Financial planners in Ontario commonly charge through hourly fees, fixed or project-based fees, annual retainers, or percentage-of-assets fees. The amount you pay depends on the complexity of your financial situation, the scope of planning, whether investment management is included, and how the advisor is compensated.
Key Takeaways
Financial planner fees can be hourly, flat-fee, percentage-based, or fee-based.
Percentage-based fees generally increase as the portfolio grows.
A $500,000 portfolio at a 1% annual advisory fee costs $5,000 per year, before applicable taxes and other investment costs.
A $1 million portfolio at 1% costs $10,000 per year.
Retirees should compare total costs, not just the planner's stated advisory fee.
Ask whether the fee includes retirement-income planning, RRSP/RRIF withdrawals, CPP/OAS planning, tax planning, estate planning, and investment management.
Typical fee structures include:
Hourly planning: approximately $200–$400+ per hour
Comprehensive financial plan: often several thousand dollars
AUM: charged as a percentage of assets managed
Annual retainer: varies based on services and complexity
Fee ranges shown on this page are illustrative rather than standardized Ontario industry rates. Actual fees vary by planner, portfolio size, complexity and services provided.
What fees do financial planners charge in Ontario?
Financial planners generally use one or more of four pricing structures:
| Compensation model | How you pay | Cost | Best suited for |
|---|---|---|---|
| Hourly | Pay for time | $200–$400+/hour* | Specific questions |
| Flat fee | Fixed project fee | $2,000–$5,000+* | Comprehensive plan |
| Retainer | Annual fee | Varies | Ongoing planning |
| AUM | % of portfolio | Varies | Ongoing planning + Investment management |
| Fee-based | Fees and/or commissions depending on services | Varies | Integrated services |
| Commission | Product-based compensation | Varies | Product implementation |
For example, a 1% advisory fee on $500,000 is $5,000 annually. At $750,000, the same percentage costs $7,500, while $1 million costs $10,000.
Is a 1% Financial Advisor Fee High?
A 1% financial advisor fee isn't automatically high or low. On a $500,000 portfolio, 1% equals $5,000 per year; on $1 million, it equals $10,000. Whether the fee represents good value depends on what services are included and whether the advisor provides planning beyond investment management.
| Portfolio | 0.5% | 1% | 1.5% |
|---|---|---|---|
| $500K | $2,500 | $5,000 | $7,500 |
| $750K | $3,750 | $7,500 | $11,250 |
| $1M | $5,000 | $10,000 | $15,000 |
Are Financial Planner Fees Tax Deductible in Canada?
No, financial planning fees are not tax deductible for an individual. However, corporations can deduct this fees as part of professional fees paid, Line 8860 – Professional fees (includes legal and accounting fees).
Investment management fees is tax deductible for individuals and corporations.
How We Estimated Financial Planner Fees in Ontario?
Financial planner fees are not standardized in Ontario. The ranges in this guide are intended as general market examples rather than prescribed industry rates. We compare publicly disclosed pricing from Ontario financial planning practices and distinguish between planning fees, investment-management fees and product-related costs. Actual fees vary according to portfolio size, complexity, services provided and compensation structure.
How much does a financial planner cost for someone with $500,000 or more?
The answer depends on the services included. Someone approaching retirement may need considerably more than investment management.
A useful cost comparison is:
Total annual cost = advisory fee + investment management costs + product fees + applicable taxes
Before hiring a planner, request the actual dollar cost based on your current portfolio rather than relying only on a percentage.
For example:
These figures illustrate the arithmetic of an AUM fee. They do not represent recommended or standard rates.
| Fee | Annual cost | Monthly equivalent |
|---|---|---|
| 0.50% | $2,500 | $208 |
| 0.75% | $3,750 | $313 |
| 1.00% | $5,000 | $417 |
| 1.25% | $6,250 | $521 |
| 1.50% | $7,500 | $625 |
What Does a Financial Advisor Cost on $1 Million?
| AUM fee | Annual fee |
|---|---|
| 0.50% | $5,000 |
| 0.75% | $7,500 |
| 1.00% | $10,000 |
| 1.25% | $12,500 |
| 1.50% | $15,000 |
What Should Be Included in a $3,000 vs. $7,000 Financial Plan?
A quoted fee can cover very different services.
