Finance & money advice sites
Jul 19th 2018, 4:14 pm
#16
Forum Regular
Joined: Apr 2014
Posts: 72
Re: Finance & money advice sites
I work for a large financial planning firm and I will say that, compared to the UK, you can easily get the wool pulled over your eyes here. Especially when it comes to fees and the service you get for those fees. I am not impressed with the financial services culture over here. For example, most banks offer a financial planning service but, if it is run out of the retail network, they cannot advise on crucial stuff like life or critical illness insurance. Financial planning is more making up your portfolio then hoping it performs well enough so that you don't move your business to another broker. Another example: if you go to a bank for a mortgage, you will be offered creditor protection, which is a pile of crap since it is not underwritten until a claim is made. I found it immoral to sell such utter rubbish.
Granted there are snake oil IFAs in the UK, but you can easily find superb ones who will do the full planning job for you. You definitely need to carefully interview advisers and planners here because many simply want your assets.
Granted there are snake oil IFAs in the UK, but you can easily find superb ones who will do the full planning job for you. You definitely need to carefully interview advisers and planners here because many simply want your assets.
Jul 19th 2018, 4:16 pm
#17
Forum Regular
Joined: Apr 2014
Posts: 72
Re: Finance & money advice sites
Hi all,
Does anyone have any tips for websites or particular sources of information for advice on finances and money (in the broadest sense)? I use the website moneysavingexpert.com a lot in the UK and it covers things form bank accounts to phone contracts to travel to car stuff and more. I was wondering if there is anything similar in Canada?
Tried searching but couldn't find anything on this - apologies if I've missed it.
Cheers
Chris
Does anyone have any tips for websites or particular sources of information for advice on finances and money (in the broadest sense)? I use the website moneysavingexpert.com a lot in the UK and it covers things form bank accounts to phone contracts to travel to car stuff and more. I was wondering if there is anything similar in Canada?
Tried searching but couldn't find anything on this - apologies if I've missed it.
Cheers
Chris
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Jul 19th 2018, 4:17 pm
#18
Forum Regular
Joined: Apr 2014
Posts: 72
Re: Finance & money advice sites
Hi all,
Does anyone have any tips for websites or particular sources of information for advice on finances and money (in the broadest sense)? I use the website moneysavingexpert.com a lot in the UK and it covers things form bank accounts to phone contracts to travel to car stuff and more. I was wondering if there is anything similar in Canada?
Tried searching but couldn't find anything on this - apologies if I've missed it.
Cheers
Chris
Does anyone have any tips for websites or particular sources of information for advice on finances and money (in the broadest sense)? I use the website moneysavingexpert.com a lot in the UK and it covers things form bank accounts to phone contracts to travel to car stuff and more. I was wondering if there is anything similar in Canada?
Tried searching but couldn't find anything on this - apologies if I've missed it.
Cheers
Chris
LIKE MONEYSUPERMARKET FOR DEALS:
Www.simplyfrugal.ca
Www.moneysense.ca
Www.redflagdeals.
Compare Canadian mortgage rates and credit cards - Find the best rates and cards in Canada - Ratehub.ca
Www.ratesupermarket.ca
Jul 20th 2018, 1:34 pm
#19
Just Joined
Joined: Jul 2018
Posts: 10
Re: Finance & money advice sites
If you decide to work with a Financial Adviser you would do well to look at FPSC website, it's the Financial Planning Standards Council website, which allows you to find a Certified Financial Planner who has the proper designations and has a fiduciary responsibility to put clients first and has ethics unmatched by the banks. If you work with a bank you take your chances on who you get and what they want to sell you. As per a previous post, a good financial adviser will not only look at the investment side of financial planning but take a complete holistic approach and encompass, tax, retirement, investment, cash flow, estate and insurance planning. As a caveat yes I'm a financial adviser and have the CFP as well as CLU, Chartered Life Underwriter designations.
