Fee-Only financial planner business

Young families, professionals, people nearing retirement and self-employed people who want independent advice.

Flat fee per plan, hourly rate, or an ongoing annual or monthly planning fee for regular reviews.

• Strong with numbers and retirement and tax basics
• Clear, jargon-free explaining
• Careful record keeping and confidentiality
• Building trust with clients

• Title rules: some provinces, such as Ontario and Quebec, restrict who can use titles like financial planner or financial advisor, so check with your provincial regulator (for example FSRA in Ontario or the AMF in Quebec) before using one
• Recommending specific securities or insurance products, or being paid for that, can require registration or a licence, so check with your provincial securities and insurance regulators; a planning-only service may not, but rules vary by province
• Check whether your municipality requires a business licence or home-business registration
• Errors and omissions insurance and how you store client data under privacy law
• Slow start: trust takes time, so plan for months before regular income

Startup costs are typically around $3,000 to $12,000, depending on your set-up, insurance and how you store client data. These are estimates, so your own costs may differ.

Monthly revenue is typically around $1,500 to $7,500, depending on your client numbers and fees. Expect a slow start, as trust takes time, so plan for several months before you see regular income.

Check title rules: some provinces, such as Ontario and Quebec, restrict who can use titles like financial planner. Recommending or being paid for specific securities or insurance products may need registration. Check with your provincial regulators, as rules vary.