Basic financial planning
cash-flow analysis
retirement projections
net-worth analysis
investment recommendations
Comprehensive retirement planning
RRSP/RRIF withdrawal strategy
TFSA strategy
CPP timing
OAS planning
tax-efficient income
retirement cash flow
portfolio risk
Ongoing wealth management
investment management
portfolio monitoring
rebalancing
tax planning
estate planning coordination
annual reviews
How Do I Calculate the True Cost of a Financial Planner?
Total annual cost = advisory fee + investment product costs + transaction/account fees + other professional fees
Example: Illustrative example — not a typical or recommended fee. If a $500,000 portfolio incurred a 1% advisory fee plus 0.20% in investment-product expenses, the combined cost would be approximately 1.20% before taxes and any additional account or transaction fees.
What Is the All-In Cost of a Financial Planner?
All-in cost =
Planning fee + Investment management fee + Fund/ETF/MER costs + Transaction/account costs + Applicable taxes + Product commissions or other compensation where applicable
How Can You Verify a Financial Planner's Credentials in Ontario?
Explain:
compensation disclosure
conflicts
services provided
disciplinary history where applicable
Can You Save Money by Managing Your Investments Yourself?
The relevant comparison isn't simply "advisor fee vs. no advisor fee." It's the total cost of advice versus the potential value of better planning decisions.
| DIY | Financial planner |
|---|---|
| Lower direct cost | Professional fee |
| You make decisions | Advisor provides guidance |
| You manage tax strategy | Tax planning coordination |
| You manage withdrawals | Retirement income strategy |
| You manage CPP/OAS decisions | Integrated retirement planning |
| You coordinate professionals | Planner may coordinate professionals |
What services should retirees compare when evaluating financial planner fees?
For Ontario investors aged 50+, compare whether the fee includes:
Retirement income and withdrawal planning
RRSP-to-RRIF conversion strategy
TFSA contribution and withdrawal planning
CPP and OAS timing
Tax-efficient withdrawal sequencing
Investment management
Estate and legacy planning
Annual plan reviews and adjustments
A planner charging more may provide greater value if the advice helps reduce taxes, improve retirement income, manage investment risk, or coordinate multiple accounts.
How can you compare financial planner fees before hiring an advisor?
Use this five-step framework:
Identify your portfolio value — for example, $500,000, $750,000, or $1 million.
Calculate the annual dollar fee under each proposal.
Ask what services are included in the quoted price.
Request all additional investment and product costs.
Compare the expected value of the advice, not the fee alone.
For someone retiring with $500,000+, a fee comparison should focus on the after-tax retirement income and overall financial outcome the planner can help create—not simply the advertised percentage.
What Does Financial Planning Cost at Ontario Wealth Strategy Experts?
We offer two options
One-time Financial Plan
Ongoing Financial Advice with investment management
More Details can be found here: www.ontariowealthstrategyexperts.ca/fees/
10 Questions to Ask Before Hiring a Financial Planner
What exactly will I pay each year?
Is the fee hourly, flat, retainer or AUM?
Does the fee include investment management?
Are there separate product or fund costs?
Do you receive commissions?
Are there referral fees?
What happens if my portfolio falls?
Does the fee cover tax planning?
Does it include retirement income planning?
Can you provide my total expected annual cost in dollars?
Have $500,000+ and Approaching Retirement?
If you are an Ontario resident over 50 with $500,000 or more in investable assets, the right financial advice may involve more than choosing investments. We help retirees and pre-retirees coordinate retirement income, tax planning, investment management, and estate planning.
In our experience working with Ontario retirees and pre-retirees, the biggest questions are rarely about finding the next winning investment. They are typically about creating reliable retirement income, reducing lifetime taxes, deciding when to start CPP and OAS, and determining how much they can safely spend throughout retirement. Their biggest questions are:
Can I retire now?
Should I delay CPP?
Should I draw down my RRSP before age 71?
How do I avoid OAS clawback?
How much can I safely spend?
At Ontario Wealth Strategy Experts, our financial planners are
work with Ontario retirees and pre-retirees age 50+.
focus on households with $500,000+ in investable assets.
integrate retirement income and tax planning with investment management.
We help clients evaluate tax-efficient withdrawal strategies and retirement income.
intentionally limit the number of households we serve so we can provide more personalized retirement planning and ongoing advice.
Wondering Whether Your $500,000 Portfolio Can Support the Retirement You Want?
If you're approaching retirement and would like a second opinion on your retirement income strategy, withdrawal plan, tax efficiency, or investment approach, we'd be happy to help you determine whether you're on the right track.