Most Canadian Financial Planners tell you the advice they give you comes for free for a number of reasons. They will tell you it is because you have an account with the firm, or, it is automated. This sure sounds good.
Financial advice is never free. As soon as you hear the advice is free you should assume you are paying and the actual amount is being hidden from you.
Use common sense, the financial advisor needs to make a living and this has to come from somewhere. Would you rather know how much is being paid by you or would you rather have it hidden from you? Obviously, pretending you are paying nothing for financial advice feels good but it is just never true. Even in a world where your advisor is supposedly a computer algorithm, people are still receiving ‘trailer fees’ from Mutual Fund companies that give rewards to those who place the purchase.