Are you paying too much for financial advice?

How much financial advice do you need?

Sure, you might benefit from the full-service advice model offered by many banks, with fully managed investment portfolios and services like business succession planning, but that kind of high-touch (and higher cost) advice isn’t for everyone. Clients who use such a model are typically charged a fee based on their total asset value, which may range from 1% to more than 2% per year¹.

Full-service advice is generally geared towards clients with higher levels of investable assets, often starting around $500,000 in managed investments.

Tangerine offers a different approach. Call it “light advice” or “advice on demand.” That means easy-to-understand products, intuitive digital tools and regular access to advisors when you need them, at a lower price point than a Big 5 bank or a specialized investment firm. And it’s available to every client — not just the high-net-worth ones — who invests in Tangerine’s passively managed portfolios.

What’s right for you will depend on your financial situation, long-term objectives and expectations around advice.

Here are five questions to ask yourself to help you decide which approach is the best fit.

1. How complicated are your finances?

The full-service model was designed to help individuals and families with higher net worths navigate complicated portfolios and estates. They may own businesses or real estate across multiple provinces or countries. Perhaps they have cross-border currency requirements, multiple investment accounts and more. Full-service firms often have access to legal, tax and business experts to support these more complex scenarios. 

The question is whether that level of support matches your needs.

“Most situations aren’t that complex,” says Mike Allen, head of advice with Tangerine Investments. “In some cases, to be paying a full-service fee for a situation that is fairly straightforward may not be providing a lot of value.”

That goes for some higher-net-worth individuals too, he adds.

If your needs are less complicated, a lighter-touch approach might be the way to go. With the advice-on-demand model, you get access to a team of advisors who can help you develop your goals, keep you on track and assess which portfolio is right for you, by considering your circumstances, time horizon, objectives and risk tolerance.

2. Would you prefer an active or passive approach to your investments?  

If you want to own a wide variety of investments, whether it’s individual stocks, bonds, commodities, private equity or debt, then you may need a full-service wealth management model. These groups may have more nuanced investment offerings and have active managers who build custom portfolios for their clients – and can help to explain the risks and rewards associated with these types of securities.

But actively managed funds don’t necessarily mean higher returns. Research shows that most actively run portfolios – fund managers who pick the securities themselves – don’t beat broader indexes. In 2025, for instance, 85.4% of active funds in Canada underperformed their benchmarks, according to the SPIVA Canada Scorecard by S&P Dow Jones Indices.

A portfolio of passive index-tracking funds can meet the needs of many Canadians, no matter how much money they have invested. Tangerine’s advice-on-demand model takes that more passive approach to investments, but still provides you substantial choice, such as how much risk you are willing to take on, whether you’d like your investments to be socially responsible, and whether to focus your investments in Canada, the U.S. or globally.

“Your advisor’s job is to make sure that you understand the strategy and you’re comfortable with it,” said Allen.

3. How often do you want to talk to an advisor?  

In the full-service model, clients tend to meet with the same advisor at least once or twice a year. If this seems right for you, you’ll want to make sure those meetings cover more than just numbers. While returns are important, your advisor should also discuss your life changes and goals. For example, they may outline how a new baby, divorce or a financial gift for a child’s down payment could affect your plan.

If having more frequent touchpoints is important, advice-on-demand might be the choice for you, since Tangerine’s team of advisors are available five days a week and can help navigate many of the same life issues as a full-service advisor — whether you’re saving up for a new home or winding down towards retirement.

While you can work with a dedicated advisor at Tangerine, in many cases, your questions can be answered more frequently by a team. You can speak with a live Tangerine advisor at any time between 8 a.m. and 8 p.m. ET, Monday to Friday, to review your plans and ensure you’re on track.

4. Are you getting personalized financial advice?

Like any professionals, full-service advisors can vary widely in skill and the quality of advice they provide. It should never feel generic.

“Advisors should be able to look at your whole picture and give you a personalized plan,” Allen explains, adding that this is especially true when it comes to tailoring an individual’s retirement plans.

“Clients have no idea what retirement looks like and it’s more than just ‘you need $1 million to retire.’ What do you want your retirement to look like? What do you have in mind when you talk about retirement? That should be a key part of the plan.”

Tangerine Advisors can help you build a roadmap for your wealth that’s tailored to your needs. You’ll have a good understanding of the steps you will need to take to support meeting your goals and what might happen if your circumstances or the markets change.

5. Which advice model is the best fit for you?

You have options when it comes to financial advice. The right option depends on your needs.

If your finances are complex, you want ongoing support from the same advisor and you’re making use of services such as estate, tax or business planning, a full-service wealth management model may be worth considering.

For many Canadians, however, a simpler, lower-cost approach may be enough. If your financial situation is relatively straightforward, you may find that low fees² combined with access to professional financial advice when you need it can provide the right level of support.

Tangerine's advice-on-demand model is designed to offer that balance. You get access to robust digital tools and live advisors when you need them, while keeping costs low, with a portfolio of investments to help you meet your long-term wealth-building needs.