Is Your Financial Advisor Really Working for You? | 5 Questions to Ask for Better Financial Advice

It goes without saying, having the right advisor can make all the difference. From navigating volatile markets to planning for retirement, good advice can shape your future. But not all financial advice is created equal and not every advisor is required to put your best interests first.

It’s easy to assume your advisor “has your back,” but how they’re compensated, regulated, and motivated can all influence the guidance you receive. If you’re serious about building long-term wealth and confidence in your plan, start by asking these five essential questions

1. How Are You Compensated?

• Fee-only: They charge a flat rate, an hourly fee, or a percentage of assets under management (AUM). Their incentive is aligned with your success.
• Commission-based: They earn money from selling products like mutual funds, insurance, or annuities, sometimes creating a conflict of interest.
• Fee-based: A hybrid of the two, which can still blur the line between advice and sales.

Why it matters: Knowing how your advisor is paid helps you understand what drives their recommendations. A fee-only advisor is generally aligned with your goals, not with a sales quota.

2. Are You a Fiduciary?

A fiduciary is legally required to act in your best interest at all times, not just when it’s convenient. This goes beyond the “suitability” standard that only requires recommendations to be appropriate, not optimal.

Why it matters: If your advisor operates under a fiduciary standard, you have stronger assurance that the advice you’re receiving truly puts you first. Don’t be afraid to ask for this in writing.

3. What’s Your Investment Philosophy and How Does It Fit My Goals?

Every advisor has an investment philosophy, whether they realize it or not. It’s how they make decisions about risk, diversification, and long-term strategy. The key question is: does their approach align with you?

Why it matters: A well-matched philosophy helps you stay confident during market ups and downs. If your advisor’s approach feels too aggressive or too conservative you’ll always be second-guessing.

4. How Often Will We Review My Plan and How Do You Communicate?

Life changes, markets move, and your plan should evolve too. Financial advice isn’t a one-time event it’s an ongoing process.

Why it matters: A strong advisor relationship includes regular touchpoints. Annual reviews are a baseline, but major life events may require more frequent updates. The best advisors communicate in a way that fits you, whether that’s in person, over video, or via email.

5. Can You Explain Things Clearly, Without the Jargon?

Finance doesn’t have to sound complicated. If you’re walking away from meetings feeling more confused than confident, something’s wrong.

Why it matters: A great advisor makes complex topics simple. They don’t just manage your money they help you understand it. You should feel empowered to make informed decisions about your future.

The Bottom Line

Good financial advice is about partnership and trust. Asking these five questions can help you uncover whether your advisor is truly acting in your best interest or just following a playbook.

Your financial future deserves more than “good enough.” Make sure the person guiding it is as committed to your success as you are.

This information has been prepared by Kondwelani Kalinda, an Associate Investment Advisor at iA Private Wealth Inc. Opinions expressed in this article are those of the Associate Investment Advisor only and do not necessarily reflect those of iA Private Wealth Inc. iA Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Canadian Investment Regulatory Organization