Man Week Business Canadian Financial Advice – Where to Find It

Canadian Financial Advice – Where to Find It

canadian financial advice

Whether you’re Canadian-born or new to the country, Canadian financial advice can be invaluable. Almost half of Canadians say they seek guidance as high inflation and rising interest rates take a toll on their finances. The latest survey by WealthRocket found that family and friends are the number one source for financial advice, with banks and social media close behind.

In fact, almost 1-in-5 Canadians feel their finances are out of control and it appears that a growing number of millennials are expressing this sentiment (see chart below).

Understanding the Role of a Financial Advisor in Canada: A Comprehensive Overview

The good news is there are many resources available to help you navigate the country’s banking system, achieve your personal financial goals, and understand the taxation systems in both Canada and the US. But finding the right advisor can be a challenge.

According to the latest CIBC-FP Canada survey, just 25 per cent of Canadians work with a professional financial planner or advisor, and 30 per cent wish they did. The most common reason for not seeking guidance is the perception that such services are expensive. However, there are many ways to find an affordable advisor, and some of the more experienced ones may even have experience working with immigrants in particular.

When choosing an advisor, look for someone who is licensed and regulated by an authorised professional body. This ensures that they have met education and training requirements, have a complaint process and are subject to ethical standards. Those who are not licensed can still offer advice, but they will need to be registered with the government to do so.

Leave a Reply

Your email address will not be published. Required fields are marked *