Questions to Ask a Financial Planner Before You Hire Them in Ontario

Choosing a financial planner is one of the most consequential professional relationships you'll form. Done right, it can mean retiring earlier, paying significantly less tax, and leaving more to the people you care about. Done poorly, it can mean years of paying for advice that doesn't actually serve your interests.

The good news: a well-prepared initial conversation can tell you almost everything you need to know. Here are the most important questions to ask — and what good answers actually look like.

Questions About Credentials and Regulation

"What credential authorizes you to use the title Financial Planner in Ontario?"

In Ontario, the "Financial Planner" title is protected by FSRA. Only professionals holding an approved designation — most commonly the financial planner — can legally use it. A qualified planner will answer this question directly and specifically. If they're vague or redirect to a different title, that's a signal.

"Are you registered with any regulatory body? Which one?"

Financial planners in Ontario may also hold registrations with CIRO (the Canadian Investment Regulatory Organization) if they manage investments, or FSRA if they sell insurance products. Understanding their regulatory home helps you know what oversight they're subject to.

"Can I verify your credentials publicly?"

Yes — and you should. FP Canada's financial planner registry is publicly searchable at fpcanada.ca. FSRA's public registry is at fsrao.ca. A professional with nothing to hide will welcome this.

Questions About Compensation

"How do you get paid?"

This is perhaps the single most important question. Know whether your planner earns fees from you directly, commissions from product providers, or a combination. There is no universally "best" model, but you need to understand the incentive structure before you trust the recommendations.

"Do you earn anything differently based on what products I use?"

A follow-up that cuts through vague answers about compensation. If a planner earns more when you buy one product versus another, you deserve to know that before they make a recommendation.

"Are there any other parties who compensate you in connection with my account?"

Trailer fees, referral fees, and back-office arrangements can all create conflicts. A transparent planner discloses these proactively.

Questions About the Planning Process

"What does a financial plan from you actually look like?"

A real financial plan is a written document — not a verbal conversation, not a pie chart of your investment mix. Ask to see a sample (with client information removed). It should cover retirement income projections, tax strategy, cash flow, estate considerations, and risk management at minimum.

"What information do you need from me to build a plan?"

This question reveals whether the planner takes a comprehensive view. A good planner will want tax returns, benefit statements, insurance policies, estate documents, and a detailed picture of your goals. A product-focused advisor may only ask what you want to invest.

"How often will we meet, and what triggers a plan update?"

Financial plans should be reviewed at least annually and updated when your life changes materially — job change, inheritance, divorce, approaching retirement. Understand upfront what the ongoing relationship looks like.

Questions About Fit and Client Profile

"Who is your typical client?"

You want to work with someone who has real experience with situations like yours. If you're a business owner approaching retirement, a planner who primarily serves young families may not be the best match — not because they're unqualified, but because experience with your specific planning challenges matters.

"What's your process when you disagree with what a client wants to do?"

This is a revealing question. A good planner will say they explain their reasoning clearly and document their recommendation — even if the client ultimately chooses a different path. A people-pleaser will say they follow whatever the client wants. You want someone who will push back thoughtfully when it's warranted.

"What should I expect in the first 90 days of working with you?"

The answer should describe a structured onboarding: data gathering, analysis, draft plan, review meeting, and implementation steps. If the answer is "we'll open your accounts and start investing," reconsider.

Why These Questions Matter

Marc Pineault is a financial planner at Pineault Wealth Management in London, Ontario. He works with individuals and families across Southwestern Ontario who are serious about building a comprehensive financial plan — not just opening an account. The kinds of questions above are exactly the ones Marc welcomes, because a well-informed client makes a better planning partner.

If you're preparing for your first conversation with any financial planner — including Marc — these questions give you a framework for evaluating what you hear.

To learn more about the planning process at Pineault Wealth Management, visit pineaultwealthmanagement.com.

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This article is for educational purposes only and does not constitute personalized financial advice. Please consult a qualified financial planner before making any financial decisions.