{"id":547011,"date":"2026-06-21T17:01:18","date_gmt":"2026-06-21T17:01:18","guid":{"rendered":"https:\/\/www.europesays.com\/ie\/547011\/"},"modified":"2026-06-21T17:01:18","modified_gmt":"2026-06-21T17:01:18","slug":"5-warning-signs-its-time-for-canadians-to-find-a-new-financial-adviser-and-1-question-to-ask-first","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ie\/547011\/","title":{"rendered":"5 warning signs it\u2019s time for Canadians to find a new financial adviser \u2014 and 1 question to ask first"},"content":{"rendered":"

\"A A married couple sitting and chatting with a financial advisor <\/p>\n

With every relationship, there comes a time to decide whether it\u2019s really working \u2014 and it\u2019s no different when it comes to the partnership you have with your financial adviser.<\/p>\n

You might assume that portfolio performance ranks first among reasons clients choose to stay with their advisers, but findings show something different. According to research from global investment research firm Morningstar (1), the top three reasons clients remain with their advisers are discomfort in handling financial issues, quality of financial advice received and behavioural coaching provided \u2014 with return performance ranking fourth.<\/p>\n

That\u2019s not to say your adviser\u2019s performance shouldn\u2019t factor into your decision. But experts say there are other things you should consider as well.<\/p>\n

Here are the signs it might be time for a new financial adviser \u2014 plus the question you should ask yourself first.<\/p>\n

Don’t Miss You don\u2019t feel you\u2019re getting your money\u2019s worth <\/p>\n

It\u2019s important that the service you get matches the fee you pay for it. You can start by looking at performance (2) \u2014 comparing your rate of return against benchmarks like the S&P\/TSX Composite Index, Canada\u2019s primary domestic equity benchmark, or the S&P 500, which tracks the 500 largest U.S. companies (with an average annual return of approximately 10.4%).<\/p>\n

But more importantly, you should feel confident that your adviser will keep you on track to reach your financial goals, reviewing and rebalancing your portfolio as needed.<\/p>\n

In Canada, under Client Relationship Model \u2013 Phase 2 (3) (CRM2) regulations, registered advisers are legally required to provide clients with an annual fee and performance report. If you haven\u2019t been receiving one \u2014 or can\u2019t understand it when you do \u2014 that\u2019s worth addressing.<\/p>\n

And don\u2019t discount the intangibles. As Morningstar\u2019s research showed, people stay with advisers they feel will support and mentor them along their financial journey.<\/p>\n

\u201cFees should reflect the level of service, coordination and guidance you\u2019re receiving,\u201d Nicole Carlon, a certified financial planner at WiseOak Wealth (4), told MarketWatch, \u201cnot just investment returns.\u201d<\/p>\n

If you\u2019re paying 1% \u2014 a fee in line with the typical range of 1% to 1.5% for managed accounts in Canada \u2014 and you\u2019re only hearing from your adviser once a year to wish you a happy birthday, you may not be getting your money\u2019s worth.<\/p>\n

Story Continues <\/p>\n

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Read more: 3 essential money moves to make once you\u2019ve saved $50,000<\/a><\/strong><\/p>\n

Why trustworthiness is so important <\/p>\n

It\u2019s your hard-earned money \u2014 and you should have complete confidence in the person managing it. For Canadian investors, there\u2019s a straightforward way to check your adviser\u2019s track record before \u2014 or even after \u2014 committing to them.<\/p>\n

The Canadian Investment Regulatory Organization (5) (CIRO), Canada\u2019s national self-regulatory body overseeing investment dealers and advisers, maintains a public database called AdvisorReport. It provides an overview of a currently registered adviser\u2019s employment history, including any regulatory violations, suspensions and client complaints \u2014 all clear red flags.<\/p>\n

While CIRO also monitors for questionable investment behaviour, the U.S.-based Financial Industry Regulatory Authority (6) (FINRA) outlines five clear signs that may indicate your personal financial adviser may not be the one for you, and they are relevant for Canadians:<\/p>\n

    \n
  1. \n

    Asking you for a personal loan<\/p>\n<\/li>\n

  2. \n

    Trying to sell you a promissory note \u2014 a form of debt instrument typically not appropriate for retail investors<\/p>\n<\/li>\n

  3. \n

    Using their personal email, text messages or social media accounts to communicate with you outside of their firm\u2019s systems<\/p>\n<\/li>\n

  4. \n

    Asking you to transfer funds to a person or entity other than their registered firm<\/p>\n<\/li>\n

  5. \n

    Requesting to become a beneficiary on your accounts \u2014 something that is, with rare exceptions, prohibited for registered financial professionals in Canada as it creates a conflict of interest<\/p>\n<\/li>\n<\/ol>\n

    If you experience any of these behaviours, report them to CIRO and look for a new adviser.<\/p>\n

    Would you recommend your financial adviser to a friend? <\/p>\n

    If you\u2019re not sure what you think about your financial adviser, ask yourself whether you\u2019d pass their name along to family, friends or even coworkers. If the answer is no, it could be a sign it\u2019s time to move on \u2014 but first, consider that the problem might be you, not them.<\/p>\n

    \u201cLook at yourself in the mirror and ask if you caused the problem,\u201d Elias Friedman, founder and senior wealth adviser at Kadima Wealth, told MarketWatch. \u201cNot saving enough or early enough, or not returning an adviser\u2019s calls or emails, is no excuse for not reaching your financial goals in life.\u201d<\/p>\n

    Financial advisers are neither magicians nor mind readers. If you\u2019re concerned about portfolio performance \u2014 or if your financial goals have changed \u2014 it\u2019s up to you to communicate that to them. However, if they\u2019re unresponsive, that\u2019s a legitimate red flag.<\/p>\n

    Just remember: No matter how much you like your financial adviser personally, if they\u2019re not keeping you on track to reach your financial goals, it\u2019s time to find another professional who will. In Canada, you can search for a Certified Financial Planner (CFP) through FP Canada\u2019s public directory (7).<\/p>\n

    What Canadian investors can do next <\/p>\n

    If any of the above warning signs resonate with you, here are some concrete steps to take within the Canadian regulatory system:<\/p>\n