Do you need a financial planner? What to know before seeking money advice

financial planner or advisor to guide decisions on everything from investments to getting out of debt.But as complicated as planning your own finances can be, experts say it’s no simple task getting the right help, either.“There’s still a lot of ambiguity, I find, with financial advisors in Canada to figure out what the heck they do,” says Jason Heath, managing director of Objective Financial Partners.Heath, who is a certified financial planner (CFP), and other experts also say relying on outside advice might not be right for every household budget when the costs of financial planning itself are factored in.Here’s how to decide if a financial planner is right for you, and how to navigate the market to find the right fit.There are many different types of financial guidance you can get, ranging from straightforward advice to hands-on management of your investments.But the first distinction to be made is the difference between a financial advisor and a financial planner.The Financial Consumer Agency of Canada (FCAC) differentiates the more general financial advisors, which could encompass anything from a bank employee to a stock broker to an insurance agent, from the more specific financial planner, which is a type of advisor who helps you make a plan for your long-term savings goals.

Some financial planners may offer estate planning advice, tips on how to save money on taxes and retirement planning help.But the agency notes that anyone in Canada, outside of Quebec, can call themselves a financial planner or advisor, putting the onus on clients to figure out exactly what qualifications someone might have.Either role can come with certain certifications that Heath says it’s important to get clarified upfront, which is.