What is the fee for a financial planner?

Updated: July 3, 2025 

Helping clients understand how they pay for financial advice is part of building trust. This approach gives clients more clarity about where their money is going. The demand for transparency in wealth planning should be expected. 

It’s perfectly normal for clients to want to know exactly what they are paying for. They want to be sure that their financial planner is working in their best interests. That’s why in this article, Wealth Professional Canada will provide you with valuable insights about fee-for-service financial planners. We’ll also cover the average fees for hiring financial planners in major cities. 

What is a good fee for a financial planner? 

There is no one-size-fits-all pricing model for financial planning. A good fee should reflect the value provided and the complexity of the work. Hourly rates usually depend on experience and service depth. Some planners charge monthly retainers or offer services priced by project. 

For those offering fee-only or fee-for-service planning, the pricing is not linked to product sales or assets under management. Instead, compensation comes only from your clients. This means that fees must be explained clearly and justified based on the quality of advice, not the size of their investments. 

The goal of a fee-for-service financial planner’s pricing should be to promote transparency and fairness. Your clients pay for your time, expertise, and support. If positioned well, this model can help you attract more clients and stand out in a competitive market. 

Fee-based financial planners 

Fee-based financial planners who manage assets often charge around 1 percent of assets annually. This works best with clients who have significant wealth to manage as compensation is based on the portfolio's value. 

Average fees for financial planners in Canada 

Understanding regional differences in pricing can help you benchmark your own fee-for-service structure. Salaries and compensation expectations for financial planners vary across the country. 

Below is a breakdown of estimated compensation and average salaries in major cities, based on industry data and current reporting. 

Average fees for financial planners in Vancouver 

In Vancouver, the average salary for a financial planner is around $60,176 per year. The estimated total pay, which includes bonuses and other incentives, is about $90,185. This reflects higher living costs and strong demand for planning services in British Columbia. 

Average fees for financial planners in Toronto 

Toronto financial planners report an average salary of $66,895, with estimated total pay reaching approximately $88,885. 

As Canada’s financial centre, Toronto has a competitive advisory market. Financial planners here often serve a wide mix of clients, from early-career professionals to households with high net worth. 

Average fees for financial planners in Montréal 

In Montréal, financial planners earn an average base salary of $68,861, with estimated total pay reaching $96,706 per year. Montréal’s bilingual requirement is evident in job postings from major financial institutions in the city. 

For instance, Scotiabank's job postings for financial planners in Montreal emphasize the need for bilingualism to effectively serve their diverse client base. 

Financial professionals in Québec are regulated by the Autorité des marchés financiers (AMF) and the Institut québécois de planification financière (IQPF). Both regulatory bodies operate primarily in French. That’s why proficiency in both languages is not only beneficial for client interactions. It's also necessary for compliance with regulatory standards.  

Average fees for financial planners in Edmonton 

The average base salary of financial planners in Edmonton is $64,390. They have an estimated total pay of $83,261 per year. The demand for financial planning services in Edmonton is steady, with opportunities in both urban and suburban areas. 

Average fees for financial planners in London 

Financial planners in London, Ontario, earn an average base salary of around $53,000, with total pay of $58,686 per year. The cost of living in London is relatively lower compared to larger Canadian cities, allowing financial planners to offer competitive fee structures. 

This affordable cost of living helps make financial planning more accessible to a wider range of individuals and families in the area. 

Average fees for financial planners in Halifax 

In Halifax, financial planners have an average base salary of $71,352, with estimated total pay reaching $86,376 per year. The city's economy, driven by sectors such as education, healthcare, and the military, presents financial planning opportunities for new and veteran wealth professionals. 

The estimated total pay and average base salary figures are from Glassdoor. 

What do financial planners do?  

Financial planners are professionals who specialize in assisting individuals and families with managing their finances. This could mean: 

• saving for retirement 
• setting financial goals 
• developing plans for any financial situation 

Become a Certified Financial Planner 

To become a Certified Financial Planner (CFP) in the country, you need to pass the criteria set by FP Canada. First, you must have a bachelor’s degree. Then, you need to complete certain educational programs and get the minimum work experience required. 

After that, you must take and pass the CFP exam. Once these steps are complete, you can apply for a CFP certification. To maintain it, you must renew your certification and adhere to FP Canada’s code of ethics. You also need to commit to continuing education (CE). 

Learn about the importance of getting a CFP designation in this short clip: 

Having a CFP certification is vital, especially during times when fraudulent activity increases. For example, there was a rise in investment scams during the COVID-19 pandemic. To combat this, FP Canada warned clients to verify their financial planner’s certification. 

Know the fee structure for fee-for-service financial planners 

Now, if you’re new to the industry, you need to have a clear understanding of the fee structure for fee-for-service financial planners right from the start. This avoids confusion later and helps your clients understand the value of your work. 

How much should financial planners charge in Canada? 

The fees for financial planner services in Canada can vary based on factors such as: 

• location within Canada 
• type of services 
• complexity of your clients’ financial situation 
• credentials and experience 
• fee structure 

While some typically charge a percentage of the total assets they manage, other financial planners charge flat or hourly rates. 

What’s the difference between a financial planner and a financial advisor?  

All financial planners can be considered financial advisors—but not all financial advisors are financial planners.  

A financial planner is a specialist who helps people and families develop thorough financial plans to meet their monetary goals. They consider various aspects of a person's financial life such as: 

• budgeting 
• saving 
• insurance 
• investing 
• retirement planning 
• tax optimization 

Financial planners work closely with clients to understand their specific financial goals. Then, they make customized plans to help them meet those objectives. That’s why your primary focus should be creating a holistic financial strategy that encompasses all areas of a person's financial well-being. 

On the other hand, a financial advisor is a broader term used for professionals who provide advice and guidance on various aspects of personal finance. 

Aligning your fee structure with market realities 

Market realities are changing. Some clients prefer one-time plans while others expect ongoing support. You should be prepared to offer flexible options that match client expectations while protecting your time and business value. Regularly reviewing your pricing also helps. If you have been in the profession for some time, what worked when you started might need a bit of rethinking to stay relevant. 

For fee-for-service financial planners, your fee structure can be a reflection of your credibility and commitment. As such, you need to be clear about what services are included and how those services are priced. Flat rates, hourly fees, and project pricing must be well-defined. Your process should also outline how and when you deliver advice and follow-ups. 

Overall, setting up a fee structure that reflects the value of your work is critical. As more people look for clarity and independence in financial advice, the fee-for-service model might continue to gain ground. It gives your clients a clear picture of what they are paying for, without any confusion around commissions or embedded product charges. 

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