When it comes to managing money, many Canadians rely on financial advisors to help them make the best decisions. But these experts aren’t always transparent about their fees, which can impact your savings and investment returns over time. And some have high account minimums, which can be a barrier for those on tight budgets. Find out ex-ponent.com

Whether you’re an investor with multiple accounts or someone looking to build wealth for retirement, these professionals can make a significant difference in your life. But it’s important to find one who works within your budget and understands your needs and goals. Here are some questions to ask when shopping for a financial advisor.

Top Financial Advisors: How to Choose the Right One

Do you work to an hourly rate, a flat fee or a percentage of the value of assets you manage? Financial Advisors should be transparent about their fee structure and any potential conflicts of interest.

As a fiduciary, they must commit to acting in their client’s best interest. Depending on their approach, they may also need to have good verbal and written communication skills to explain complicated concepts to clients. They also need to be knowledgeable about the Canadian regulatory environment, as they must register with federal and provincial securities commissions. In addition, some financial advisors must be Certified Financial Planners or have a CFA designation, which comes with specific education and experience requirements.