Understanding Advice-Only Financial Planning in Canada

Lori Curtiss
Jun 20
3 min read

Updated: 5 days ago

Most Canadians don’t realize there’s a difference in how financial planners are paid. The traditional route? You walk into a bank and talk to someone in a suit who hands you a glossy brochure. I know that route well because I was one.

I started my career as a bank teller, cashing cheques and chatting with clients. Over time, I moved up to become a Senior Financial Advisor. I eventually managed investment portfolios of over $500,000. What I learned along the way was eye-opening: the wealthier the client, the better the advice. Everyone else? They were usually talking to someone new to the role, freshly licensed, and under pressure to sell.

That experience pushed me to become an advice-only financial planner. I wanted to offer real, unbiased guidance to people who have often been overlooked by the traditional system.

What Does “Advice-Only” Mean?

Advice-only financial planning means exactly what it sounds like—advice without product sales. Here are key aspects of this model:

I don’t sell mutual funds, insurance, or investment products.
I don’t earn commissions or referral fees.
You pay me directly for advice that’s tailored to your goals and values, not my sales targets.

Because I don’t manage your money or earn anything based on what you buy, you can trust that the advice you receive is truly in your best interest.

How Is This Different From Fee-Based or Commission-Based Financial Planners?

There’s a lot of confusion around these terms, so here’s a quick breakdown:

Commission-based planners earn money from the companies whose products they sell—like mutual funds, insurance policies, or annuities.
Fee-based planners may charge you a fee, but they also earn commissions or kickbacks from financial products.
Advice-only planners are paid solely by you, for planning advice. No product sales, ever.

Think of it this way: if someone’s income depends on you buying something, their advice may not be as objective as you’d like.

Who Is Advice-Only Financial Planning For?

This model isn’t just for high-net-worth families. In fact, it’s designed for people who want advice without pressure or bias, including:

Middle-income Canadians who feel overlooked by traditional advisors
Couples in their 30s to 50s trying to make smarter money decisions
DIY investors who want a second opinion without handing over control
Anyone who wants to feel more confident about their finances, without worrying about being sold something

The Benefits of Working with an Advice-Only Financial Planner

Choosing an advice-only financial planner comes with several benefits:

Unbiased Advice: You receive objective recommendations that align with your financial goals.
Transparency: You know exactly what you are paying for the service, making financial planning clearer.
Focus on Your Needs: The planner concentrates entirely on your situation without the distraction of selling products.

Beyond these benefits, advice-only planning fosters a trusting relationship between you and your planner. You can openly discuss your financial fears and aspirations without feeling like there’s a hidden agenda.

Common Misconceptions About Advice-Only Financial Planning

Many people have misconceptions about this model. Here are some of the most common ones:

"It’s only for the wealthy." While wealthier individuals can benefit, this planning style serves everyone, particularly those who feel marginalized by traditional services.
"I’ll miss out on investment products and returns." An advice-only planner can still provide you with the information you need to make informed decisions without pushing products onto you.

Understanding these aspects can help debunk myths surrounding this approach to financial planning.

Taking Control of Your Financial Future

If you’ve ever left a financial planning meeting feeling more confused than when you walked in, or unsure whether the advice was truly for your benefit, advice-only planning might be the better way.

With the right planner, you can take charge of your financial future and feel empowered to make informed decisions. You deserve advice that puts you first.