Searching for the “best” financial planner produces a lot of lists and not much substance, because “best” depends entirely on what you actually need — and what a physician or dentist needs from a financial planner is genuinely different from what most retail investors need. Here’s a practical framework for evaluating anyone you’re considering, including us.
Why generic advisor advice doesn’t quite apply to you
Most articles on choosing a financial advisor focus on fee structure and credentials, and those matter — but they miss the piece that’s specific to incorporated professionals: whether the advisor actually understands professional corporations, income splitting, holding companies, and the insurance considerations tied to practice ownership. A generalist advisor can absolutely manage a portfolio well and still be out of their depth on the corporate-structure side of your finances, which for most physicians and dentists is where a meaningful share of the financial complexity actually lives.
What to actually ask before you commit
Do you regularly work with incorporated physicians or dentists, or would I be your first? There’s no shame in an advisor being new to this niche, but you deserve to know it going in. Experience with professional corporations, holding companies, and the specific insurance needs of practice owners isn’t something every advisor has, regardless of how long they’ve been in the industry.
How are you compensated, specifically? Fee-based, fee-only, and commission-based advisors are compensated differently, and the answer should be direct and specific, not vague. If you want the full breakdown of what these terms mean and typical cost ranges, that’s covered in our post on financial planner costs in Calgary.
Will you coordinate directly with my accountant and lawyer, or work in isolation? Decisions like incorporation timing, salary-versus-dividends, and holding company structure genuinely require your financial planner, accountant, and lawyer working from the same information. An advisor who treats your corporate structure as someone else’s problem is missing a large part of the job.
What does an ongoing relationship actually look like? Ask specifically what a typical year includes — annual reviews, proactive contact when tax rules change, availability when a major decision (a practice purchase, a new associate contract, growing your family) comes up outside the scheduled check-ins.
Do they hold recognized planning credentials? Designations like CFP (Certified Financial Planner) and CLU (Chartered Life Underwriter) indicate a baseline of training and an ongoing continuing-education and ethics requirement — not a guarantee of fit, but a reasonable filter.
Red flags worth taking seriously
- Reluctance to explain fees clearly or in writing before you commit to anything.
- Pressure to make a decision quickly, especially around insurance products.
- No apparent familiarity with terms like professional corporation, holding company, or TOSI when you bring them up — these should be comfortable, everyday vocabulary for someone who works with incorporated professionals regularly.
- A plan that’s entirely investment-focused with no discussion of your insurance, tax structure, or corporate setup.
What a good fit typically looks like
The right advisor for an incorporated physician or dentist usually combines a few things at once: a fee structure you understand and were told about upfront, real working experience with professional corporations and the tax and insurance decisions that come with them, a willingness to coordinate with your other professional advisors rather than working in a silo, and a planning process that revisits your situation as it changes rather than a one-time document that sits in a drawer.
Where this fits into your broader plan
Choosing a financial planner is itself a decision worth taking seriously — not rushing into during a busy stretch of residency, a new practice purchase, or year-end tax pressure. Take the time to ask the questions above of anyone you’re considering, us included.
If you’d like to see how we approach these questions in practice, a free, no-obligation consultation is a good way to find out. Book a time here, or read more about financial planning for doctors and incorporated professionals and financial planning for dentists across Canada.
This article is for general educational purposes and does not constitute personalized financial advice. Always evaluate any financial advisor’s qualifications, fee structure, and fit for your specific situation before engaging their services.
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