Need help finding financial advisor and broker
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Thread: Need help finding financial advisor and broker

  1. #1
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    Need help finding financial advisor and broker

    Hi there,

    I'm new to the investment world and I would like to get advice regarding investment options, planning and taxation. I consider getting a financial advisor, but I don't know which is a good one, could someone please help me on this? I would like to get one that provide unbiased advice with lowest fee possible.

    I would like to buy index funds from Vanguard, Fidelity, REIT, but where can I make the purchase ? I tried to contact Fidelity directly but they said I need to go through a broker. Which would be a good broker for this? How to tell a good broker versus a bad one?

    Thank you in advance for any help that you may give on this.


  2. #2
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    I would like to buy index funds from Vanguard, Fidelity, REIT, but where can I make the purchase ?
    you don't need an advisor for it... just open account in one of the discount brokerages (I personally like CIBC Investor Edge) and buy index ETFs

  3. #3
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    Welcome, you should find lots of opinions and suggestions here on CMF.
    Gibor is right, depending on your motivations and assuming you have an interest in learning on your own and 'doing it yourself' (DIY), you might not need a financial advisor (FA).

    It is interesting that you would immediately mention Vanguard and Fidelity. Vanguard is best known for their very low cost etf's while Fidelity is more 'old-school' with higher cost mutual funds. They are quite different products.
    Why are these on your radar at this early stage?

    I suggest reading through this link: http://www.finiki.org/wiki/Creating_a_financial_plan and then decide if you are looking for a FA to help you or whether you want to try DIY.
    Let us know.
    Last edited by OnlyMyOpinion; 2017-03-18 at 06:29 PM.

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  5. #4
    Senior Member humble_pie's Avatar
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    Quote Originally Posted by investanonymous View Post
    I'm new to the investment world and I would like to get advice regarding investment options, planning and taxation. I consider getting a financial advisor, but I don't know which is a good one, could someone please help me on this? I would like to get one that provide unbiased advice with lowest fee possible.

    I would like to buy index funds from Vanguard, Fidelity, REIT, but where can I make the purchase ? I tried to contact Fidelity directly but they said I need to go through a broker. Which would be a good broker for this? How to tell a good broker versus a bad one?


    the good news is that you're on the right track.

    the bad news is only my personal thought, however i don't believe you are quite ready to invest just yet. Not even with a financial advisor, since it doesn't sound as if a competent, trustworthy advisor is known to your family or to your circle of close friends at the present moment.

    what to do? it might be a good idea to stash your cash savings in a HISA for the time being. Apparently right now tangerine has one of the highest rates for new accounts at 2.40%, althoug only for 3-6 months.

    next, deploy your time learning the very basics of finance. This includes guidelines for how to find an advisor!

    a novice investor should not jump into broker-based ETF buying, re-balancing & selling with its concomitant commissions to pay, imho. This is a step beyond novice.

    what you might do instead, during your reading/learning introduction to finance, is study up index fund investing at TD, since index funds have no commissions to buy or sell. There's also a balanced tangerine fund (no commissions) to study, also a Mawer balanced fund to study, with some good educational material on the mawer website.

    the idea is not to actually buy these funds, but to use their websites as learning tools for how-it-works.

    there's a reading list for new investors called "Eight with Weight" at the top of this section. Other cmffers have praised the Wealthy Barber II as well as a book by andrew hallam. All books can be borrowed from your public library - some you will find not helpful, so it's nice to be able to return them pronto with no out-of-pocket expenses.

    this forum is also a reasonably good source of info, although it definitely can appear chaotic to a newcomer. Please be patient on this chaos issue & take what you read here with a big grain of salt.

    starting out in finance is an overwhelming task. The way to approach is in baby steps imho. Best of luck with everything you do.

    .
    ''bonté gracieuse et toute cette sorte de chose" - Astérix chez les bretons]

  6. #5
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    Thank you gibor365, OnlyMyOpinion and humble_pie for your suggestion and guidance. I really appreciated it!

  7. #6
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    Would stay away from TD in a financial crisis has to much high risk

  8. #7
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    Great if you want to be a successful trader then you should choose a reliable and regulated broker which has good reputation and has good trading conditions.


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