How Many Advice-Only Financial Planners Are There in Canada?
I have been an advice-only financial planner for more than 20 years. When I started providing fee-only financial planning in 2002, very few people in Canada were doing it. More than two decades later, there are still surprisingly few.
So, how many true advice-only financial planners are there in Canada? And how many could there eventually be in the future?
What Is an Advice-Only Financial Planner?
Advice-only financial planning is different from most financial advice available in Canada. Under a strict definition, an advice-only financial planner is paid directly by the client for financial planning advice and does not manage investments for a fee, sell financial products, earn commissions, or receive referral compensation connected to financial products.
That distinction matters because the terminology can be confusing. Consumers may have encountered terms like fee-only and fee-based and assume they mean the same thing. They do not.
An investment adviser who charges a percentage of a client's portfolio may describe their compensation as fee-based. Consumers also encounter the term fee-only used in the same way, which can add to the confusion. An advice-only financial planner, by contrast, charges an hourly, project, retainer, flat fee, or other direct advice fee and is compensated solely for providing professional financial planning advice.
To add to the confusion, some planners provide advice-only services but also manage investments or sell insurance to generate extra revenue. That does not necessarily mean their advice is conflicted, but it means advice is not the only way they can generate revenue from the relationship.
There May Be Fewer Than 100 True Advice-Only CFPs in Canada
I have historically referenced that there are about 150 fee-only, advice-only financial planners in Canada. After looking more closely at the available directories and firm counts, I think that estimate may be too high.
My estimate is that there may be only 75 to 100 Certified Financial Planners (CFPs) in Canada who have a strict advice-only model.
To arrive at this estimate, I reviewed the major Canadian advice-only financial planner directories, adjusted for duplicate listings, looked at the number of CFPs working at firms with multiple planners, and excluded firms where investment management or insurance sales are part of the primary business model.
This is an estimate, not a verified industry statistic. There is no regulatory category for an advice-only financial planner, and there is no national registry that identifies planners based on how they are compensated. Some planners who fit this definition may not appear in the major directories either.
Even allowing for those limitations, I would be surprised if the number were much higher than 100. As of July 1, 2026, FP Canada reports that about 17,000 CFP professionals and about 1,200 Qualified Associate Financial Planner (QAFP) professionals meet its standards.
If my estimate is reasonably accurate, only about 1 in 200 Canadian CFPs is an advice-only financial planner. In other words, about one-half of 1% of CFPs have chosen this approach.
Why Are There So Few Advice-Only Financial Planners?
Canada's financial advice industry developed primarily around the distribution of financial products. In fairness, this is no different than most of the rest of the world.
Banks and insurance companies employ many of Canada's financial advisers, and these industries are also relatively concentrated. Compensation has traditionally come from commissions, embedded fees, insurance compensation, or, increasingly, a percentage of assets under management for fee-based investment advisors.
Self-directed investing is easier than ever, but most people have no interest in managing their own investments. So, there is nothing inherently wrong with paying an investment professional to manage investments. Many investors want professional portfolio management, and there are excellent advisers who combine investment management with thoughtful financial planning.
The challenge is that financial planning and investment management are not the same service. A consumer may want help deciding when to start CPP, how to draw down an RRSP, whether incorporation makes sense, how to reduce taxes, whether investment fees are reasonable, or how to maximize their estate value. None of those questions necessarily requires delegating investment management.
An advice-only financial planner can work with a do-it-yourself investor, someone using a robo-adviser, or someone who already has an investment adviser. An advice-only planner may also collaborate with a client's accountant or lawyer. The client is paying directly for the planning itself rather than receiving planning as part of another financial relationship.
You can read more about what advice-only financial planning means and the differences between advice-only financial planning and other compensation models.
How Large Is the Advice-Only Financial Planning Market?
So how large is the advice-only financial planning market today? There is no reliable industry revenue data for advice-only planning. But to put the potential size into perspective, if roughly 100 planners generated an average of $200,000 to $300,000 of annual revenue each, that would imply a market of approximately $20 million to $30 million annually.
The actual number could be higher or lower, but it provides some perspective on how small the advice-only planning industry remains by Canadian financial services standards.
Canada has millions of households approaching or living in retirement, managing their own investments, operating businesses, or dealing with increasingly complex tax and estate planning decisions. Many could benefit from professional financial planning without necessarily needing someone to manage their investments.