Jul 20th 2018, 2:16 pm
#20
Slightly Canadian
Joined: Jul 2005
Location: St. John's, Newfoundland
Posts: 10,129
Re: Finance & money advice sites
If you decide to work with a Financial Adviser you would do well to look at FPSC website, it's the Financial Planning Standards Council website, which allows you to find a Certified Financial Planner who has the proper designations and has a fiduciary responsibility to put clients first and has ethics unmatched by the banks. If you work with a bank you take your chances on who you get and what they want to sell you. As per a previous post, a good financial adviser will not only look at the investment side of financial planning but take a complete holistic approach and encompass, tax, retirement, investment, cash flow, estate and insurance planning. As a caveat yes I'm a financial adviser and have the CFP as well as CLU, Chartered Life Underwriter designations.
Jul 20th 2018, 2:47 pm
#21
Just Joined
Joined: Jul 2018
Posts: 10
Re: Finance & money advice sites
That's a useful website - and I'm reassured that my Financial Adviser comes up when I search for him! There doesn't, however, seem to be such a thing as a truly independent FA in Canada - or at least not in this part of the world. All are tied in some way to an investment company / bank. Is this a correct statement?
Jul 20th 2018, 7:54 pm
#22
Forum Regular
Joined: Apr 2014
Posts: 72
Re: Finance & money advice sites
If you decide to work with a Financial Adviser you would do well to look at FPSC website, it's the Financial Planning Standards Council website, which allows you to find a Certified Financial Planner who has the proper designations and has a fiduciary responsibility to put clients first and has ethics unmatched by the banks. If you work with a bank you take your chances on who you get and what they want to sell you. As per a previous post, a good financial adviser will not only look at the investment side of financial planning but take a complete holistic approach and encompass, tax, retirement, investment, cash flow, estate and insurance planning. As a caveat yes I'm a financial adviser and have the CFP as well as CLU, Chartered Life Underwriter designations.
Jul 21st 2018, 7:51 pm
#23
Just Joined
Joined: Jul 2018
Posts: 10
Re: Finance & money advice sites
Just another add......There are also a great site, taxtips.ca that gives you a really good, simple understanding of taxation around investments. It's no good investing if you have no idea of the tax implications behind each trade.
Jul 21st 2018, 8:52 pm
#24
BE Enthusiast
Joined: Dec 2016
Location: St Catharines, Ontario From Bournemouth UK
Posts: 417
Re: Finance & money advice sites
I work in Financial services in downtown Toronto providing the IT support. Canada is years behind the UK as far as banking and investing is concerned. The margins the Advisors charge are outrageous in today's fintech world. I make all my own financial decisions saving thousands in fees. E.g You can trade lots of 100 in ETFs with National Bank and pay no commission. I use Transferwise to send money from abroad to Canada and Revolut to spend money when on holiday. In fact , I was thinking of starting an equivalent to MSE in Canada. There seems to be a need, especially for expats moving here. Happy to help anyone with specific questions. We can all benefit when we work together. Better to keep your money in your pockets rather than some rich banker!
Jul 21st 2018, 9:56 pm
#25
Forum Regular
Joined: Apr 2014
Posts: 72
Re: Finance & money advice sites
I work in Financial services in downtown Toronto providing the IT support. Canada is years behind the UK as far as banking and investing is concerned. The margins the Advisors charge are outrageous in today's fintech world. I make all my own financial decisions saving thousands in fees. E.g You can trade lots of 100 in ETFs with National Bank and pay no commission. I use Transferwise to send money from abroad to Canada and Revolut to spend money when on holiday. In fact , I was thinking of starting an equivalent to MSE in Canada. There seems to be a need, especially for expats moving here. Happy to help anyone with specific questions. We can all benefit when we work together. Better to keep your money in your pockets rather than some rich banker!
Jul 21st 2018, 10:19 pm
#26
Just Joined
Joined: Jul 2018
Posts: 10
Re: Finance & money advice sites
I work in Financial services in downtown Toronto providing the IT support. Canada is years behind the UK as far as banking and investing is concerned. The margins the Advisors charge are outrageous in today's fintech world. I make all my own financial decisions saving thousands in fees. E.g You can trade lots of 100 in ETFs with National Bank and pay no commission. I use Transferwise to send money from abroad to Canada and Revolut to spend money when on holiday. In fact , I was thinking of starting an equivalent to MSE in Canada. There seems to be a need, especially for expats moving here. Happy to help anyone with specific questions. We can all benefit when we work together. Better to keep your money in your pockets rather than some rich banker!
Last edited by essexlad69; Jul 21st 2018 at 10:20 pm. Reason: spelling
