Investing · Advisors

How to find a financial advisor in Canada

Q: Are “financial advisor” and “financial planner” titles regulated in Canada?

Increasingly. Ontario’s Financial Professionals Title Protection Act restricts the “Financial Advisor” and “Financial Planner” titles to people who hold an approved credential and follow a client-first code of conduct, overseen by FSRA — with Saskatchewan and New Brunswick building similar frameworks. FP Canada (CFP/QAFP) and CIRO are among the approved credentialing bodies. Outside these provinces the titles are still loosely used, so always check the actual credential.

Q: What does a financial advisor cost in Canada?

It depends on the model. An advice-only plan runs roughly $1,500–$4,000 (or $200–$400/hour). A fee-based advisor charges about 1% of assets per year — on $500,000 that’s ~$5,000 annually, every year. A robo-advisor is ~0.4%–0.5%. “Free” bank-branch advice is paid through higher product fees. The cheapest advice is rarely free — it’s the fee you can see.

There are five ways to get financial advice in Canada, and they differ enormously in cost and in who the advisor really works for. We lay them side by side — what each costs, the conflicts of interest, and how to find a planner who puts you first.

Compare the options How to choose

The five ways to get advice

How you get advice	Who pays the advisor	Conflict	Typical cost	Best for
Advice-only / fee-only plannerMost conflict-free	You only — a flat fee, hourly rate or retainer	Lowest	Roughly $1,500–$4,000 for a full plan, or ~$200–$400/hour	DIY investors who want an unbiased plan and will execute it themselves.
Fee-based advisor (% of assets)	You — typically ~1% of assets managed per year	Medium	About 0.75%–1.25% of assets per year (often $250k+ minimums)	People who want someone to manage their portfolio and planning together, and have enough assets to meet minimums.
Robo-advisor	You — a low management fee on assets	Low	About 0.4%–0.5% management fee plus ~0.2% fund costs	Hands-off investors who want cheap, managed investing without a full advice relationship.
Commission / bank-branch advisor	Mostly the products they sell you (commissions / fund fees)	Higher	“Free” advice, paid for through higher product fees (often 2%+ MER funds)	Beginners who want in-person help and aren’t ready to DIY — with eyes open to the product focus.
Do it yourself	No advisor — you pay only your investment costs	Lowest	Just trading/ETF costs — often under 0.25% all-in	Confident investors comfortable building and maintaining a simple portfolio.

Fee ranges are typical Canadian market ranges, not quotes. The cheapest advice is rarely the “free” kind — it’s the fee you can see.

Each option, in detail

Advice-only / fee-only planner

Lowest conflict

How they’re paid: You only — a flat fee, hourly rate or retainer
Typical cost: Roughly $1,500–$4,000 for a full plan, or ~$200–$400/hour
What you get: A comprehensive financial plan you implement yourself; no products sold, no commissions

Best for

DIY investors who want an unbiased plan and will execute it themselves.

They usually don’t manage your money — you do the implementing. Confirm the planner holds a CFP (or F.Pl. in Quebec).

Fee-based advisor (% of assets)

Medium conflict

How they’re paid: You — typically ~1% of assets managed per year
Typical cost: About 0.75%–1.25% of assets per year (often $250k+ minimums)
What you get: Ongoing investment management plus planning, in a continuing relationship

Best for

People who want someone to manage their portfolio and planning together, and have enough assets to meet minimums.

“Fee-based” can still earn product commissions, and the 1% compounds — on $500k that’s ~$5,000 a year. Ask exactly how they’re paid.

Robo-advisor

Low conflict

How they’re paid: You — a low management fee on assets
Typical cost: About 0.4%–0.5% management fee plus ~0.2% fund costs
What you get: Automated, diversified portfolios with some human support — light planning, not full advice

Best for

Hands-off investors who want cheap, managed investing without a full advice relationship.

Human access is limited and planning is basic. Best for investing, not complex retirement/tax/estate planning.

