The Questions You Should be Asking When you First Meet a Financial Advisor

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Many of us know that having a financial advisor is important, but when you meet with one for the first time, do you know what questions to ask? The questions you ask and the answers you get should help determine if you’re comfortable with letting this person manage your money.

It doesn’t matter if you’re dealing with someone at the bank or your parents have set you up with someone they’ve worked with. You still want to ask certain questions so you know how a financial advisor works and what they can do for you.

Markus Muhs, an Investment Advisor and Portfolio Manager with Canaccord Genuity Wealth Management in Edmonton shares the most common questions you should ask, and the type of answers you should expect.


As you can see, when you’re meeting with an advisor for the first time, there are a lot of questions you should be asking. Some of the answer you’ll be given may be complicated to understand, so don’t be afraid to ask for clarification.

Even if you’re satisfied with all of the answers you’ve been given, you should do a quick background check. The Canadian Securities Administrators, IIROC, and MFDA all have search tools where you can look up any potential advisor’s registration, disciplinary record, and even a transcript of their relevant education. You’ll also want to Google what designations your potential advisor has and what they actually mean.

Getting good financial advice, if you can find it, can have a huge impact as you start to save money. Unfortunately, if you don’t have much money saved, you may find it difficult to find good advice.


Markus Muhs, CFP®, CIM® ( is a Portfolio Manager at Canaccord Genuity Wealth Management, located in Edmonton, Alberta. He provides comprehensive financial planning and wealth management to families with assets over $300,000 across Alberta, British Columbia, and Ontario. Markus alternatively provides fee-for-service (fee-only) financial planning to non asset-based clients.

About Barry Choi

Barry Choi is a Toronto-based personal finance and travel expert who frequently makes media appearances. His blog Money We Have is one of Canada’s most trusted sources when it comes to money and travel. You can find him on Twitter:@barrychoi


  1. Tim Kim @ Tub of Cash on July 20, 2017 at 5:23 PM

    Not sure how the laws are different in Canada vs. the US, but one of the things I always tell people is to make sure that their advisors are willing to put, on paper, that they will act as fiduciaries. Without this guarantee, their goals and incentives will not align with yours. To think otherwise is a bit naive.

    • Barry Choi on July 20, 2017 at 5:30 PM


      It depends on their title. Very few advisors in Canada have a fiduciary duty to clients. Crazy right?

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