­­­­Welcome to this week’s issue of the Millennial Money Canada newsletter! In our latest podcast, Sam Lichtman sat down with Jason Watt—educator, advisor, and industry veteran—to talk about how Canadians can find trustworthy financial advisors, avoid common pitfalls, and make sense of today’s financial landscape.

🔑 Key Takeaways from the Conversation

1. How to Find a Financial Advisor You Can Trust

The old way of finding an advisor was pretty simple: “My parents have a guy. Go talk to them.” But times have changed. Social media, new regulations, and evolving client expectations mean there’s a broader (and riskier) marketplace.

Jason points out that while trust is critical, trust alone isn’t enough. Just because someone comes highly recommended doesn’t guarantee they have the expertise or ethics you need. Jason cites recent examples of advisors who exploited trust, leaving clients with devastating losses. Bottom line: Trust, but verify.

2. The Role (and Risk) of Referrals

Referrals are common, but Jason cautions against relying on them blindly. A mortgage broker’s go-to advisor might not be the best fit for you. Even well-intentioned friends might steer you toward someone who isn’t equipped to handle your specific situation. Jason and Sam both stress the importance of doing your own due diligence, even when a recommendation comes from someone you respect.

🌐 Social Media: Blessing or Curse?

Social media has made it easier to get a feel for how an advisor thinks and operates. Jason highlights how seeing someone’s public content gives clients a sense of their values and approach. But the downside? Not all influencers are qualified. There’s a ton of misinformation out there—and some of it comes from people who should know better.

Pro Tip:

If you’re following financial influencers, make sure they’re credentialed professionals, not just viral content creators.

⚖️ The “Advice Gap” in Canada: Myth or Reality?

Sam and Jason tackled the “advice gap”—the idea that middle-income Canadians, new immigrants, and younger generations are under-served by financial advisors.

• The Reality: Many Canadians feel left out because they don’t have six-figure incomes or large investment portfolios.
• The Cause: Jason suggests it’s not always a lack of advisors, but rather a competency gap. Too many advisors focus on products that generate commissions instead of holistic planning.
• Emerging Solutions: Subscription-based models (like those from Advice with Two I’s) are offering more accessible financial planning. But Jason notes we’re still in early days.

🧐 Questions to Ask a Financial Advisor Before Working with Them

Here’s a simple checklist of what to look for:

1. Have you worked with people in my situation before?
2. What’s your process? A good advisor should have a structured, repeatable process—not a cookie-cutter product.
3. What credentials do you hold? Look for CFP, RFP, CIM, or CFA designations.
4. How do you handle conflicts of interest?
5. What’s your compensation model? Understand whether they’re fee-only, commission-based, or a mix.

🚩 Red Flags to Watch Out For

Jason and Sam share some clear red flags:

• Advisors who lead with products (especially life insurance-based concepts like “infinite banking”) before understanding your full situation.
• Promises of high rates of return or guarantees of performance.
• Cookie-cutter financial plans that don’t account for your unique circumstances, values, or life goals.

🧠 The Fiduciary Question in Canada

Unlike the U.S., Canada doesn’t have a clear fiduciary standard for financial advisors—except for portfolio managers with discretionary authority.

• CFPs and RFPs: These designations impose high ethical standards, but they don’t automatically make someone a fiduciary.
• Suitability vs. Fiduciary: Most advisors are held to a suitability standard, meaning they can offer products that are “suitable” but not necessarily in your best interest.
  Sam’s advice? Ask the tough questions and understand how your advisor gets paid.

🔨 Why Process Matters More Than Products

A thoughtful, client-centered process beats a flashy product every time. Sam explains how a well-defined onboarding and financial planning process ensures clients get timely, comprehensive advice—not just a portfolio of investments. Jason highlights the “Dunbar number” (150 meaningful relationships) as a reminder: if your advisor is working with hundreds of clients, they might not have the bandwidth to give you the attention you need.

💡 Where Advisors Add the Most Value Today

With investing largely “solved” by index funds and ETFs, Jason believes an advisor’s true value lies in:

• Helping you avoid big mistakes.
• Creating financial flexibility and optionality.
• Aligning your money with your values and life goals.

Behavioral coaching is still important, but it’s no longer just about keeping clients invested. It’s about guiding better financial decisions across the board—from taxes and retirement to spending strategies and legacy planning.

🎙️ Final Thoughts from Sam and Jason

If you’re searching for a financial advisor:

• Look for someone who understands your goals and values.
• Make sure they’re not selling you a one-size-fits-all solution.
• Be cautious of anyone who promises “quick wins” or focuses more on products than process.
• And if they don’t have a clear process or can’t explain their value beyond investment returns, keep looking.

Thanks for reading, and we’ll see you in the next issue!

Sam Lichtman, CFP
Millen Wealth Advisors

P.S. Want practical financial planning advice? Book a consultation with us to create your personalized wealth-building strategy.

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