested in your needs will respect your pace of decision-making.

Interview Questions

Education, Training, and Affiliations

What degrees, diplomas, and professional designations do you hold?
How does each one contribute to your competence as a financial advisor?
What qualifications do you have to prepare a financial plan?
Are you licensed to sell any financial products? Which ones?
Do you have any additional training beyond your licensing requirements?
How do you keep your knowledge current?
Do you belong to any professional organizations? If so, are you an active member? How does your professional organization regulate the behavior of its members?
Experience

How long have you worked as a financial advisor?
What other kinds of work have you done? How have your past work experiences led you to working as a financial advisor?
Have you worked with other clients in my situation?
Can you give me some examples of how you helped them?
How much experience do you have as a financial planner?
Can I look at a sample financial plan?
In what areas of financial planning or investment advice do you specialize?
How long have you worked in each of these areas?
Working Relationship

What is your business philosophy?
How will you determine and work with my risk tolerance?
Would you be working directly on all aspects of my account?
How often can I expect contact with you? What kinds of contact?
How often will my situation be reviewed?
How will you handle any problems with my account?
Can you provide me with references?
How do you charge for your services?
How much will you charge me?
Are your fees negotiable?
Once I have contracted your services, to what obligations am I bound, if any?
Financial Products (if any)

Are there any financial products you are not licensed to sell?
If I need these products, can you refer me to someone?
Can you explain what kinds of fees I will be charged if I buy financial products through you?
How do you research your financial products?
Can you offer an industry-wide range of products, or are you restricted to in-house products?
If you sell financial products, does it bias your financial planning in any way?

RESOURCES

Books

2001 Buyers Guide to Mutual Funds – Gordon Pape, 23.95
2001 Buyers Guide to RRSPs – Gordon Pape, 18.95
Low Risk Investing - Gordon Pape, $16.95
The Money Adviser - Bruce Cohen, $19.95
Periodicals

Canadian MoneySaver, Box 370 Bath, Ontario KOH 1G0, (613) 352-7448, FAX: (613) 352-7700. One year subscription (11 issues) costs approximately $22. This magazine is tailored to the hands-on or "do-it-yourself" investor, so tends to favor no-load financial products in its approach.
Market Trend Follower, #303, 8616-51 Avenue, Edmonton, Alberta, T6E 6E6, e-mail: mtf@oanet.com, FAX (780) 462-9824. One year subscription (12 issues) costs $99. For the sophisticated investor, shorter-term mutual fund trading (i.e., market-timing).
IE: Money, published by Investment Executive Inc. 90 Richmond Street East, Suite 202, Toronto, Ontario, M5C 1 P1, E-mail: ienet@inforamp.net. Subscription inquiries, 1 (888) 366-4200. One year subscription (4 issues) costs $14.95. General financial strategies for the semi-informed investor.
Internet Help and Sites

www.canoe.ca -This is a Canadian information site. For Canadian articles and investment primers, use canoe's search engine under "Canoe Money Personal Finance:"
www.altamira.com - This is an extensive site with special focus for the hands-on or "do-it-yourself" investor. The Canadian MoneySaver portion of the web site contains subscription information, and sample articles (www.altamira.com/altamira/moneysaver).The site also contains a "toolkit" for generating assorted personal financial statements: (www.altamira.com/altamira/96/resource/toolbox.html).
www.aofi.com/glossary/M.html - A Canadian glossary of money and investment terms.
www.fapages.com - Under "Looking for help?" is another on-line guide to choosing a financial advisor.
www.cafp.org - The Canadian Association of Financial Planners' web site contains basic information about financial planning, as well as a guide to CFPs in your area.
www.retirementchallenge.com – The site offers a full library of information on retirement planning as well as the Directory of Canadian Association of Pre-Retirement Planners.

FOOTNOTE PROFESSIONAL RETIREMENT PLANNERS

In November, 1997, the Canadian Association of Pre-Retirement Planners will register professionals from across Canada as retirement planners. The designation, Professional Retirement Planner (PRP), will apply to those individuals who

A willingness to submit their credentials for review by a committee of peers.
A desire to pursue continuing education and personal development at the regional and national.
A commitment to professional conduct in their practice.
A desire to further develop the field of retirement planning according to the purpose and objects of the Canadian Association of Pre-Retirement Planners.
Professional Retirement Planners play the following roles in helping Canadians plan retirement.

Teach retirement planning workshops
Provide individual counseling on retirement benefits and options
Assist in evaluating and planning lifestyle changes at retirement
Help convert capital to retirement income
Assist clients in evaluating their investment strategies for growth of capital before and after retirement..
For further information on the designation or the Canadian Association of Pre-Retirement Planners contact:

PRP Registry
The Canadian Association of Pre-Retirement Planners
10429 - 143 Street Edmonton, Alberta
T5N 2S5