It is a professional service where you pay a transparent, flat fee for a written financial strategy, as opposed to a percentage of your investments. Unlike traditional advisors, advice-only planners do not manage your investment accounts or sell products like insurance or mutual funds.

This model is currently a niche; it is estimated that less than 1% of Certified Financial Planners (CFPs) in Canada operate under a strictly advice-only model.

First, there is the objectivity. An advice-only planner does not face the same conflicts of interest that conventional advisors often do. For example, if you receive a sum of money and have the option to either invest it or pay down a mortgage, a traditional advisor may be financially incentivized to recommend the investment route.

Secondly, the advice-only model tends to be significantly cheaper over the long term. The fee they charge for advice does not increase with the size of your portfolio, as is the case with traditional advisors.

Several factors contribute to the rarity of advice-only services. Many investors are simply unaware that this model exists. Additionally, traditional fee structures often lack transparency, making it difficult for individuals to realize exactly how much they are currently paying their advisors.

Finally, the industry favors the growth of assets under management (AUM) because it is a very lucrative business. The publication Investment Executive estimated that average AUM for an advisor at the end of 2025 was $200 million. On a 1% fee model, that represents $2,000,000 in annual revenue per advisor. The revenue for an advice-only model is substantially lower for both firms and advisors.

In Canada, these terms are mostly used interchangeably. For the purposes of this directory, "Fee-Only" is treated as "Advice-Only" (paying a flat fee for a project or hourly work). This is distinct from "Fee-Based" models, where advisors may charge a fee but can also earn commissions on products.

It is important to note that the definition of "Fee-Only" is broader in the United States and can include advisors who charge a percentage of assets. Since some Canadian firms follow this U.S. definition, searching specifically for "advice-only" is the most accurate way to find the right model. This directory focuses strictly on flat-fee planning.

Advice-only planners focus on overall asset allocation and strategy rather than picking individual "hot" stocks. Most planners in this space support a passive investment approach, often recommending low-cost, diversified asset allocation ETFs (Exchange-Traded Funds).

This preference for passive strategies is backed by data. The Canadian SPIVA report indicates that passive investments tend to outpace actively managed equivalents, such as individual stock picking, more than 90% of the time over a 10-year period. Because of this, advice-only planners provide the map for your portfolio while you choose the platform where those assets live.

You do. Your money stays in your own accounts, whether at a big bank, a discount brokerage, or a digital platform like Questrade or Wealthsimple. The planner provides step-by-step instructions on how to set up and manage these accounts yourself.

This DIY approach is the most effective way to eliminate high management fees that often erode Canadian retirement savings. With today's tools, DIY investment management is simple and almost completely automated.

The average cost for a comprehensive, one-time financial plan in Canada is approximately $2,500. While this might seem higher than "free" services at a bank, it is almost always more cost-effective in the long run.

For most people, the "breakeven point" where a flat fee becomes cheaper than a traditional 1% AUM fee is approximately $100,000 in assets. This calculation includes a $250 annual review fee with the advice-only planner, plus a full update to your plan every three years at the same inflation-adjusted cost. If you have more than that, you are likely overpaying for traditional advice, which can cost you tens or even hundreds of thousands of dollars over your lifetime. You can use the calculator on this site to see exactly how much you might save over time.

Every firm is different, and planners often have unique specialties ranging from cross-border tax issues to small business ownership. However, a standard plan typically covers asset allocation, cash flow optimization, and retirement or estate strategy.

Because approaches vary between firms, nearly all planners listed here offer a free introductory call. It is highly recommended to use these calls to see if their specialty aligns with your needs.

To hold the CFP designation in Canada, a planner must adhere to a professional code of ethics that requires them to put the client's interests first. Beyond the designation, the advice-only model itself acts as a safeguard.

By removing commissions and asset-based fees, the structural conflicts of interest that plague the traditional industry are eliminated. You aren't being sold a product; you are buying a professional, unbiased opinion.