How to find and check a financial advisor in Canada

Updated November 2026

This site does not list or recommend advisors. This page shows you how to find one yourself: what the titles mean, how advisors get paid, what to ask, and how to check anyone's registration in five minutes before you hand over a dollar.

Titles: what they do and don't tell you

"Financial advisor", "wealth advisor" and "financial planner" are job titles, not licences. Two things matter more: the person's credential (what they studied and who supervises their ethics) and their registration (what they are legally allowed to sell or manage).

Planning credentials

CFP (Certified Financial Planner) and QAFP (Qualified Associate Financial Planner) are granted by FP Canada. The CFP is the more advanced of the two.
F.Pl. / Pl.Fin. (financial planner) in Quebec: to use the title, a person must hold a financial planning diploma from the Institut de planification financière and a certificate from the Autorité des marchés financiers (AMF).

Title protection

Ontario: since March 28, 2022, only people holding a credential approved by the Financial Services Regulatory Authority of Ontario (FSRA) may call themselves a "Financial Planner" or "Financial Advisor". CFP and QAFP are approved Financial Planner credentials; the Financial Advisor title needs a separate approved credential.
Quebec: the financial planner title is reserved by law for F.Pl. holders, as above.
Saskatchewan has passed its own Financial Planners and Financial Advisors Act. Check with the Financial and Consumer Affairs Authority (FCAA) whether its title rules are in force.

Where titles are not restricted, anyone can use them. Ask what credential stands behind the title.

Registration categories

Dealing representative: Registered with a mutual fund dealer or an investment dealer to sell securities. At a mutual fund dealer they sell mainly mutual funds; at an investment dealer they can usually offer stocks, bonds, ETFs and funds. Most "financial advisors" at banks and brokerages are in this category.
Advising representative (portfolio manager): Registered to manage investments for clients, often with authority to buy and sell without asking each time (a "discretionary" account). Portfolio managers usually charge a percentage of the assets they manage.
Insurance agent: Licensed by the provincial insurance regulator to sell life insurance, annuities and segregated funds. An insurance licence alone does not allow someone to sell mutual funds, stocks or ETFs.

How advisors are paid

Common pay models
Model	How it works	Watch for
Commission	Paid by product companies: trailing commissions built into fund MERs, or sales commissions	The advice feels free, but you pay through the product. Higher-paying products can tempt advisors.
Fee-based	A yearly fee charged on your account, often between 1% and 2% of assets	Fund costs are added on top. Ask for the all-in cost in dollars.
Fee-only	You pay an hourly rate, a flat fee per plan, or a retainer; no product sales	Clear cost and fewer conflicts, but you may have to carry out the plan yourself.

None of these is right for everyone. What matters is that you know the total yearly cost in dollars and what you get for it. Your firm must also send you a yearly report of the fees and charges you paid; read it.

Questions to ask

What are you registered or licensed to sell, and with which firm?
What credentials do you hold, and who oversees them?
How are you paid, and what will I pay in total each year, in dollars?
Do you earn more for recommending some products than others?
Will you prepare a written plan, or only manage investments?
Who are your typical clients? Am I a good fit?
How often will we meet, and what happens if you leave the firm?
How do I complain if something goes wrong?

How to check registration

Anyone selling investments or giving investment advice in Canada must generally be registered with a provincial or territorial securities regulator. Check before you meet, not after.

CSA National Registration Search – securities-administrators.ca (aretheyregistered.ca) shows whether a person or firm is registered, in which category, and any disciplinary history.
CIRO AdvisorReport – ciro.ca shows the registration and discipline record of advisors at CIRO-member investment and mutual fund dealers.
Quebec – the AMF registers cover firms and representatives authorized in Quebec, including financial planners and insurance representatives.

Also check that the firm is a CIPF member if it will hold your investments, and search the person's name with words like "fraud" or "settlement". Note that photos, voices and video calls can be faked with AI, so confirm you are dealing with the registered person by contacting the firm directly.

If something goes wrong

Complain to the firm in writing. Investment firms generally have 90 days to give you a final response (60 days for Quebec residents).
Go to OBSI. If you disagree with the answer, or get none within that time, you can take the complaint to the Ombudsman for Banking Services and Investments (obsi.ca, 1-888-451-4519). You have 180 days from the firm's final response. OBSI can recommend compensation up to $350,000 per complaint; its recommendations are not binding, but it publishes the names of firms that refuse them.
Report misconduct to CIRO or your provincial securities regulator (the AMF in Quebec). Regulators can discipline advisors but generally do not get your money back.
Get legal advice about time limits for going to court if large amounts are involved.

Red flags

Walk away if an advisor:

is not registered, or is registered in a category that doesn't cover what they're selling
promises high returns with little or no risk
pushes you to decide quickly, borrow to invest, or cash in an RRSP
asks you to make cheques or transfers payable to them personally rather than to the firm
won't explain fees in writing or can't give you Fund Facts or ETF Facts
suggests a way to take money out of your RRSP tax-free

See Investment scams for more on fraud.