Fortunately, we can help. We’ll profile the three major types of investing professionals: mutual fund advisers, brokers, and private investment counselors (also known as portfolio managers). We’ll explain the products and services you get from each channel, and tell you the fees you can expect to pay. We’ll look at the strengths of each, and offer some words of warning about common mistakes to avoid.

For starters, we can tell you this: Whichever option you choose, an experienced, well-qualified professional doesn’t come cheap. You’ll pay anywhere from 1% to almost 3% of your assets each year, depending on experience, the financial institution, your choice of products, and the size of your account.

If you have the knowledge and confidence to invest on your own, you can save yourself a bundle. However, we also understand that many people want help. Even those who don’t seek help might want to at least consider it, as we are often overconfident about our investing abilities. As Warren MacKenzie, president of Weigh House Investor Services in Toronto, says: “Sometimes people who are doing it themselves should fire themselves.”

The investment professionals who follow are almost always offering some kind of “active” investing strategy, which means they’re trying to outperform the market, or earn market returns with lower risk. These pros earn their fees by helping you build a diversified portfolio, making the actual investment purchases, maintaining your asset allocation, and by providing broader financial advice. If you find a good adviser, it can be like finding the perfect suit. Not only will you look good, but you’ll feel comfortable and confident too. Pick a bad one though, and you’ll end up spending a lot of money on something you’d be better off without.

This week (Feb 16-19, 2010) some of Canada’s top financial advisers are standing by to answer your RRSP questions.

Below is the complete list of questions that have been answered so far by our advisers, Karin Mizgala from LifeDesignFinancial, Warren MacKenzie and Ken Hawkins from Weigh House Investor Services and Barbara Garbens from B L Garbens Associates. Feel free to throw in your own opinion by commenting on the answer.

We’re still taking new questions and will post new answers throughout the week. To post a question, just write in the comments field near the bottom of this page.

Questions:
Should I use my refund to pay down debt?

Will I save money if I withdraw on maternity leave?

Should we withdraw to pay down our mortgage?

What can my stay-at-home wife withdraw without incurring tax?

Who should have seg funds in an RRSP portfolio?

I’m new to Canada and want to save $200 a month. How can I best save for retirement?

Not paying income tax this year — should I withdraw?

Is a TFSA better than an RRSP?

Will there be a tax hit if I withdraw from a TFSA?

Should I max out my RRSP contributions or invest some money in something else?

Should I transfer the money in my overseas account into my RRSP?

If I take money out now, what year will I report it in — 2009 or 2010?

How are Couch Potato fees different than Management Expense Ratios on mutual funds?

What’s the best way to rebalance my Couch Potato Portfolio?

Using funds to purchase an income producing property

When can I retire and what will my income be?

I can’t get rid of my debt, should I withdraw from my RRSP?

Should I mix currencies in the Couch Potato Porfolio?

How can I get better returns on my funds?