Frequently Asked Questions
What is life-centered financial planning?
Life-centered financial planning starts with your life, not your investments. Instead of focusing only on rates of return, we look at what money is for in your world: the people you care about, the work you do, the causes you believe in, and the lifestyle you want to enjoy.
We ask questions like “What is it all for?”, “How much is enough?”, and “Do I have enough?” to help you align every financial decision with the life you want to live.
How is Advice First different from a typical financial advisor?
Traditional financial advice often centres on products and performance charts. At Advice First, we focus first on Return on Life (ROL) rather than only Return on Investment (ROI). In other words, we want to know: “Are you getting the best life possible with the money you have?”
We take time to understand your history, your principles, your goals, and the life transitions you’re facing, then build a plan to support those things. Investments, tax strategies, and risk management are important tools, but they come after we understand your life.
Who do you work with?
We work with individuals and families who want more than a one-time financial plan or stock-picking conversation. Many of our clients are professionals, business owners, and retirees who value a long-term partnership and want their money decisions to reflect their values and priorities.
If you’re looking for guidance across the full picture of your financial life, and you appreciate honest, straightforward advice, there’s a good chance we’ll be a fit.
What services do you offer?
Our work together can cover all six major areas of financial planning. At Advice First, our core services include:
Life-Centered Planning – Building a financial life plan around your goals, values, and upcoming transitions.
Tax Planning – Structuring your income, savings, and assets to reduce lifetime tax and keep more of what you earn.
Risk Management – Identifying and managing risks that could derail your plan, with a focus on provision, not just protection.
Investment Management – Designing and managing an investment strategy that serves your plan and your comfort level.
Wealth Transfer & Estate Planning – Helping you pass wealth, wisdom, and values to the next generation, starting while you’re alive.
Retirement Coaching – Looking beyond “the number” to help you design a meaningful, flexible next chapter, whether you retire at 50 or work into your seventies.
What does your planning process look like?
Our Life-Centered Planning process follows a clear, structured path:
Discovery – We start by learning your story: your history with money, your values, and the key transitions you’re facing or anticipating.
Clarity – Together we explore “what is it all for?”, “how much is enough?”, and “do I have enough?” to clarify what you want life to look like.
Planning – We then build a comprehensive financial life plan around the six pillars of financial planning, with clear action steps.
Implementation – We help you put the plan into action, whether that’s restructuring investments, adjusting cash flow, or updating tax and estate strategies.
Ongoing Coaching – Your life will change, and your plan should too. We review regularly, adjust as needed, and walk with you through expected and unexpected life transitions.
How do your fees work?
Advice First Financial Group is a fee-based financial planning organization. Our goal is that fees are fully disclosed, fair, and free of surprises.
There are three main components:
Planning Fee – A one-time fee for new clients to complete, produce, and review your personal Life-Centered Financial Plan. This begins at $2,500 and may increase depending on the complexity of your situation.
Investment Management Fee – An annual fee charged by the investment vehicles you own, paid to the investment or professional money manager. This generally ranges from 0.20% (passive strategies) up to 1.20% (active strategies).
Advisor Fee – An annual fee paid to our team for ongoing service and monitoring related to your Life-Centered Financial Plan, on a declining scale not exceeding 1.25%.
The Investment Management Fee plus the Advisor Fee make up your total annual cost (often called the Management Expense Ratio, or MER), which typically ranges from 1.2% to 2.2% per year and is fully disclosed and agreed upon in advance.
Are you independent? How are you regulated?
Advice First Wealth operates in association with Harbourfront Wealth Management Inc., a member of the Canadian Investor Protection Fund (CIPF) and regulated by the Canadian Investment Regulatory Organization (CIRO).
That means your investment accounts are held with a regulated investment firm and are covered by the protections available to Canadian investors through CIPF, subject to its terms and limits.
What should I bring to my first meeting?
For an initial conversation, it’s most helpful to bring:
A rough idea of your current financial picture (savings, investments, pensions, insurance, debts).
Any existing financial plans or investment statements you’d like us to review.
A list of questions, worries, or goals you want to talk about.
Most importantly, come prepared to talk about your life: what matters to you, what’s changing, and what you’d love your future to look like. The numbers are there to support those conversations.
Do you only help with retirement planning?
Retirement is an important focus for many of our clients, but it’s far from the only one. We help with tax planning, risk management, wealth transfer and estate planning, investment management, and the many life transitions that happen long before and long after retirement.
Our goal is to help you make wise decisions in all money matters, across all seasons of life.
How do I get started?
The best way to begin is to contact us for an initial conversation. This gives you a chance to ask questions, share what you’re looking for, and see whether our life-centered approach feels like a good fit.
You can reach us by phone, email, or through the Contact Us page on the website, and we’ll guide you through the next steps.
What Is a TFSA Beneficiary?
A beneficiary is the person (or people) who will receive the funds in your TFSA after your
death. Here’s what happens:
The TFSA is closed, and the assets are paid out to the beneficiary.
The payment is tax-free, but the account itself does not continue as a TFSA.
Any income earned after the date of death is taxable to the beneficiary.
This option is often used when leaving money to children, other family members, or
charities, because it provides a straightforward payout.
What Is a Successor Annuitant?
A successor annuitant is available only for spouses or common-law partners. Here’s why
it’s powerful:
The surviving spouse becomes the new holder of the TFSA.
The account continues as a TFSA, with all its tax-free benefits intact.
There is no impact on the survivor’s own TFSA contribution room.
This means the funds stay sheltered from tax, and the surviving spouse can keep the account
growing without any extra paperwork or tax consequences.