Understanding how Financial Advisors in Canada Work and What Questions to Ask
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Understanding how Financial Advisors in Canada Work and What Questions to Ask
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In this episode, we discuss money mindset and avoiding unnecessary spending by maintaining what you already own, sharing examples and proposing a weekend challenge to refurbish or repair before buying new and to consider the savings and potential investing impact over time.
We then explain why “financial advisor” is confusing in Canada, covering common designations (CFP, CFA, and bank-based PFPs), the importance of whether an advisor is a fiduciary, and how product restrictions can steer clients toward higher-fee mutual funds instead of lower-fee ETFs.
We outline key questions to ask advisors: credentials and registrations, whether recommendations are limited to in-house products, discretionary vs non-discretionary management, and detailed fee/compensation structures including commissions, AUM percentages, and incentives.
00:00 Welcome to TGIF
00:40 Money Mindset Reset
02:00 Repair Over Replace
05:07 Weekend Savings Challenge
06:50 Financial Advisors Explained
07:30 Designations and Fiduciary Duty
09:24 Fees and AUM Costs
14:26 Questions to Ask Advisors
21:04 Wrap Up and Next Episode