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Financial Advisors in BC

VancouverSurreyBurnabyRichmondAbbotsford
Port CoquitlamKelownaDeltaNanaimoKamloops
VictoriaChilliwackMaple RidgePrince GeorgeNew Westminster
VernonMissionLangfordPentictonPort Moody
LangleyFort St.JohnCranbrookPrince RupertSalmon Arm

There are many financial advisors available in British Columbia, Canada. Financial advisors in BC provide professional services that help you plan finances, and give guidance on ranges of financial information. Advisors help you budget, save and plan for retirement, invest in stocks and bonds, and manage your consumer and business debt.

How to find a British Columbia Financial Advisor:

  1. Ask for recommendations from people you trust, especially those who have used local financial advisors in BC in the past.
  2. Get-in-touch with a financial planning group or established professional organization. Examples of this are the following: Financial Planning Standards Council (FPSC), as well as the Institute of Advanced Financial Planners (IAFP), which are good resources to find an advisor nearby in your area.
  3. Connect with a bank or a local credit union to check-in and see if they have any financial advisors.
  4. Utilize online search directory’s such as “Financialadvisorsnearme.ca” or search directly on a search engine such as Google to locate a financial advisor in British Columbia. Always do your own research into the qualifications of the advisor, their unique experience, their personality, and how much their fees will be.

Always be sure to do your best and choose a financial advisor that meets your goals, and is qualified and experienced. Be sure to get detailed information on fees, which will have a large impact on if an advisor is right for you. Finally, be sure you’re comfortable with the advisor’s style of communication and how they approach your unique financial planning needs.

What is the Financial Planning Standards Council (FPSC)?

Financial Planning Standards Council (FPSC) is an organization that’s role is to help set standards related to financial planning in BC, and the country of Canada. The FPSC responsibility’s include: certification, the regulation, and financial advisors professional development.

FPSC is the organization that offers the ever important Certified Financial Planner (CFP) designation, which is seen in the financial advisory industry as a mark of financial planning excellence in BC and in Canada. The path in becoming a CFP is the following; an individual has to meet requirements related to education, passing examinations, and getting on-the-job experience to get this designation. As well, as a CFP, an advisor will have to abide by the FPSC’s Code of Ethics and Professional Responsibility.

The important FPSC role is also in developing and maintaining industry standards as well as guidelines. The FPSC also provides education and much needed support to planners. This is crucial in maintaining the standards you will come to expect in a regulated and licensed advisor in BC.

Aside from working with advisors and maintaining standards among other aspects, the FPSC provides important and easy-to-follow resources to the public about personal finance topics.

How Much Does a Financial Advisor in BC Charge?

A financial advisors fees in BC, including their schedule and make-up will vary based on the advisor, their company, scope of services, and your amount of assets with them.

The 3 main fee structures financial advisors in Vancouver and BC may follow are:

  1. Hourly Financial Advisory: Some advisors in Burnaby and in the province of BC charge rates by the hour. This may be a smart way to get advice, especially if you limited financial planning and advisory needs. This is also a great option if you have strong financial knowledge, and just want to get a second opinion on your financial plans you have put together.
  2. Flat fee advisory in BC: many advisors decide to utilize a flat fee structure for specific planning services, which includes creating a budget, to even developing a battle-tested retirement to retire comfortably in BC. Similar to hourly, this is a good option if you already have some personal finance background and knowledge.
  3. As a % of assets: This is the most common method, which is charging a fee based on the assets that the advisor manages for you. Usually the formula for this fee structure is the amount of assets under management, multiplied by the total assets under management. If your advisor is offering this fee structure, it is especially important to be cognizant in how much these fees will be annually, and how this effects your financial goals.

Understanding these fees make it especially important to ask and get a detailed scheduled of fees before making a decision.