How Newcomers to Canada Can Choose the Right Financial Advisor: 7 Questions to Ask Before You Decide

Moving to Canada often means learning how a new financial system works. Banking, credit, taxes, and investing may operate differently from what you experienced in your home country.

Because of this, some newcomers choose to work with a financial advisor. An advisor may help explain financial options and support you as you build your financial life in Canada.

Find a TD Advisor Who Speaks Your Language

If you are considering working with an advisor, speaking with a few professionals and asking questions may help you decide who may be the right fit.

Here are seven questions you might consider asking:

1. Do you work with many newcomers to Canada?

Advisors who regularly work with newcomers may understand the common questions people have when settling into Canada’s financial system.

For example, they may be familiar with helping clients build a credit history, understand how Canadian taxes work, save for a first home, or plan for education and retirement. Their experience may help them explain financial topics in a way that feels easier to understand.

2. Are you licensed to provide financial advice in Canada?

Financial advisors in Canada should be licensed with securities regulators. Be cautious about receiving investment advice from a non-licensed advisor or an advisor who is in the process of obtaining their license.

Registration shows that the advisor has met certain requirements and is supervised by regulatory authorities. If you would like to confirm this, you can search for an advisor using the Canadian Securities Administrators’ National Registration Search.

Learn more about the TD New to Canada Banking Package

3. What types of financial help do you provide?

Not all financial advisors offer the same services.

Some may focus mainly on investments, while others may provide broader financial planning that could include retirement planning, tax strategies, insurance, or education savings plans. Asking what areas, they specialize in can help you understand whether their services match your financial needs.

4. How are your services paid for?

Before deciding to work with an advisor, it may help to understand how they themselves make money. Will you have to pay or are they compensated in another way?

Financial advisors in Canada may earn income in different ways. Some receive a salary, while others may be paid through commissions, planning fees, or a combination of methods. Knowing how compensation works may help you better understand the costs involved.

5. How would you approach my financial goals?

Financial advisors often begin by learning about what matters most to you financially.

You may wish to ask how they would help you plan for goals such as buying a home, saving for your child’s education, or preparing for retirement. Their explanation can give you an idea of how they build financial plans and support clients over time.

Book an Appointment at a TD Branch Now

6. What type of communication should I expect?

Every financial advisor may have a different way of working with clients. Some may schedule regular meetings to review your progress, while others may meet only when you ask for advice. It may also help to ask how often they check in with clients and how easy it is to contact them if you have questions.

7. What experience and training do you have?

It may also help to learn about an advisor’s professional background.

You could ask how long they have worked in financial services, what training or certifications they hold, and what type of clients they typically work with. You might also look into the firm they work for to understand its history and reputation.

Taking time to choose

Selecting a financial advisor can be one of the many important decisions you make when moving to Canada. Taking the time to ask questions and compare advisors will help you better understand your options and make an informed choice.

When you find someone whose experience, services, and communication style feel right for you, you will be better able to plan your finances and work toward your goals in Canada.

Ready to bank? Learn more about the TD New to Canada Banking Package today

Why Choose TD?

More than 160 years of helping Canadians:

TD has a proud history of delivering financial solutions to Canadians for more than 160 years. TD also brings a century of experience helping newcomers navigate the unique challenges of the Canadian banking system.

With over a thousand branches, and the ability to also serve you in more than 80 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 and has thousands of ATMs across Canada to help you take care of your everyday banking needs quickly and easily.

Ready to Bank?

Learn more about TD 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. The 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.

^® The TD logo and other TD trademarks are the property of The Toronto-Dominion Bank or its subsidiaries.

Sources

TD Bank Group, Is a Financial Planner Right for Me?, TD Bank Group, TD Bank Group, https://www.td.com/ca/en/investing/wealth/financial-planning/is-a-financial-planner-right-for-me, (accessed 31 March 2025).

Canadian Securities Administrators, Are They Registered?, Canadian Securities Administrators, Canadian Securities Administrators, https://www.securities-administrators.ca/registration/are-they-registered/, (accessed 31 March 2025).

Canadian Securities Administrators, Questions to Ask When Choosing a Financial Adviser, Canadian Securities Administrators, Canadian Securities Administrators, https://www.securities-administrators.ca/uploadedFiles/General/pdfs/Questions_for_Adviser_E.pdf, (accessed 31 March 2025).