An advice-only (or fee-only) financial planner provides unbiased, independent guidance on your financial affairs, including risk management, retirement, investment, tax, and estate planning. Unlike traditional financial advisors, we don’t sell products like investments or insurance. Our fee-only model ensures our sole focus is on you.

We build long-lasting relationships through transparent, upfront pricing, integrating every aspect of your finances into a unified plan. This means no hidden costs, third-party influences, or kickbacks. We work for you, offering clarity, trust, and a partnership dedicated to your success.

At Merrick Financial, we are advice-only financial planners. We don’t sell financial products; our sole focus is providing unbiased, expert advice tailored to your needs.

Fee-only financial advisors are known for their transparency and unbiased approach. They do not sell financial products like investment, insurance or retirement products. There are no conflicts of interest, as commission based advisors may prioritize products with higher commissions.

They charge a flat fee, hourly rate, or a percentage of assets under management, rather than earning commissions from selling financial products. At Merrick Financial, we charge a flat fee and offer ongoing support (monthly fee), when required by our clients.

✅ Pros:

Truly unbiased advice.

Full focus on financial planning, not product sales.

Tailored advice based on your needs.

No product sales, no pressure.

🚫 Cons:

Upfront cost is higher than commission-based advisors.

A traditional commission based financial advisor primarily manages investments, with limited financial planning. Their revenue model often includes earning fees from investments, selling insurance, and offering other products. This commission-based approach can sometimes create conflicts of interest and may not always lead to the best outcomes for clients.

Some firms present themselves as fee-only or advice-only planners to attract clients, while their primary goal is managing investments; which typically accounts for over 90% of their revenue. It's always wise to inquire upfront about their business structure.

Fee-only, advice-only financial planning keeps advice and potential products separate. We represent a smaller segment of the financial advisory industry, less than 1% compared to commission-based or fee-based advisors. We are gaining popularity due to their transparent fee structures and unbiased advice.

When choosing a financial planner in Toronto, prioritize local expertise. A planner familiar with Ontario’s tax laws, housing market, and investment opportunities can provide tailored advice.

• Start by checking their credentials. Look for designations like CFP (Certified Financial Planner) or QAFP (Qualified Associate Financial Planner), which indicate training and adherence to ethical standards. Consider their experience; a planner with 10+ years in the industry is often better equipped to handle complex financial situations.

• Consider their fee structure. Fee-only planners offer transparent pricing, while commission-based advisors may have lower upfront costs, but potential conflicts of interest.

• Accessibility may be relevant to you. Some Toronto-based planners offer both in-person and virtual consultations. Merrick Financial is based in Toronto, and while we prefer virtual engagements, we offer in-person consultations when complexity is high.

• Finally, check reviews and references. Online reviews, testimonials, or referrals from friends can provide insight into their reliability and client satisfaction.

When you choose Merrick Financial, you’ll work directly with our principal, Chris Merrick, a Certified Financial Planner (CFP) with over 20 years of experience in business ownership and financial planning. The CFP designation is recognized as the global gold standard in financial planning, ensuring you receive expert, unbiased advice tailored to your unique needs.

As a fee-only financial planning firm, we don’t sell insurance or investment products, nor earn commissions or referral fees. This means our advice is truly independent and focused solely on your best interests.

We also use industry-leading financial planning software, with robust data protection, to ensure your valuable information is secure. Whether you’re planning for retirement, managing an inheritance, or navigating complex financial decisions, Merrick Financial is here to provide clarity, confidence, and peace of mind.

Families often need a financial check and review their current position. They want to know if they are doing everything possible to get ahead in the current environment and ensure that all risks to the household are covered as much as possible.

They come with questions such as:

✅ How do we fund the kids’ education?

✅ We spend less than we make, we have accumulated some cash, what do we do with it?

✅ Where should we put our future cash flows?

✅ Should we pay the mortgage, contribute to the RRSP, or TFSA?

We have questions about asset location.

✅ Is it better to invest in our TFSA, RRSP or corporation for the long term?

✅ Do we need risk management advice like life insurance, critical illness and disability?

They also want an assessment of their current investments to ensure future success. Our job as a financial planner is to manage the uncertainty of the household, along with your dependents, now and over time.

Clients who work with us have shared that they feel more secure about their financial life. They know what to do with an actionable plan, and are happy to know that we can act as a resource for their future as required.

No.

We don’t sell financial products or hold a securities license, so we won’t tell you which specific stocks, ETFs, or funds to buy. Instead, we focus on providing unbiased, expert advice to help you make informed decisions.

Here’s what we do offer:

• Guidance on the right asset allocation for your goals.

• Advice on cost-effective investment options (e.g., robo-advisors, self-directed accounts, or working with an investment advisor).

• Strategies to invest tax-efficiently and maximize your returns.

Unlike financial advisors who manage your investments for a percentage of your portfolio, we don’t manage investments or earn commissions, kickbacks, or referral fees. Our advice is 100% transparent and trustworthy, ensuring your best interests always come first.

We’re here to empower you with the knowledge and strategies to take control of your investments confidently.