An independent financial advisor can be worth considering if you want advice that is tailored to your circumstances rather than limited to a specific company's products or investment offerings. Independence, however, does not automatically guarantee better advice. You should still ask how the advisor is compensated, whether they receive commissions, what services they provide, and what credentials they hold.
For individuals approaching retirement, an independent advisor may be particularly valuable when multiple decisions need to work together. Retirement income, RRSP and RRIF withdrawals, CPP and OAS timing, taxes, investments, insurance, and estate planning can all affect one another. The right advisor should help you see the connections between these decisions. Ultimately, the value of independence depends on the quality, transparency, and relevance of the advice you receive.
