Advice-only or fee-only financial planners provide unbiased, independent guidance on your financial affairs, covering everything from risk management to retirement, investment, tax, and estate planning. Unlike traditional financial advisors, their fee-only model means they’re not tied to selling products like investments, insurance, or mortgages, ensuring their sole focus is on you.

By aligning incentives with clients, fee-only financial planners build long-lasting relationships through transparent, upfront pricing. This approach integrates every aspect of your personal finances into a unified plan, making your financial well-being the top priority. True fee-only, advice-only planning translates into no hidden costs, third-party influences, or kickbacks. Your advisor works for you, and only you, offering clarity, trust, and a partnership dedicated to your success.

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

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.

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.

You can find fee-only financial planning services in Toronto through several trusted resources:

• Advice-Only Planners Directory: This directory exclusively lists financial planners who focus solely on providing advice, without selling financial products. Their goal is to deliver unbiased, client-focused guidance. Chris Merrick, Principal at Merrick Financial, is proud to be part of this specialized group. Click here to access the Directory.

• FPAC (Financial Planning Association of Canada): FPAC features a wide range of financial planners across Canada. While not all listed professionals are advice-only planners, it’s a great starting point to explore options and identify those who align with your needs. Click here to access the Directory.

• FP Canada: FP Canada is a leading organization that certifies financial planners, including those with the CFP (Certified Financial Planner) designation. Their directory allows you to search for qualified professionals, including fee-only advisors, in your area. Chris Merrick, Principal at Merrick Financial, holds the CFP designation, which is the gold standard for financial planners in Canada. Click here to access the Directory.

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.

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.