A reasonable fee for financial advice depends on what you need and how complex your financial situation is. If you only need a one-time answer to a specific question, paying an hourly rate may make sense.
In Canada, financial planning rates can range from approximately $250 to $500 per hour. For a comprehensive retirement or financial plan, a project fee of $2,500 to $6,000 or more may be reasonable. Ongoing advice may be provided through a monthly retainer of approximately $200 to $500 or through an asset-based fee when the advisor manages your portfolio.
The key is to understand what is included. If you're approaching retirement, valuable advice may involve coordinating investments, taxes, retirement income, government benefits, and estate planning—not simply choosing investments.
