By Penny Stayropoulos, CFA CIM TEP CFP FMA, Owner and Total Wealth Planner
Here’s a number that might surprise you: 76% of Canadians turn to free advice from family, friends, banks, or the internet when making financial decisions.
On the surface, that makes total sense. Money is personal. It’s uncomfortable to talk about. And when your brother-in-law swears by his TFSA strategy or a TikTok video breaks down RRSPs in 60 seconds, why wouldn’t you listen?
But here’s the thing: advice that costs $0 usually comes with a hidden price tag. And sometimes, that price is way higher than you’d expect.
Let’s dig into why “free” financial advice can be risky, what you might be missing by going it alone, and what a truly unbiased planning approach actually looks like.
The “Free” Advice Trap
We get it. Life is busy. Money feels complicated. And professional advice? That sounds expensive and maybe even intimidating.
So when your coworker shares their hot take on tax-free savings accounts, or your bank offers a “complimentary” financial review, it feels like a win. Free help! No strings attached!
Except… there usually are strings.
The reality is that most “free” advice comes with an agenda: whether it’s a product sale, a commission, or just well-meaning but uninformed opinions. And while the advice itself might not cost you anything upfront, the consequences of following it can be expensive down the road.
Think about it this way: only 36% of Canadians have a formal financial plan heading into 2026, even though the majority have clear goals like saving more, managing expenses, and paying down debt. There’s a huge gap between wanting financial clarity and actually having a strategy to get there.
That gap? It’s often filled with DIY decisions based on free advice that doesn’t quite fit.
Breaking Down the Sources of “Free” Advice
Let’s be real about where most Canadians are getting their financial guidance: and what the limitations are.
Family and Friends
Your parents, siblings, and friends genuinely want to help. They’ll share what worked for them, what they wish they’d done differently, and what they heard from someone else.
The problem? Their financial situation isn’t yours.
What worked for your uncle’s small business might trigger a tax nightmare for your corporation. Your best friend’s approach to retirement savings might not account for your unique family situation, your business structure, or your specific goals.
Good intentions don’t equal good advice. And financial decisions based on someone else’s circumstances can cost you, literally.
The Banks
Here’s a truth that often gets overlooked: when you walk into a bank branch for a “free” financial review, you’re usually talking to someone whose job is to sell you products.
That’s not a knock on bank employees: they’re just doing their job. But “free” advice at the bank often leads to commission-based products that benefit the institution more than they benefit you.
The advice isn’t unbiased. It’s a sales conversation dressed up as guidance.
The Internet (and “FinTok”)
YouTube tutorials. Reddit threads. TikTok finance influencers. There’s no shortage of financial content online, and some of it is genuinely helpful for building basic knowledge.
But here’s the catch: most of it isn’t tailored to the Canadian tax system, your province’s rules, or your specific business structure. Generic advice about “maximizing your savings” doesn’t account for the nuances of Canadian tax law, corporate structures, or cross-border considerations.
And let’s be honest: a 60-second video can’t replace a comprehensive plan built around your actual life.
The Real Risks of DIY Financial Planning
So what happens when you piece together your financial strategy from free advice and internet research? A few things can go sideways.
Tax Inefficiency
Canada’s tax system is… complex. There are strategies that can save you thousands: but they require understanding how different accounts, structures, and timing decisions interact.
Without professional guidance, it’s easy to miss opportunities for tax optimization. You might be leaving money on the table without even knowing it.
The “Product” Bias
When advice comes from someone who earns a commission on what they sell you, guess what tends to happen? You end up with products that benefit them, not necessarily you.
This isn’t always obvious. It can look like helpful guidance while quietly steering you toward options that generate fees for someone else.
Fragmented Planning
Here’s a big one: your tax strategy, your estate plan, your business succession plan, and your lifestyle goals should all be talking to each other.
But when you DIY, these pieces often live in silos. Your accountant handles taxes. Your lawyer handles your will. Your bank handles your accounts. And nobody’s looking at the whole picture.
That fragmentation can lead to gaps, redundancies, and missed opportunities that add up over time.
Lack of Objectivity
It’s really hard to be unbiased about your own money. Emotions get involved. Blind spots creep in. And sometimes, we avoid looking at the things that make us uncomfortable.
A professional perspective can cut through that noise and help you see your situation clearly: without the emotional baggage.
The Fee-Only Difference: What Unbiased Guidance Actually Looks Like
At PB Total Wealth Advisory, we do things differently. And honestly, it’s pretty simple.
We charge for advice: not products.
That means no commissions. No hidden agendas. No steering you toward something because it benefits us. When you work with us, you’re paying for guidance that’s 100% focused on your goals.
It’s Not Just About a Saving Strategy
Here’s the thing: true financial planning isn’t just about where to put your money. It’s about integrating your tax strategy, your succession plan, and your lifestyle goals into one cohesive approach.
It’s about protecting what you’ve built, creating options for your future, and making sure all the pieces actually work together.
That’s what we mean by total wealth planning: it’s comprehensive, it’s coordinated, and it’s built around your life.
Professional Expertise Matters
You wouldn’t DIY your own surgery. You wouldn’t write your own business contracts without a lawyer. Your financial future deserves the same level of professional care.
The credentials (CFA, CIM, TEP, CFP, FMA) aren’t just letters after a name: they represent years of specialized training and a commitment to putting your interests first.
Your Future Deserves More Than “Free”
Look, we’re not here to judge anyone who’s been DIY-ing their finances. Life is busy, money is personal, and “free” advice is everywhere.
But if you’ve ever wondered whether you’re on the right track: or if there might be gaps in your plan that you can’t see: it might be time for a different approach.
One that’s unbiased. One that looks at the whole picture. One that’s actually built around your goals, not someone else’s sales targets.
Ready to see what clarity feels like?
Book a Financial Clarity Call with us. No pressure, no product pitches: just an honest conversation about where you stand and what’s possible.
Your future, your call. Let’s plan it together.