How to Choose a Financial Advisor in Canada: Questions to Ask

TD
Published: June 6, 2023

Selecting a financial advisor to help you manage your money in Canada is an important decision.

As a newcomer to Canada, it’s not always easy to navigate the world of personal finances.

Selecting a financial advisor to help you manage your money is an important decision. With so many options available, it's essential to take the time to ask the right questions and ensure you're making the best decision for your financial future. In this article, we'll explore seven essential questions you should ask before choosing a financial advisor.

1. Are they registered?

One of the first things you should verify when choosing a financial advisor is their registration status. Registered advisors are licensed and regulated by the Canadian Securities Administrators (CSA), ensuring that they meet specific qualifications and standards. In contrast, unregistered advisors do not have the same level of oversight, which can put you at risk. To confirm if an advisor is registered, you can check the CSA's National Registration Search.[1]

2. What is their background?

It's also important to understand the background of the financial advisor you're considering. Ask about their educational and professional qualifications and their experience in the industry. Find out about the history and experience of the firm they work for, and how long they have been operating. This information can give you a clear idea of the advisor's knowledge and experience, which can be helpful in making an informed decision.[2]

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3. How are they paid?

Financial advisors are paid in a number of ways, such as a salary, commission, flat fee, or a combination. It's a smart idea to learn how your potential advisor is paid to ensure there are no hidden fees you might have to pay, or conflicts of interest.[3]

4. What products and services do they offer?

It's also important to ask about the products and services that a financial advisor offers. Some advisors specialize in specific areas, such as retirement planning or tax planning, while others provide a full range of services. Understanding the advisor's expertise can help you determine if they're a good fit for your needs.[3]

5. What is their experience with newcomers?

Be sure to also ask about the advisor's experience with clients of similar backgrounds to yours. For example, if you're a newcomer to Canada, you may want to work with an advisor who has experience working with individuals who are new to the country. Additionally, ask about the advisor's experience with investments that you're interested in, such as stocks or mutual funds.[4]

6. How will they help you reach your goals?

Your financial advisor should be customizing recommendations based on your needs and goals. It’s a good idea to ask how they plan to help you reach your goals and what steps they'll take to get you there. For example, if you're looking to save for a down payment on a house, your advisor should be able to provide a plan that outlines how much you need to save each month and what type of investment vehicles will help you reach your goal.[4]

7. What level of service to expect from them?

Finally, ask about the level of service you can expect from your financial advisor. Find out how often you'll hear from them and how quickly they'll respond to your questions. A good advisor should be responsive to your needs and willing to take the time to answer your questions and provide guidance.[4]

Choosing a financial advisor is an important decision that can impact how you manage your finances. Asking the right questions can help you find an advisor who is the best fit for your needs and goals.

A good advisor is not only someone who has the expertise and experience, but also someone you can trust and feel comfortable working with.

Ready to bank? Learn more about TD's New to Canada Banking Package today.

Why Choose TD?

150 years helping Canadians:

TD has a proud history of delivering financial solutions to Canadians for more than 150 years. TD also brings a century of experience helping newcomers navigate the unique challenges of the Canadian banking system.

With over a thousand branches, a reputation for excellence in financial services, and the ability to also serve you in more than 50 different languages, TD has become one of the largest and most trusted banks in Canada, now serving 16 million Canadians.

TD offers online support and resources of interest to newcomers on topics such as banking. basics, moving to Canada, credit score essentials, and more. TD is open longer hours for your convenience. TD has thousands of ATMs across Canada to help you take care of your everyday
banking quickly and easily.

Ready to Bank?

Learn more about TD’s New to Canada Banking Package today.         

Book an appointment to talk with a TD Personal Banking Associate about the TD New to Canada Banking Package. You can book online right away, or visit the TD website to learn more.

Legal Disclaimer: Information provided by TD Bank Group and other sources in this article is believed to be accurate and reliable when placed on this site, but we cannot guarantee it is accurate or complete or current at all times. Information in this article is for informational purposes only and is not intended to provide financial, legal, accounting or tax advice and should not be relied upon in that regard. This information is not to be construed as a solicitation to buy. Products and services of the TD Bank Group are only offered in jurisdictions where they may be lawfully offered for sale. All products and services are subject to the terms of the applicable agreement. The information in this article is subject to change without notice.

[1] https://www.securities-administrators.ca/registration/are-they-registered/

[2] https://www.td.com/ca/en/investing/wealth/financial-planning/is-a-financial-planner-right-for-me

[3] https://www.td.com/ca/en/investing/wealth/financial-planning/is-a-financial-planner-right-for-me

[4] https://www.securities-administrators.ca/uploadedFiles/General/pdfs/Questions_for_Adviser_E.pdf


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