It pays to be invested with an advisor 

When you partner with a trusted advisor, you can spend less time thinking about your money and invest your energy into the things that matter most to you.

Is an advisor worth it? Absolutely. 

Studies have found that Canadians who rely on professional advice to guide their financial decisions report higher levels of satisfaction, trust their advisor and credit that relationship with helping them achieve better savings and investment habits. ¹

Further research has shown that households that partner with an advisor had more than double the wealth of non-advised households with similar incomes.2 The impact of financial advice tends to compound over time. 

The value of advice increases over time

Difference in household financial assets attributable to financial advice

Finding an advisor

This is one investment you can make on your own. It’s a serious decision, but it doesn’t have to be difficult, if you break the task down into five easy steps.


If you know your financial goals, you’ll be in a stronger position to select the right advisor. Start by jotting down a few details about your near-term and longer-term goals, as well as your attitudes towards investing.

Build a shortlist

Word of mouth referrals and an internet search are a good start. Your accountant or lawyer may be able to put you in touch with an advisor. Your friends, family and colleagues may also share the names of their advisors. 

Interview candidates

It’s best to meet with at least three financial advisors before you make your choice. Arrange an appointment to meet in their offices to get a feel for their business environment. Your questions should cover such areas as their background and experience, business practices, products and services, and compensation.

Check references

Background: Confirm licenses and other credentials by calling the organizations that grant the designations.

Disciplinary action: To find out if the advisor has a disciplinary history, check the Canadian Securities Administrators website.

References: Be sure you obtain a list of the advisor’s current clients who are willing to provide references, preferably in situations like yours. Ask the references about the advisor’s frequency of contact, strengths and weaknesses.

Rank your candidates and make your decision

After meeting with prospective advisors and checking their references, it’s time to evaluate them and make your decision. Skill should be the top criterion, followed by trust and open communication. Ultimately, it’s important to trust and feel comfortable with your advisor.

Your relationship will develop over time

It’s important to understand the roles and responsibilities of both you and your advisor. The best advice relies on having a full and accurate picture of your financial situation.

It’s also important to understand that sometimes the markets will behave erratically. Most advisors are more than happy to talk to you about volatility and help you stay to course toward your financial goals.

Explore more

Why it pays to be invested

Perspectives, strategies and historical evidence that shows why it pays to be invested.

Why invest with us

We want to inspire Canadians to invest in their passions, as well as their finances.

1 Canadian Mutual Fund Investors’ Perceptions of Mutual Funds and the Mutual Fund Industry, IFIC, 2016.

Source: More on the Value of Financial Advisors. CIRANO (2020).

2 Cirano Research Study, March 2020.  In 2018, the average household with a financial advisor for 15 years or more had asset values 2.3 times higher than an average “comparable” household without a financial advisor.  This number varied between 2.73 in 2010 and 2.9 in 2014.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.

The content of this web page (including facts, views, opinions, recommendations, descriptions of or references to, products or securities) is not to be used or construed as investment advice, as an offer to sell or the solicitation of an offer to buy, or an endorsement, recommendation or sponsorship of any entity or security cited. Although we endeavour to ensure its accuracy and completeness, we assume no responsibility for any reliance upon it.