We want to retire at 65 and have $3 million invested with no mortgage. Should we pay for a financial planner to make sure our money lasts?

Canadians are clearly worried about financing their retirement.

It’s easy to appreciate where the worry is coming from given that the expectations of what’s needed to have a comfortable retirement are constantly rising. The 2026 BMO Annual Retirement Survey found that the average Canadian now believes they need $1.7 million to retire comfortably — up from $1.54 million in 2025 (2).

But are Canadians rising to meet that goal? According to the latest data from Statistics Canada, the average total of Registered Retirement Savings Plans (RRSPs) and other pension assets is just $178,300 (3), although it increases to $266,000 for Canadians aged 55 to 64 years.

Add in employer-sponsored Registered Pension Plans (RPPs), and the average Canadian has just $349,000 for retirement, while those aged 55 to 64 years have $552,600.

That’s good, but not great.

Many Canadians could have some catching up to do, and having a financial planner might be the person to get them there.

But what if you’re already ahead of the curve? What if you have a large retirement nest egg? Is hiring a financial planner still a smart move?

To illustrate, let’s assume a couple with a $3 million portfolio. Not only does this couple have more in retirement assets than the typical Canadian, but this couple is also near that “magic number” — $1.7 million per person — that’s supposed to make for a comfortable retirement.

They’ve clearly done well on their own, so is it worth it to pay a professional to help them plan for retirement?

Yes… and no. Truth is, there are pros and cons to hiring a financial planner. You just need to decide what matters to you most.

Using a financial planner

With $3 million in assets, a paid-off home and no other major financial concerns, you might assume that a financial planner isn’t worth the money or trouble. You wouldn’t be alone in thinking that way.

“Many Canadians are not engaging financial planners because they think the process is too complex or costly,” says Geoffrey Rush, Partner and National Industry Leader at KPMG Canada (4).

Rush says this is “concerning” because those who do use a financial planner report feeling far more prepared for retirement. In fact, 8 out of 10 (80%) Canadians with a professionally prepared financial plan told KPMG Canada they felt secure to retire at their planned age — compared to just 4 out of 10 (36%) without one (4).

This finding is similar to a 2025 survey by Vanguard, which showed that the top reason clients seek out advice was the “peace of mind” that comes with having a professional at their side (5).

Another upside of working with a financial planner is that you’ll have an expert who isn’t emotionally attached to your money offering advice on how to manage your assets. They can help you identify any blind spots in your portfolio and address them, making sure you have the right asset mix that can withstand major downturns or inflation.

With that $3 million, it’s also feasible that you’re in a position to pass on an inheritance. A financial planner can guide you on estate-planning options so you’re able to make sound decisions for the type of legacy you want to leave behind.

Finally, things may be going well for you financially right now — but what if life throws you a curveball and your finances suddenly change? Or worse, what if your health declines and you wind up needing long-term care?

The financial costs of long-term care

To take an example, imagine your health takes a sudden turn for the worst and you’re forced to get an in-home health aide. You could be looking at spending anywhere between $3,500 to $30,000 per month, according to one projection by Scotia Wealth Management (6).

That’s as much as $360,000 per year, and it’s just one possible scenario.

If you found yourself in such a situation, you might be forced to take drastic action. For example, since your home is paid off, you could use the home equity to get a personalized reverse mortgage from online aggregators like Homewise. This free online tool does the mortgage shopping for you, giving you access to rates from 30+ lenders with one simple application.

The drawback of a reverse mortgage, though, is that interest rates can be higher than a standard mortgage or home equity line of credit (HELOC) (7).

Another option could be to purchase coverage before healthcare costs derail your retirement.

These days, it’s easier than ever. In fact, you can get affordable life and health coverage from online-only providers such as PolicyMe. Just answer a few questions, and PolicyMe will provide you with an instant, no-obligation quote, valid up to 90 days. Most policies are approved without any medical tests, and you can opt for term lengths ranging from 10 to 30 years.

No matter how you prepare for potential health problems, a financial planner can help you prepare for the costs before they start piling up.

Paying for a financial planner

The obvious downside to working with a financial planner is the cost, and if you manage your finances on your own, you won’t have to pay a professional any fees.

That cost can vary depending on who you use, where you’re located and the fee structure. One way of paying for their services is through an annual retainer, or even an hourly rate, but these can be costly. You could also pay for a standalone financial plan, which charges an average of $3,000 (8).

The most common way of paying for financial planning services, however, is through a percentage of the assets under management (AUM) that’s charged annually.

To do this, a majority of financial planners (58%) in Canada use a “graduated” fee structure, where the percentage of AUM changes according to the size of the portfolio (9). They might charge 1.25% for the first $500,000, then 0.75% for the next $500,000, giving an average of 1.0%.

That might seem low, but it adds up when you do the math.

Say a financial planner charges you an average of 1% for your $3 million portfolio — that would mean you’re paying $30,000 a year. Depending on how you view it, that’s a lot to pay for help you might not think you need.

At the same time, it’s worth considering that because they’re paid a percentage of the AUM, financial planners are also motivated to see your portfolio grow so they get paid more.

In fact, research from Envestnet found that clients working with experts who focus on financial planning, asset selection and allocation, investment selection, systematic rebalancing and tax management saw 3% higher annual returns on average — although, this is data from a U.S.-based firm (10).

Even after factoring in that 1% fee, the higher returns could more than offset the costs.

Finding a middle ground

The thing is, once you’re actually retired, you may not be looking to grow your portfolio as much as generate a stable income. And if you’re already getting that, there may be little sense in bringing in a professional.

But that doesn’t mean you can’t benefit from financial expertise.

Whether you’re five or 15 years away from retirement, Wealthsimple Portfolios makes it easy to build a nest egg that can help reduce your reliance on government benefits later on.

Their pre-built portfolios are tailored to your retirement goals, risk tolerance and investment horizon, so whether you’re planning for a comfortable early retirement or steady growth over the long term, there’s a portfolio designed for you.

You can automate your contributions inside an RRSP or TFSA and let Wealthsimple handle the heavy lifting: managing risk, rebalancing your portfolio and reinvesting dividends.