I have been privileged to work with and serve clients for almost 50 years. Initially, as a CA specializing in income tax, working with business owners and individuals, and then as an investment advisor, wealth manager and financial planner with a large full-service brokerage firm.
I thoroughly enjoyed helping clients by preparing and reviewing financial plans with them. But it was a service that was secondary to the firm’s primary business of managing financial assets. That meant we couldn’t devote the time, or the expertise needed, to prepare a detailed plan and help the client take the necessary steps to bring the plan to life.
I decided to surrender my licenses to manage investments and sell insurance so I could start an independent fee-only, advice-only financial and retirement planning practice. My sole focus now is on helping clients achieve their financial goals.
What makes a fee-only, advice-only financial planner different?
Fee-only, advice-only financial planning focuses on bringing all areas of personal finance together. It’s the only goal. True fee-only, advice-only financial planning ensures that the planner is compensated only by fees agreed between the client and advisor and paid by the client. It’s very transparent. There are no hidden costs, or third-party financial motivations or kick-backs – the planner represents the client and only the client.
It is estimated there are about 200 individual financial planners providing fee-only, advice-only financial planning in Canada. In contrast, there are 18,000 Certified Financial Planners, 25,000 financial planners and 90,000 financial advisors in Canada – most of whom are connected to financial institutions.
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