Financial Planners vs. Investment Advisors in Canada: What's the Difference?

June 13, 2025

Whether you're saving for retirement, managing an inheritance, or trying to decide between a TFSA and an RRSP, getting professional financial advice can be a game-changer. But who should you speak to: a financial planner or an investment advisor?

In Canada, these two roles are distinct — and understanding their differences can help you make better decisions.


What Is a Financial Planner?

A financial planner typically works at the retail level and is often found in bank branches. Their job is to:

  • Help clients build a holistic financial plan
  • Advise on savings strategies (TFSA, RRSP, FHSA)
  • Set retirement and investment goals
  • Conduct regular reviews and portfolio rebalancing

At BMO, for example, financial planners sit in-branch and are salaried professionals. They offer a broad overview of your finances, not just investments.


What Is an Investment Advisor?

An investment advisor usually works for a brokerage or wealth management firm, like RBC Dominion Securities or BMO Nesbitt Burns. These professionals:

  • Handle larger portfolios (usually $250K+ minimum)
  • Build custom investment strategies
  • Trade on your behalf
  • Provide tax-efficient portfolio management

They are often commission-based or fee-based and may be licensed under IIROC (Investment Industry Regulatory Organization of Canada).


Key Differences

Financial Planner Investment Advisor
Retail-focused, found in branches Work for brokerages or wealth firms
Offer holistic planning Focus primarily on investments
No minimum assets required Often require $250K+ in investable assets
Typically salaried Often commission- or fee-based
A man is stacking coins on top of each other on a table.


What About TFSA, RRSP, FHSA, and Non-Registered Accounts?

All of these account types are tools your advisor or planner might recommend — depending on your financial goals:

TFSA (Tax-Free Savings Account)

  • Great for short- or long-term savings
  • Withdrawals are tax-free
  • Contribution room accumulates each year

RRSP (Registered Retirement Savings Plan)

  • Ideal for retirement
  • Contributions are tax-deductible
  • Withdrawals are taxed as income (except under certain programs like Home Buyers' Plan)

FHSA (First Home Savings Account)

  • Designed for first-time homebuyers
  • Combines the benefits of a TFSA and RRSP (tax-deductible contributions and tax-free withdrawals for qualifying home purchases)

Non-Registered Investment Accounts

  • No contribution limits
  • Earnings are taxable (capital gains, dividends, interest)
  • Offers flexibility and liquidity

Final Thoughts

Choosing between a financial planner and an investment advisor depends on your financial situation, goals, and how much money you have to invest. Both play important roles, and sometimes you may benefit from working with both.

OpenBankr makes it easier to find the right banking professional — whether you need someone to help open a TFSA or manage a $1M portfolio.

Stay tuned as we launch a smarter, more direct way to connect with trusted financial experts in Canada.

What Is TDSR and Why It Matters When Applying for Credit in Canada

June 19, 2025
If you're applying for a mortgage, personal loan, or line of credit in Canada, you'll quickly hear one term over and over: TDSR . Short for Total Debt Service Ratio , this metric is one of the key things bankers and lenders look at when deciding whether to approve your credit application.  Let’s break down what TDSR is, how it’s calculated, what benchmarks banks use, and how you can improve it to boost your approval chances. What Is TDSR? TDSR stands for Total Debt Service Ratio . It’s the percentage of your gross monthly income that goes toward paying all of your monthly debt obligations, including: Mortgage or rent Property taxes Credit card minimum payments Car loans or leases Lines of credit Student loans Formula: TDSR = (Total Monthly Debt Payments / Gross Monthly Income) x 100 Example: If your gross monthly income is $5,000 and your total debt payments are $1,800: TDSR = ($1,800 / $5,000) x 100 = 36% Why Does TDSR Matter? TDSR helps banks evaluate how leveraged you are and whether you can comfortably handle additional debt. Most lenders in Canada prefer to see a TDSR of 40% or less . Anything above that signals higher risk, and your chances of approval may drop — especially if your credit score or income stability are borderline. GDSR vs. TDSR: What’s the Difference? You might also hear about GDSR (Gross Debt Service Ratio). This metric only looks at your housing-related costs : Mortgage or rent Property taxes Utilities 50% of condo fees (if applicable) While GDSR is mostly used for mortgage approval , TDSR is used more broadly for all kinds of credit. What’s a Healthy TDSR?

How to Open a New Bank Account in Canada and Take Advantage of Promotions

June 18, 2025
 If you’ve seen ads like “Get $350 when you open a chequing account” or “Earn $200 cashback with a new savings account,” you’re not alone. Major Canadian banks regularly offer sign-up promotions to attract new customers — but they often come with strings attached. This post breaks down: How to choose the right promotional offer Who to talk to at the bank What documents you need What to look out for in the fine print Step 1: Understand the Types of Promotions Banks in Canada typically offer bonuses for: Opening a new chequing or savings account Setting up direct deposit (e.g., your payroll) Keeping a minimum balance for a set period (usually 90+ days) Signing up for a credit card alongside your new account Common Bonus Examples: RBC : Up to $350 bonus for switching payroll deposit BMO : Up to $400 bonus + additional rewards for referrals Scotiabank : Bonus interest rates on high-interest savings accounts (HISAs) Step 2: Who to Talk to You may be tempted to walk into a branch and speak to the first person at the counter — but skip the teller line. Instead, ask to speak to a financial advisor or account manager . These professionals: Understand the promotion details Can explain conditions and help you qualify May offer bundled deals (e.g., account + credit card) Step 3: What You Need to Bring To open an account, you’ll need: 1 piece of government-issued photo ID (e.g., driver’s license, passport) 1 secondary piece of ID (e.g., SIN card, credit card) Proof of address (utility bill, lease agreement) A recent pay stub if the promo involves direct deposit Step 4: Watch Out for These Conditions: You may need to keep your account open for at least 90 days to receive the bonus Some promos are only for new clients (i.e., people who haven’t banked with them in the last 12 months) Failure to meet minimum deposit or transaction requirements could forfeit your reward Why Use OpenBankr? With so many options out there, it can be hard to know which banker to talk to — and whether you're getting the best deal. OpenBankr helps you: Compare verified banker profiles who specialize in account openings and promotions Submit a private RFP if you want bankers to come to you with their best offer Stay in control of your info until you're ready to engage Final Thoughts Bank promos are real — but so are the hoops you may have to jump through. By knowing what to expect and who to talk to, you can walk in with confidence and walk out with your bonus. For more tips on navigating Canada’s banking system, subscribe to the OpenBankr blog and be the first to hear when we launch.