How Does a Financial Advisor in Thunder Bay Get Paid?

Financial advisors in Thunder Bay earn fees just like other financial advisors across Canada; through charging a percentage fee on the total assets they manage for you. For example, you have $100,000 managed by a financial advisor in North Thunder Bay, they may charge you 2% of the $100,000 ($2000 per year) to manage your money. This fee is generally the same across financial advisors in Thunder Bay Ontario; this means you will likely have similar fees using a financial advisor in North London as one in Wild Goose, East Thunder Bay, or Rosslyn.

How can a local financial advisor help me to learn more about finances?

Besides reading about personal finances online through websites like ours and other informative places, it can be tough to identify information that is useful. Financial advisors can direct you to news stories that might impact your finances, books that can help you save and invest smarter, and help you learn more about not only your portfolio, but also about personal finance generally.

My Current Thunder Bay advisor is retiring/leaving the industry. How can I determine if the new contact I’ve been given is helpful?

Especially if you have had a helpful financial advisor over the years, having them leave can be difficult. Usually you will be refereed to a new advisor by your old one, however it can be helpful to still weight your options. This means that interviewing and sitting down with the refereed financial advisor can help you to make a better decision on if they are a good fit for your needs.

Asking questions about experience, financial planning, fees, lock-ups, and related to your specific scenario may help you to better determine if they fit well with your needs.

How Can a Financial Advisor Help Me Buy a Homes?

As people across the country and in Thunder Bay have witnessed a strong real estate market over the past 10+ years, it has made smart financial management along with a strong income and down payment more necessary to purchase a home. A financial advisor can help you to take advantage of accounts that the Canadian government may offer to help save for your home purchase, as well as having your money work for you as you save up and get ready to buy a home.

Financial advisors can also help you to plan for the home by updating your financial roadmap, while keeping you more accountable and on-track to reach your goals.

What are Some Other Local Thunder Bay Financial Advisor Options?

Although Thunder Bay is not filled with tons of financial advisors given size of the town compared to cities like Toronto, there are other options. This includes:

The big 5 banks: TD Bank, RBC, Scotia Bank, CIBC and BMO offer you the opportunity to get a local Thunder Bay financial advisor at the place that you also bank with.

Otter independent or affiliate advisors. This includes advisors such as Bukovy Financial, Chenard Wealth, and Assante Capital, who have good reviews online. Other large brands that operate with advisors include IG Wealth, CI Financial, and Edward Jones.

No matter who you choose as a financial advisor to help manage your money, it is important to interview them throughly, asking questions on their experience, wealth management offerings, fees, and about the financial plan they can craft for you. As well, given your unique financial circumstance, it can be helpful to also ask questions related specifically to you and your goals.