How Much Do Financial Advisors Make in Canada? Wages and How They Are Paid

Financial advisor pay in Canada comes in several forms: a salary at a bank or credit union, commissions on products sold, fees charged to clients, or a mix. Job Bank publishes hourly wages for financial advisors (NOC 11102) in each province, and the 2021 Census reports what people in the occupation earned in 2020 when they worked the full year, full time. This page sets out both, explains the pay models, and covers registration and CFP certification. It is part of the salary by profession hub; what accountants earn and what lawyers earn cover two other professions that advise clients on money.

Hourly wages for financial advisors by province

At the top of financial advisors’ pay range, Job Bank’s 90th percentile, $73.08 an hour, is 2.0 times the national median of $36.06, while the 10th percentile is $23.91. Converted at 1,950 hours a year, the median is about $70,317 and the 90th percentile about $142,506. The highest provincial median is $39.47 an hour, in Alberta.

Source: Job Bank wages (Employment and Social Development Canada), NOC 11102. Low is the 10th percentile and high the 90th percentile of wages. Lows are not shown (n/a) for occupations whose figures come from the 2021 Census: Job Bank repeats the same low across most such occupations in a region, so it isn't that occupation's 10th percentile.

What financial advisors earned in 2020: the Census

The Census asked about income in 2020. For financial advisors who worked full year, full time, the national median employment income was $74,500, while the average was $119,300, 60% above the median. When the average sits above the median, a smaller group of high earners is pulling the average up; the median is the better guide to what a typical advisor earned. The columns in today’s dollars apply the Consumer Price Index to the 2020 figures; they are not newer pay data.

Source: Statistics Canada, 2021 Census of Population, Table 98-10-0586-01: employment income in 2020 of people who worked full year, full time. Columns in August 2026 dollars multiply the 2020 figure by the change in the Consumer Price Index from its 2020 average to August 2026 and round to the nearest $100; they are not newer survey results.

How financial advisors are paid

The Financial Consumer Agency of Canada (FCAC) tells consumers that, depending on the service, they may pay an advisor:

• an hourly fee if they help you create a financial plan
• a commission or a trading fee if they buy a stock on your behalf
• a percentage based on the value of the assets they manage for you

Some advisors are instead paid a salary by the firm they work for. The FCAC points out the conflict each model carries: “financial advisors paid by commission have an incentive to encourage you to invest where they’ll earn more. Those on salary may have an incentive to promote the products and services their employers offer.”

Mutual funds sold through advisors can carry a trailing commission, an annual payment to the advisor’s firm out of the fund’s management fee. The Ontario Securities Commission’s investor site says it typically ranges from 0.25% to 1.5% of the investment’s value a year. Since June 1, 2022, deferred sales charges have been banned and discount brokerages can no longer collect trailing commissions. An advisor paid a percentage of client assets, or commissions on what clients buy, earns more as the client base grows, so income depends on the book of business as much as on the job title. Real estate agents work on a similar footing, paid by commission through their brokerage rather than a salary; how real estate agent commission works covers that split. The cost of a financial advisor shows the same models from the client’s side.

Registration and titles

The words “financial advisor” and “financial planner” are a separate question. In some provinces anyone may use them; Ontario’s title protection law came into force on March 28, 2022, and New Brunswick’s on January 1, 2026, with transition periods for people already using the titles. How to choose a financial advisor explains those rules and the credentials they accept.

CFP certification

The FCAC lists three common designations for financial planners: Certified, Personal and Registered Financial Planner. FP Canada grants the Certified Financial Planner (CFP) certification. Its direct path asks candidates to:

• complete FP Canada Institute technical education (or a recognized equivalent) and its CFP Professional Education Program
• pass a six-hour, computer-based national exam
• show three years of qualifying work experience
• hold a degree of at least three years from an accredited Canadian postsecondary institution, or an international equivalent
• agree to comply with the FP Canada Standards Council’s Standards of Professional Responsibility, including a Code of Ethics that requires CFP professionals to put their clients’ interests first

FP Canada may exempt candidates from the degree requirement if they have ten years of qualifying financial planning work experience or have held its QAFP certification for at least five years.

Advisors compared with related finance occupations

Job Bank’s national wages for financial advisors sit alongside those for securities agents and brokers, investment analysts, and the managers who run banking and investment operations:

Source: Job Bank wages (Employment and Social Development Canada), 2023-2024, Labour Force Survey. Low is the 10th percentile and high the 90th percentile of wages.

The managers pay overview covers the management side of finance.

Related pages

• Salary by profession in Canada
• How much accountants make in Canada
• How much lawyers make in Canada
• How much managers make in Canada
• How much a financial advisor costs
• Fee-only financial advisors in Canada

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