Canadians are hungry for financial advice.
But they don’t always know where to look for it.
Imagine the following scenario. Someone posts on an online forum about putting $5000 from a tax-free savings account into a quick, high-return investment. The author says he knows nothing about investing and asks for general advice about his idea. A few people tell him to go for it. A few others say that if he doesn’t know about investing, he should stay away.
By taking his question to a professional advisor, the person would get a much better answer.
He gives the advisor an overview of his financial situation and goals. The advisor can then tell him whether the investment meets those goals. The advisor’s conclusion will be better informed and more professional than the responses of unknown persons online.
A professional association or regulators website can also be a good source for high-quality information.
For example, the Ontario Securities Commission (OSC), the Canadian Life and Health Insurance Association (CLHIA) and Financial Planning Standards Council (FPSC) financial literacy websites share good advice for all Canadians. Provinces and territories also have consumer affairs offices and sites with helpful information about consumer rights.
The internet is full of information about financial matters. But not all of it is good, safe, tested, and true. Be smart. Get professional advice from established organizations and talk to a financial advisor.