Find a Financial Advisor near you
The average rating for Bark Financial Advisors is 4.89, based on 8,618 reviews
5/5
based on 8,618 reviews
Are you looking for advice on how best to manage your finances? Read our handy guide to find out how much you can expect to pay for financial advice in Canada.
A financial advisor is perfectly placed to assist you in organizing your finances and planning for the future. They can help you to manage your savings, investments, insurance, tax planning and estate, supporting you in making financial decisions that support your long-term goals.
Whether you’re considering investing your money in property or hoping to retire in 15 years, a financial advisor can help you to plan out your future by ensuring that your finances are in the best possible health to meet your future goals.
Good financial advice should always ultimately save you more money than you pay in the long term. However, if you’re thinking about hiring a financial advisor to assist you with your finances, you might be wondering how much you can expect to pay.
There are many factors involved in determining the cost of hiring a financial advisor. You’ll also find that whilst some advisors work to an hourly rate, others will quote fixed fees depending on your requirements. Although there is no fixed rate, a breakdown of average hourly costs of hiring a financial advisor in Canada is given below.
| Average cost (per hour) | $220 |
| Minimum cost (per hour) | $150 |
| Maximum cost (per hour) | $350 |
There are three different ways in which financial advisors charge their clients: by the hour, a flat fee or a percentage of your investments. Your financial advisor should always tell you upfront which charging method they use, along with the estimated fees for your requirements.
If you are quoted a flat fee for your financial advice, you’ll be charged a one-off fee that covers everything from your initial financial health check through to implementing the advice of the financial advisor. You may also be charged an annual management fee for any ongoing work required.
The second option is an hourly rate. Hourly fees are straightforward, making it easy to understand how the total price is calculated. However, hourly rates are also more difficult to estimate, as it can be difficult to know how much time a financial advisor will need to spend on your case until they delve deeper into your requirements.
Finally, many financial advisors base their fees on a fixed proportion of the money that you want to invest. This usually averages around 2.4% of your investment for the initial advice and set-up, followed by around a 1% annual fee for ongoing advice and management.
The cost of hiring a financial advisor in Canada will be dependent on several different factors including:
Type of service
Delivery
Complexity
Location
The type of service offered by your financial advisor may impact the price you’re quoted for advice. For example, some advisors are restricted, meaning that they can only offer specific types of products from certain providers. Others are independent, meaning that they have access to the whole market, free from any restrictions.
You’ll find that some financial advisors will also vary their prices depending on how their service is delivered. Financial advice which is given over the phone or online is often lower in price than in-person advice, as overheads are reduced for the advisor.
The complexity of your financial situation will also affect the price that you’ll be charged for financial advice. Some cases are straightforward and can be completed quickly and easily whilst others can be more complex. You can keep these costs to a minimum by ensuring that you have all of the documents you need to hand.
Although many financial advisors work remotely with businesses across Canada and even the world, prices may vary depending on the company’s location. Financial advisors who are based in cities such as Toronto, Vancouver and Montreal will typically charge higher than the average whilst you may find that advisors in more rural locations are often lower in price.
The value that good financial advice can add to your finances shouldn’t be overlooked. If you make the wrong investment, you could stand to lose a large proportion of your wealth. Alternatively, make the right investment and you could set yourself up financially for life.
It’s particularly important to enlist the help of a financial advisor if your financial situation is complex. They can help you to get your finances in order, identify the best investment opportunities for your individual needs and help you to avoid any expensive mistakes.
The average rating for Bark Financial Advisors is 4.89, based on 8,618 reviews
5/5
based on 8,618 reviews