Compare robo-advisors

Commission / bank-branch advisor

Higher conflict

How they’re paid: Mostly the products they sell you (commissions / fund fees)
Typical cost: “Free” advice, paid for through higher product fees (often 2%+ MER funds)
What you get: Help getting started and product recommendations, usually at a bank or dealer

Best for

Beginners who want in-person help and aren’t ready to DIY — with eyes open to the product focus.

The advice is tied to selling products, and bank-branch funds often carry high fees. Ask for the MER and whether lower-cost options exist.

Do it yourself

Lowest conflict

How they’re paid: No advisor — you pay only your investment costs
Typical cost: Just trading/ETF costs — often under 0.25% all-in
What you get: Full control via a discount brokerage and your own (or an advice-only) plan

Best for

Confident investors comfortable building and maintaining a simple portfolio.

No one to stop behavioural mistakes. Many DIYers pair this with a one-time advice-only plan.

Compare brokers

Credentials worth knowing

Whoever you choose, verify the credential. In Ontario the “Financial Planner / Advisor” titles are now restricted to approved-credential holders; elsewhere they’re looser, so check.

CFP

Certified Financial Planner

FP Canada

The gold standard for comprehensive financial planning in Canada.

QAFP

Qualified Associate Financial Planner

FP Canada

FP Canada’s associate-level planning designation — solid for more straightforward needs.

F.Pl. / Pl.Fin.

Financial Planner (Quebec)

IQPF

The regulated financial-planning designation in Quebec — required to plan there.

CIM

Chartered Investment Manager

Canadian Securities Institute

Focused on discretionary investment management rather than full planning.

CFA

Chartered Financial Analyst

CFA Institute

Deep investment-analysis credential — common among portfolio managers, not a planning designation per se.

PFP

Personal Financial Planner

Canadian Securities Institute

A planning designation often held by bank advisors.

Frequently asked questions

How do I find a good financial advisor in Canada?

Decide first what you need — a one-time plan, ongoing investment management, or just cheap investing. Then match it to the right model: an advice-only (fee-only) planner for an unbiased plan, a fee-based advisor or robo for ongoing management, or DIY. Whoever you pick, verify their credential (ideally a CFP, or F.Pl. in Quebec) and ask exactly how they’re paid — see how to choose a planner.

Are “financial advisor” and “financial planner” titles regulated in Canada?

Increasingly. Ontario’s Financial Professionals Title Protection Act restricts the “Financial Advisor” and “Financial Planner” titles to people who hold an approved credential and follow a client-first code of conduct, overseen by FSRA — with Saskatchewan and New Brunswick building similar frameworks. FP Canada (CFP/QAFP) and CIRO are among the approved credentialing bodies. Outside these provinces the titles are still loosely used, so always check the actual credential.

Do I even need a financial advisor?

Not always. If your situation is simple and you’re comfortable investing, a low-cost DIY portfolio or a robo-advisor may be all you need. Advice earns its keep at complexity — retirement drawdown, tax and estate planning, a business sale, a windfall, or simply if you know you’ll make behavioural mistakes alone. Many people split the difference: invest cheaply themselves and buy a one-time advice-only plan.

What does a financial advisor cost in Canada?

It depends on the model. An advice-only plan runs roughly $1,500–$4,000 (or $200–$400/hour). A fee-based advisor charges about 1% of assets per year — on $500,000 that’s ~$5,000 annually, every year. A robo-advisor is ~0.4%–0.5%. “Free” bank-branch advice is paid through higher product fees. The cheapest advice is rarely free — it’s the fee you can see.

Go deeper before you decide

The fee models that decide whose side your advisor is on — and the questions to ask any planner.

Fee-only vs commission How to choose

Educational only, not financial advice. Fee ranges are typical market ranges and vary by advisor and assets; the title-protection framework (Ontario FPTPA, administered by FSRA; CIRO and FP Canada as credentialing bodies) is current as of June 13, 2026 and differs by province. Verify any advisor’s credential and how they’re paid before engaging. See our methodology.