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Q. I’m 35 years old and my mom is 58. I convinced her to make an appointment with a financial adviser to go over retirement options and withdrawal strategies, as she wants to retire this year. I’m going with her.

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My parents are married and both are planning to take their Canada Pension Plan (CPP) at age 62. My mom would make full CPP (minus the penalty for taking it early) and my dad about one quarter. They would also be entitled to Old Age Security (OAS ) at age 65. My mom is currently working, earning $110,000 annually. My dad has sporadic employment. They own their own home and will have it paid off in a year. They also have about $250,000 in savings in exchange-traded funds (ETFs) but have no tax-free savings accounts (TFSAs) or registered retirement savings plans (RRSPs). My mother will also get an employer pension (not indexed) through work that will pay her about $25,000 annually if she retires at age 62. My dad has no employer pension. Since both my parents have had a bout of cancer, they are opting to retire earlier rather than later. What are some questions I should ask the financial adviser? —Mark in New Brunswick

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FP Answers: Mark, it’s a great idea to help a loved one plan for retirement and is one of those moments that feel both personal and important. With your parents planning to retire soon and with CPP, OAS, and a modest investment portfolio in play, a good first meeting with a qualified professional can make a real difference.

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Before you walk in, here’s a list of smart, practical questions to ask that will help you understand what your parents are signing up for and how it might shape their financial future.

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Start with the basics. Ask the adviser about his or her credentials, education and regulatory status (designations held), length doing this work and whether she or he is registered with a securities regulator. Be sure to find out about any disciplinary action or restrictions.

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In Canada, anyone can technically call themselves a “financial adviser,” but credentials, such as Certified Financial Planner (CFP), are meaningful because they reflect formal training and ethical standards.

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Here are some questions you could ask:

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Next, ask what they actually do for their clients. Many people think “financial adviser” means someone who just buys and sells investments. But good advisers do much more: retirement income planning, tax strategy, estate planning, budgeting for ongoing expenses and sometimes co-ordinating with accountants or lawyers.

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You could ask the following:

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Also, be direct and ask them how they get paid and what their services will cost. This is one of the most important questions you can ask, yet it’s often overlooked. Advisers may be either fee-only, commission-based or a mix of the two. Fee-only advisors are typically paid directly by you and don’t earn commissions on products, which reduces conflicts of interest. Advice-only planners are also paid directly by the client but do not sell any investment products.

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It’s also important to ask for a clear breakdown of every fee: what you’ll pay for planning; for ongoing monitoring and for each investment recommended. You should know up front what the cost will be and whether there are any hidden fees buried in the investment products themselves. How is the fee calculated? Is any portion of your fees tax deductible?