Geller Law
Titles can mislead. In Ontario, title protection now restricts use of “Financial Planner” and “Financial Advisor” to individuals with approved credentials, but many consumers still interact with salespeople whose obligations differ from fiduciary portfolio managers. Understanding the distinction helps you spot conflicts and set expectations.
Since March 28, 2022, only credentialed individuals may use the “Financial Planner” or “Financial Advisor” titles; FSRA approves credentialing bodies and supervises standards. CIRO was approved as a credentialing body in 2024, expanding who may use “Financial Advisor” and "Financial Planner."
“Advisor” (colloquial) vs. “adviser” (legal) distinctions and product‑based credentials leave room for misunderstanding. Consumers often assume “advisors” owe fiduciary duties, but most registrants operate under suitability standards unless discretionary authority exists.
"Planner" does not mean either a skilled and qualified advisor nor that they will actually create a financial plan. Most bank associated and larger dealers use template plans filled with financial terms and legalease and meaningless calculations. Often to "so-called" plan has no substance and is a glorified sales tool to promote the firms own products and/or products that pay the dealer and advisor higher compensation.
Courts are evolving: Boal v. ICM indicates fiduciary‑style obligations may arise even in non‑managed accounts where conflicts and long relationships exist—raising the stakes when salespeople present themselves as advisers.
