FAQs

A financial advisor is a broad title that does not require specific designations or minimum experience. Advisors often sell financial products and help choose investments (such as mutual funds or insurance products).

In contrast, a financial planner is a protected title in many provinces and generally requires recognized credentials like a CFP® (Certified Financial Planner). Planners typically take a comprehensive approach, addressing retirement planning, tax strategies, and estate considerations.

A portfolio manager (or advising representative) manages money directly on your behalf, generally on a discretionary basis. Portfolio Managers are regulated by the Canadian Securities Administrators and must meet prescribed education, experience, and ongoing compliance requirements.

Professional guidance can help individuals make informed choices, save time, and reduce stress. If you want to grow your wealth, plan for retirement, or navigate complex financial decisions, a financial planner can help.

In Canada, advisors can be compensated in several ways including:

• Commissions based on trades of equity, bonds or other financial products.

• Trailer fees, which are ongoing payments built into the cost of certain investments like mutual funds and paid for by the mutual fund company.

• Fee-based accounts which charge a percentage of the investments being managed.

• Fee-for-service or fee-only where you pay directly for advice on an hourly or project basis.

At North Road, we charge fees in one of three ways depending on the services we provide:

• Investment Counsel: Fee based. Investment counsel includes our full breadth of services lead by our Portfolio Managers.

• Financial Consulting: Per hour, financial consulting is based on your specific planning project lead by our Financial Planners.

• Insurance: Commission based, as the Life and Accident & Sickness insurance industry in Canada does not have a fee-based option.

Credentials like CFP®, QAFP™, CIM® and CFA® reflect structured education paths, ethical codes and professional requirements that help clients understand the training and focus of their advisors. Look for designations such as:

• CFP® (Certified Financial Planner)¹: The CFP® designation is issued under license from the Financial Planning Standards Board and administered in Canada by FP Canada™. CFP professionals have completed an advanced education program, passed a national examination, met work-experience requirements, and agreed to abide by a Code of Ethics and Standards of Professional Responsibility. CFP professionals are trained to assess a client’s complete financial picture including retirement, tax, estate and investment planning, and to develop integrated financial plans. The standard for comprehensive financial planning, covering retirement, tax, and estate strategies.

• QAFP™ (Qualified Associate Financial Planner)²: Also granted under the FP Canada Standards Council™, the QAFP™ credential confirms foundational competence in financial planning and a commitment to professional conduct. QAFP professionals complete an approved education program, pass a certification exam, and demonstrate qualifying work experience, and they often serve clients with more straightforward financial planning needs. Effective for those starting out or with less complex planning needs.

• CIM® (Chartered Investment Manager)³: The Chartered Investment Manager (CIM®) designation is widely recognized as the benchmark for discretionary investment and portfolio management in Canada. It’s endorsed by Canadian securities regulators and signals that those who hold it have the expertise to evaluate and manage every aspect of a client’s investment portfolio with confidence. Focused on discretionary portfolio management and investment counsel.

• CFA® (Chartered Financial Analyst)⁴: Awarded by the CFA Institute, the CFA charter is one of the most respected credentials in the investment world. It’s globally recognized for its focus on advanced investment analysis, portfolio management, and the highest ethical standards. Earning the CFA designation requires passing three challenging exams and meeting strict work experience requirements. That’s why it’s highly regarded in areas like institutional money management and securities analysis. Globally respected for deep investment analysis and portfolio construction expertise.

Start by asking the right questions:

• Are they fiduciaries?

  • Certain portfolio management relationships may give rise to fiduciary obligations under Canadian law. In all cases, we are required to comply with the client-focused reforms under NI 31-103, which require us to put clients’ interests first.

• Do they customize advice to your unique needs?

  • Your financial life isn’t one-size-fits-all. Look for advisors who take the time to understand your financial and retirement goals, family dynamics, and business interests.

• Do their skills match your complexity?

  • If you need multi-generational planning, advanced tax strategies, or specialized services like digital risk advice, make sure they have the expertise and resources to deliver.

Fiduciary law safeguards relationships of exceptional trust and dependence by imposing strict duties that require fiduciaries to act with honesty, selflessness, integrity, and utmost good faith in the best interests of those they serve.⁵

As a registered portfolio management firm providing discretionary investment management, our relationship with clients may give rise to fiduciary obligations under Canadian law. We are also subject to the client-focused reforms under NI 31-103, which require us to prioritize clients’ interests, identify and address conflicts, and provide advice that is suitable and in the client’s best interest.

In Canada, financial planners are not required to be fiduciaries. A Financial Planner that acts as a fiduciary has an obligation to act in the clients best interest at all times. This helps reduce potential conflicts of interest and ensures that recommendations are based on what is most appropriate for your situation. Working with a fiduciary can provide greater transparency, more objective advice, and a higher level of trust in the planning process.

When evaluating your options, it is important to look beyond investment management alone and consider whether the firm integrates tax strategy, estate planning, and broader financial planning into their advice. In addition, the ability to effectively integrate with your accounting and estate legal teams is a must. A coordinated approach can help ensure that decisions are made with your full financial picture in mind.

To see our insights on tax-managed investing, check out our North Road Waypoint page.

For full-service investment counsel we typically work with families or institutions who have $1,000,000 or more in investable assets, but we’re happy to offer financial consulting on an hourly or project basis for smaller portfolios. Call us to discuss your specific situation.

We provide investment management, retirement and financial planning, and digital risk advice. Our financial planning services may include tax and estate-related strategies. However, these do not constitute legal or tax advice. Insurance solutions are provided under separate insurance licensing for clients in Alberta and British Colombia.

Yes. We help you maximize RRSP and TFSA contributions and plan for pension income. We have a special skill in understanding and utilizing Individual Pension Plans (IPPs) as well.

Yes. We specialize in helping business owners and professionals manage wealth, plan for succession, and minimize taxes. We find accountants, engineers, doctors, dentists, and other professionals particularly appreciative of our investment philosophy.

We work with many Canadian ex-pats, including those living in Mexico, the United Arab Emirates, and Saudi Arabia. While their circumstances can be more complex, our role remains the same: providing integrated investment management, financial planning, and tax-aware strategies based on their residency ties and long-term goals. What makes our firm special is our ability to coordinate the holding and full rebalancing activities of investment assets inside of Canada while our clients are move from their Canadian Tax Residency status. 

Where additional expertise is required, we help coordinate with qualified local professionals, such as tax and legal advisors, to ensure that cross-border considerations are addressed appropriately. This collaborative approach helps ensure that clients receive well-informed guidance while maintaining a clear, consistent strategy across jurisdictions.

At North Road, your investments are held by an independent, third-party custodian in Canada. Our custodians are Canadian financial institutions that provide custody services to a broad network of credit unions, portfolio managers, and trust companies. Using a third-party custodian helps safeguard client assets through segregation and independent recordkeeping.

Where applicable, assets held with a CIPF member may be eligible for protection under the Canadian Investor Protection Fund (CIPF), subject to specific terms, limits, and conditions. CIPF protection applies only in limited circumstances involving the insolvency of a member firm and does not protect against market losses.

We protect your information using strong encryption, secure cloud infrastructure, and strict access controls. We also carefully vet all third-party services and continuously review them to ensure they meet recognized security and privacy standards and support our compliance with Canadian privacy laws, including PIPEDA.