All this week, CTV's Chris Olsen will answer your RRSP questions. Tonight we tell you how to choose a financial advisor and how to balance your investment profile.

How do I choose a financial advisor?

Many people rely on the advice of a financial advisor during the RRSP season, so it's important to find one who works best for you.

Mark Breakspear, Vancouver investment sales manager for BMO Financial Group, says there are three easy ways to find a great financial advisor.

1. Accreditation

You want to make sure the person you're talking to is trained and educated to give you that advice. An example would be the Canadian Investment Manager designation or another recognized accredited degree.

2. Ask questions

It's also important to understand the agent's intentions. Does it seem like the individual is working hard to get to know you and your aspirations, or do they seem more interested in selling a product? These are important questions to ask yourself when you're choosing someone you will invest your hard earned money with, Breakspear says.

3. Fit

Having the ability to be honest and have a candid conversation with your financial advisor is vital. Finances and goal setting can be fairly sensitive subjects and you need to feel comfortable with the person you are having them with.

What sort of training does a financial advisor need?

The advisor must be licensed to sell and advise on the investments that they talk about. For most advisors the Canadian Securities course is the entry-level that satisfies that requirement.

From there, often the level of advice is based on further training, such as acquiring the certified financial planner designation, or other industry designations, such as being a Chartered Accountant.

How are people getting six per cent returns when my bank only pays two per cent on a GIC?

To find out what your necessary rate of return is you need to first determine what your retirement income needs to be.

Breakspear says many people are still mistakenly under the impression they can only invest in GIC's in an RRSP.

In reality, you can invest in everything from individual stocks and bonds to mutual funds which pool your money with thousands of other investors.

Do I need to accept higher risk to get a higher return?

There is higher risk for certain investments, so Breakspear says you need to know your comfort level with market volatility before you invest.

As well, there are principle protected investments that give you exposure to the market while guaranteeing your initial investments.

If you understand the market, or are working with an advisor, you can monitor your portfolio and take advantage of the ups and downs -- keeping on target with your retirement needs.

What does "rebalancing" your RRSP mean?

Investments don't all grow at the same rate, so you need to be sure that you are not "overweight" in a given sector or asset class, which could lead to missing out on other opportunities or stretching you beyond your comfort level with volatility.

"You want to bring that back down, taking some profits off the table, and making sure you're rebalanced in that profile so you reach those goals you want to hit," Breakspear said.

If you don't periodically rebalance your investments they will no longer match your risk tolerance level.

In other words, without realizing it you may be taking more risk because you have more invested in equities rather than in guaranteed investment products, like GIC's.

If they grow at a faster rate than the rest of your portfolio you can become unbalanced. Conversely, if you don't rebalance when the market falls your portfolio won't deliver the returns you expect.

Answering your questions

The deadline for contributing to an RRSP you can deduct from your 2010 income taxes is Tuesday, March 1st at midnight.

Call us at 604-280-CTV9 after 5:00 p.m. to speak with a panelist.

Watch CTV News at Five and Six each night this week as CTV Consumer Reporter Chris Olsen answers your question with what you need to know about your RRSP investments.