Q – I am a 35-year-old single female, and I have a good grasp of investing. I currently hold all my investments through a self-directed brokerage. I do need help with some planning, and I have met with a few potential advisors. But most want my investments to manage and I am not comfortable with that. Do you know where I can find help with the planning side? – Yvonne T., Toronto, Ontario
A – I recommend that you look for a fee-for-service financial planner. Financial planners are skilled at helping you to create specific measureable goals for your financial future. The objective of a good financial plan is to maximize the value of your financial resources to achieve your goals.
There are a series of steps that are used to come up with a financial plan, which typically include a budget, short-term and long-term savings strategies, debt reduction, tax planning, investment planning, insurance needs analysis, and estate issues.
These types of planners receive direct compensation from you, generally at a rate of $100-$250 an hour. Seek the advice of a qualified financial planner with the Certified Financial Planner (CFP) designation. Ask family or friends if they can refer someone. Often your accountant or lawyer will have a relationship with a financial planner they trust. To cast a wider net, the Financial Planners Standards Council has a section on its website you can use to help locate a planner. – R.T.
Robyn Thompson, CFP, is the founder of Castlemark Wealth Management, a boutique financial advisory firm, specializing in customized financial, investment, insurance, and retirement planning. She appears regularly as a financial planning expert on CityNews Channel. Phone 416-828-7159 or email today to rthompson@castlemarkwealth.com for a no-obligation, no-charge Castlemark Integrity Financial Planning consultation.
Got a question on investments, financial planning, or portfolio management? Click here.
