Jun 12, 2026
With every relationship, there comes a time to decide whether it’s really working — and it’s no different when it comes to the partnership you have with your financial adviser.
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, the top three reasons clients remain with their advisers are discomfort in handling financial issues, quality of financial advice received and behavioural coaching provided — with return performance ranking fourth.
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That’s not to say your adviser’s performance shouldn’t factor into your decision. But experts say there are other things you should consider as well.
Here are the signs it might be time for a new financial adviser — plus the question you should ask yourself first.
You don’t feel you’re getting your money’s worth
It’s important that the service you get matches the fee you pay for it. You can start by looking at performance — comparing your rate of return against benchmarks like the S&P/TSX Composite Index, Canada’s 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%).
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.
In Canada, under Client Relationship Model – Phase 2 (CRM2) regulations, registered advisers are legally required to provide clients with an annual fee and performance report. If you haven’t been receiving one — or can’t understand it when you do — that’s worth addressing.
And don’t discount the intangibles. As Morningstar’s research showed, people stay with advisers they feel will support and mentor them along their financial journey.
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“Fees should reflect the level of service, coordination and guidance you’re receiving,” Nicole Carlon, a certified financial planner at WiseOak Wealth, told MarketWatch, “not just investment returns.”
If you’re paying 1% — a fee in line with the typical range of 1% to 1.5% for managed accounts in Canada — and you’re only hearing from your adviser once a year to wish you a happy birthday, you may not be getting your money’s worth.
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Why trustworthiness is so important
It’s your hard-earned money — and you should have complete confidence in the person managing it. For Canadian investors, there’s a straightforward way to check your adviser’s track record before — or even after — committing to them.
The Canadian Investment Regulatory Organization (CIRO), Canada’s national self-regulatory body overseeing investment dealers and advisers, maintains a public database called AdvisorReport. It provides an overview of a currently registered adviser’s employment history, including any regulatory violations, suspensions and client complaints — all clear red flags.
While CIRO also monitors for questionable investment behaviour, the U.S.-based Financial Industry Regulatory Authority (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:
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- Asking you for a personal loan
- Trying to sell you a promissory note — a form of debt instrument typically not appropriate for retail investors
- Using their personal email, text messages or social media accounts to communicate with you outside of their firm’s systems
- Asking you to transfer funds to a person or entity other than their registered firm
- Requesting to become a beneficiary on your accounts — something that is, with rare exceptions, prohibited for registered financial professionals in Canada as it creates a conflict of interest
If you experience any of these behaviours, report them to CIRO and look for a new adviser.
Would you recommend your financial adviser to a friend?
If you’re not sure what you think about your financial adviser, ask yourself whether you’d pass their name along to family, friends or even coworkers. If the answer is no, it could be a sign it’s time to move on — but first, consider that the problem might be you, not them.
“Look at yourself in the mirror and ask if you caused the problem,” Elias Friedman, founder and senior wealth adviser at Kadima Wealth, told MarketWatch. “Not saving enough or early enough, or not returning an adviser’s calls or emails, is no excuse for not reaching your financial goals in life.”
Financial advisers are neither magicians nor mind readers. If you’re concerned about portfolio performance — or if your financial goals have changed — it’s up to you to communicate that to them. However, if they’re unresponsive, that’s a legitimate red flag.
Just remember: No matter how much you like your financial adviser personally, if they’re not keeping you on track to reach your financial goals, it’s time to find another professional who will. In Canada, you can search for a Certified Financial Planner (CFP) through FP Canada’s public directory.
What Canadian investors can do next
If any of the above warning signs resonate with you, here are some concrete steps to take within the Canadian regulatory system:
- Check your adviser’s registration: Visit CIRO’s AdvisorReport to verify your adviser is registered, review their employment history and check for any complaints or disciplinary action.
- Review your annual fee and performance report: Under Canada’s CRM2 rules, your adviser must send you this report every year. If you’ve never received one, ask for it in writing. It should clearly show all fees paid and investment returns.
- Ask the one question that matters: “Are we on track to meet my financial goals?” If your adviser can’t clearly answer, that’s worth considering.
- File a complaint if something feels wrong: If your concerns aren’t resolved at the adviser level, escalate to the firm’s compliance department. If still unresolved, contact the Ombudsman for Banking Services and Investments (OBSI), Canada’s independent dispute-resolution service for investment complaints.
- Find a CFP if you’re starting fresh: If you’re looking for a new adviser, search the FP Canada directory at fpcanada.ca for a Certified Financial Planner in your area.
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Tara Losinski is an associate editor for Moneywise.