Of course, potential demand and actual demand are two different things. Millions of Canadians could benefit from financial planning, but that does not mean millions are prepared to pay directly for it. That remains one of the biggest challenges facing advice-only financial planning.
Consumers are accustomed to financial advice appearing free because costs are often bundled into investment or insurance relationships. Paying thousands of dollars directly to a financial planner can feel expensive, even when the same household may already be paying thousands of dollars each year, and in some cases much more, indirectly through investment fees.
Our own financial planning fees illustrate how explicit the advice-only model is. Clients know what they are paying and what they are receiving in return.
As Canadians become more aware of investment costs and increasingly use low-cost portfolios, exchange-traded funds, robo-advisers, and self-directed investment accounts, I expect demand for unbundled financial advice to continue growing.
The growth of non-bank, independent wealth management firms may create another opportunity, as more firms choose to separate portfolio management from financial planning.
Could Canada Support 1,000 Advice-Only Financial Planners?
I think so, although I am not predicting that Canada will have 1,000 advice-only planners before the end of my career. Even 500 advice-only CFPs would represent only a small fraction of Canada's current CFP population.
One of the biggest problems right now is that most advice-only financial planners are sole practitioners. There are very few advice-only financial planning firms in Canada. If consolidation increases, the way financial planning advice is provided to Canadians may change as well.
That is why I do not think the long-term ceiling is necessarily 100 or 150 advice-only CFPs. I think there is room for hundreds and potentially more than 1,000 over time if consumer awareness and demand continue to develop.
The Constraint Today Is Probably Awareness, Not Supply
If Canada suddenly had 1,000 advice-only planners tomorrow, there may not yet be enough consumer awareness to support them all.
We regularly speak with clients who have spent years trying to find someone who will provide financial planning without taking over their investments. Some assume an advice-only planner is simply an investment manager who charges by the hour. Others contact firms described as fee-only and later discover those firms are fee-based and charge a percentage of assets.
That confusion is why terminology matters. Most consumers struggle to determine exactly how an adviser is compensated.
Our investment planning process is one example. We can review asset allocation, investment fees, tax efficiency, withdrawal strategies, and investment structure, but we do not manage portfolios or receive referral fees from anyone who does.
Financial Planning Must Become More Established as a Profession
Historically, financial planning has often been tied to the sale or management of financial products. That has made it harder for financial planning to develop as a standalone profession in the way accounting or law have.
An accountant can be paid for tax advice. A lawyer can be paid for legal advice. Neither professional is expected to sell or manufacture a related product in order to justify providing that advice.
I believe financial planners should be able to build successful careers primarily by delivering professional advice. I wrote several years ago that there would likely be more fee-only financial planners in Canada if financial planners were viewed more like other professionals. I still believe that. But progress is slow.
When I started my advice-only career in 2002, building an advice-only practice was far more difficult than it is today. Advice-only planners are charging more appropriate professional fees, technology is making planning more efficient, and consumers are increasingly willing to separate financial planning from investment management.
For CFPs considering a career change, that may create an interesting opportunity. There are still relatively few experienced CFPs who have built careers focused primarily on comprehensive planning rather than gathering and managing assets.
At Objective Financial Partners, we have built our business around that specialization. Our planners focus on retirement planning, tax planning, estate planning, investment planning, and financial decision-making without selling products or managing assets.
Today, Objective has 15 CFP and Pl. Fin. (Québec financial planners) working in our advice-only model, which, to my knowledge, makes Objective Financial Partners Canada's largest advice-only financial planning firm. For planners interested in this type of work, you can learn more about our careers and our approach to advice-only planning.
Where Does Advice-Only Financial Planning Go From Here?
I do not expect advice-only financial planning to replace traditional investment advice, nor do I think it should.
Some Canadians want an adviser to manage their investments and provide financial planning. Others are comfortable managing investments themselves or already have an investment adviser and simply need planning advice. Advice-only financial planning does not replace investment advice. I see it filling a different need.
If my estimate is reasonably close, fewer than 100 CFPs currently specialize in serving this market across Canada. I would not be surprised if there were many times that number in the future.
The bigger challenge is not finding more planners. It is helping more Canadians understand that they have another option.
Frequently Asked Questions About Advice-Only Financial Planners
Are looking for financial planning advice without investment management or product sales?
This article is intended for educational purposes only and does not constitute personalized advice. The strategies and information discussed may not be suitable for your individual situation or may not be up-to-date and current. Please seek guidance from a licensed professional for advice specific to your circumstances.
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