Canada offers newcomers a fresh start, but navigating your finances in a new country may take time and adjustments. A financial advisor can provide the guidance you need, but with so many options, where does one start? The key is to ask the right questions to find the best fit. Here are seven questions you might want to consider asking prospective Canadian financial advisors.
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“What is your background in financial services?”
When choosing your advisor, it’s important to ask about their qualifications, education, and experience in the Canadian financial industry. It may also help to research their firm’s history and reputation; how long they’ve been in business and what others have said about them online. This information may give you a better sense of their reputation, background, and experience, helping you decide if they’re a good fit for you.[1]
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“Are you registered?”
Before working with a Canadian financial advisor, it’s a good idea to check if they are registered. In Canada, registered advisors meet specific qualifications and are overseen by regulatory bodies like the Canadian Securities Administrators (CSA). You can verify any advisor’s registration by using the CSA’s National Registration Search.[2]
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“How do you get paid?”
You are entitled to this information as a potential client – so you may wish to ask about it upfront before making your decision. Financial advisors in Canada are compensated in a number of ways, such as a salary, commission, flat fee, or a mix of these. Understanding how an advisor is paid may help you identify any hidden fees you might have to pay later or conflicts of interest.[1]
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“What products and services do you offer?”
Financial advisors in Canada offer different types of services, which can range from general financial planning to specialized areas like tax strategies and retirement planning. Some advisors focus on specific client needs, while others may provide a broad range of services. Asking about their expertise may help you identify if they are the right fit to meet your financial goals and if they can keep supporting you as your needs evolve.[1]
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“What is your experience working with New Canadians?”
If you’re new to Canada, working with an advisor who understands the financial challenges newcomers like you may face is more valuable. Ask if they have experience helping clients who are newcomers to Canada. Their familiarity with these topics may make it easier for you to adapt to the financial system here and make informed decisions.[3]
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“What kind of service, support, and communications can I expect?”
It may be helpful to know how often your advisor will check in with you and how accessible they are when you have questions. Ask about their communication style – will they reach out proactively, or should you contact them when you need advice? Understanding their approach can help you decide if they offer the level of service and support you’re looking for.[3]
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“How will you help me reach my goals?”
A good financial advisor tailors their recommendations to your specific goals. Ask how they plan to help you achieve your goal – whether that’s saving for a home, funding your child’s education, or planning for retirement. For example, if you’re saving for a down payment, they should be able to outline a step-by-step plan, including how much to save each month and which financial products might be a good fit.[3]
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Choosing the right financial advisor is an important decision, and by asking the right questions, you’ll be able to find someone who is the right fit for your needs. By discussing their experience, services, and fees, you may feel more confident when finally choosing an advisor you can trust with your financial future.
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, 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.
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[1] TD Bank Group, Is a Financial Planner Right for Me?, TD Bank GroupTD Bank Group, https://www.td.com/ca/en/investing/wealth/financial-planning/is-a-financial-planner-right-for-me(accessed 31 March 2025).
[2] 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).
[3] 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).
