Getting expert help in planning your finances can be expensive, but experts say it’s important to understand the fees involved before you hire someone. In Canada, anyone can call themselves a financial advisor or planner without meeting certain qualifications or offering a fiduciary service, the Financial Consumer Agency of Canada notes. A more specific distinction is that financial planners are obligated to act in their clients’ best interests while brokers and insurance agents are not. URL ex-ponent.com

Some financial professionals charge a flat fee, while others are paid on commission or percentage-based on the amount they manage for you, NerdWallet reports. These fees can quickly add up, especially if you work with several different advisors, and some people struggle to afford them. There are also options for obtaining pro-bono advice for those who can’t afford to pay for it.

Toronto’s Financial Experts: How to Choose the Right Advisor

A financial advisor is a person who works with you to create a plan for your savings goals, like retirement or education funds. They can offer tips on how to save money, including tax deductions and investment strategies. They may also help you open or contribute to registered savings accounts, such as RRSPs and TFSAs.

A financial planner can offer the same services as a financial advisor, but their focus is on your long-term financial goals. They may also be able to assist you with estate planning and other financial issues. Those who are full-service financial planners must pass a series of exams and register with their provincial or territorial securities commissions. You can find these professionals by using the National Registration Search.