16 Questions to Ask Your Financial Advisor

By Shea Sanche, CFP® · Last reviewed: April 2026

If you've never pushed back on your advisor, you may not know what you're missing. These 16 questions help you understand what you're getting - and what you're not.

Questions About Fees and Compensation

Fees are the most important thing most clients never ask about directly. Understanding how your advisor is compensated tells you a great deal about the advice you're receiving.

How are you compensated? Fee-only, fee-based, or commission-based are very different models with different incentive structures.
What is my all-in cost? Ask for the total annual cost in dollars, not just a percentage. A 1.5% MER on a $1M portfolio is $15,000 per year.
Do you receive trailer fees or referral compensation? Some advisors receive ongoing compensation from fund companies - you have a right to know.
What do I get for that fee? Financial planning, investment management, tax coordination, and estate review are distinct services. Know what's included.

Questions About Their Qualifications and Approach

Credentials matter - but so does the philosophy behind them.

What designations do you hold? The CFP® (Certified Financial Planner) designation is the gold standard in Canada for comprehensive financial planning.
Are you a fiduciary? In Canada, not all advisors are legally required to act in your best interest - some are only required to recommend "suitable" products.
How do you approach financial planning? Is your advisor purely investment-focused, or do they integrate tax, insurance, and estate planning into their advice?

Questions About Your Portfolio and Strategy

What is my actual asset allocation today? Ask for equities vs. fixed income vs. cash - broken out clearly.
Why do I own these specific investments? Every holding should have a clear rationale tied to your goals.
How is my portfolio benchmarked? Your returns should be measured against an appropriate benchmark.
When did you last review my risk tolerance? Risk profiles should be revisited regularly, especially after major life changes.

Questions About Planning and Coordination

What tax strategies are you implementing for my situation? RRSP/TFSA optimization, income splitting, and capital gains management are all planning levers a comprehensive advisor should be using.
Do you work with my accountant or lawyer? Coordinated advice is worth significantly more than siloed advice.
What's the biggest gap in my financial picture right now? A great advisor should be able to answer this without hesitation.
How often will we meet? Annual reviews are a minimum - the best advisory relationships are more frequent, especially during significant life transitions.

These questions aren't meant to challenge your advisor - they're meant to build a more honest, productive working relationship. If your advisor can't answer them clearly, that's information too. Our Clarity Tools include a structured Financial Advice Review designed for exactly this kind of assessment.

Common Questions

Answers to the questions people actually ask.

How do financial advisors in Canada get paid?

Common models include AUM fees, fee-for-service, commissions, or blended arrangements. What matters is understanding incentives and whether you receive coordination beyond investments.

What is a normal advisor fee in Canada?

Fees vary by service and complexity. Instead of comparing a single percentage, evaluate what the fee includes: planning outputs, coordination, accountability, and improved net outcomes.

Are financial advisors worth it in Canada?

They can be when the relationship coordinates investments, tax, estate, and decisions as a system. They are less valuable when the service is limited to reporting and portfolio-only management. ← Back to all articles

16 Helpful Questions to Ask Your Financial Advisor