Choosing an advisor is also choosing a working relationship. Use your first conversation to understand the person, the service, and the responsibilities on both sides.
Understand the scope
- What kinds of clients and situations do you work with?
- Which services can you provide, and through which firm?
- Which qualifications or registrations apply to those services?
- Where would you refer me to another professional?
Understand the cost
Ask how the advisor and firm are paid. Compensation can take different forms, and the cost of a financial product may be separate from the cost of advice. Ask for the costs and any relevant conflicts to be explained clearly.
Understand the ongoing relationship
- Who will be my main contact?
- How are reviews arranged?
- What should I do if my circumstances change?
- How will recommendations and next steps be documented?
- What happens if I choose to stop working with you?
Make time to check
Verify relevant credentials and registration rather than relying on a title alone. The Financial Consumer Agency of Canada provides further guidance on choosing an advisor and understanding compensation.
Read the Financial Consumer Agency of Canada guide
If an explanation is unclear, ask for it in different words. A useful conversation leaves room for questions.