Choosing a financial advisor is one of the most important decisions you'll make as you approach retirement. The right planner can help you reduce taxes, build a smarter withdrawal strategy, and give you peace of mind — while the wrong one could cost you time, money, and confidence. So, how do you find the right fit?

At Parallel Wealth, we've worked with thousands of Canadians who came to us frustrated, confused, or unsure about their current advisor. In this blog, we'll share the five key things to look for when evaluating a financial planner or advisor — plus three steps to take if you're thinking about making a change.

1. Look for Proper Credentials (Start with a CFP)

If you're serious about building a retirement plan, you want someone with proven training. A Certififed Financial Planner (CFP) designation is a good starting point. It represents the highest standard in financial planning in Canada, requiring education, ethical standards, and ongoing continuing education.

Be cautious: not everyone calling themselves a "financial advisor" has meaningful training. Many advisors at banks or large institutions may hold a basic mutual fund or insurance license — courses that can take just a few weeks. Always ask: What are your credentials? What do they mean? Make sure the person you're trusting with your future is actually qualified.

2. Ask About Fees and Transparency

A good advisor will be upfront about how they get paid and what their services cost. If you're not sure what you're paying in fees, or if your advisor avoids the question, that's a red flag.

At Parallel Wealth, we operate with full transparency. You can view our fees online before ever booking a call. Many advisors, especially at traditional institutions, hide behind complicated fee structures or require multiple meetings just to reveal costs. 

You deserve clarity. Look for advisors who are open and honest about fees and value.

3. Make Sure They Act in Your Best Interest

This is about fiduciary duty — a legal and ethical obligation to act in your best interest, not theirs. Many advisors are tied to selling in-house products or meeting internal sales quotas. Here's a simple test: if the name on the door matches the name of the investments in your portfolio, there's a good chance your advisor is more focused on selling than serving.

Ask your advisor: Are you legally obligated to act in my best interest? The answer should be a clear yes.

4. Find Specialized Expertise 

You don't want general advice. You want someone who understands your stage of life. Retirement planning is very different from growing wealth in your 30s and 40s. Look for an advisor or team that specializes in retirement income planning, tax-efficient drawdowns, CPP/OAS optimization, and estate planning.

Our team at Parallel Wealth focuses exclusively on retirement planning. If someone comes to us for early-stage accumulation planning, we refer them to an expert who specializes in that area. You deserve the same — a specialist who knows how to handle the complexities of your retirement years.

5. You Should Feel Confident and Comfortable

A good advisor will give you a clear roadmap and peace of mind. You should never feel intimidated, confused, or talked down to. Financial planning can be complex, but your advisor should explain things in a way you understand — and, if applicable, involve your spouse or partner in the process.

It’s not just about building the best plan. It’s about building a plan you believe in.

What to Do If You’re Thinking of Making a Change

If you’re not confident in your current financial relationship, here are three paths to consider:

Option 1: Do-It-Yourself (DIY)

This can work for a small percentage of people — usually those with financial expertise and a strong grasp of retirement planning. Just know that drawing down assets and managing cash flow in retirement is far more complex than the accumulation phase.

Option 2: Ongoing Advisor Relationship

If you value guidance, but want higher quality support, consider working with a planning and investment team that offers true expertise and ongoing support. Look for transparency, clear deliverables, and a personalized experience.

Option 3: Fee-Only Financial Planning

This option is growing in popularity — especially for Canadians who are happy with their investments but need unbiased, expert advice. A fee-for-service planner builds your retirement roadmap without managing your money. You keep full control, and you know the cost up front.

At Parallel Wealth, we offer both fee-only and ongoing planning services. Many clients come to us while still working with an investment advisor or firm — they just want a second opinion or a more robust plan.

Finding the right advisor isn’t just about qualifications — it’s about trust, clarity, and alignment. Make sure the person guiding your retirement has the experience, specialization, and integrity to do it right.

If you're exploring your options or need a second opinion on your plan, visit parallelwealth.com/planning to learn more or book a call with our team.

Your future deserves more than a one-size-fits-all plan.