Financial Advisor Job Description

A financial advisor provides financial advice and services to clients. They develop personal financial plans for clients, individuals and businesses, which cover investments, cash management, taxes, finances, insurance coverage, and retirement and estate planning. 

You may find that the terms “financial planner” and “financial advisor” are used interchangeably when researching the role. In fact, a financial advisor is anyone who offers services on taxes, investment, insurance, estate planning, and retirement. On the other hand, a financial planner is a type of financial advisor that specializes in assisting clients to develop strategies to meet their long-term financial goals.

Aside from financial planners, other types of financial advisors include asset managers, financial coaches, investment advisors, wealth advisors, personal bankers, financial consultants, certified financial planners (CFP), and chartered investment managers (CIM).  

WHAT WOULD I DO?

Common tasks in this role include:

• Establishing financial plans for individuals and businesses
• Helping clients build investment portfolios including bonds, stocks, and mutual funds based on their financial needs and goals
• Advising clients on financial planning strategies including real estate, insurance, pension plans, and securities
• Researching marketplaces and recommending appropriate services and products that meet clients’ financial objectives 
• Maintaining existing client relationships and developing new ones through prospecting, networking, and referrals

AM I SUITED FOR THIS JOB?

To be successful as a financial advisor, you must have the following skills:

• Decision-making
• Critical thinking
• Digital literacy
• Excellent oral and written communication skills
• Time management

Personal attributes that financial advisors also possess include:

• Attention to detail
• Independence
• Collaboration
• Analytical thinking
• Adaptability
• Stress tolerance

THE ENVIRONMENT/TYPICAL DAY

On a day-to-day, you can expect to work indoors and likely in a shared office space with others. A typical day in the life of a financial advisor includes multiple meetings with clients to review their accounts and establish goals and strategies. Much of the day is also spent organizing client and prospective client events, to earn new business and keep current clients satisfied. Financial advisors also spend their workday keeping up with relevant financial developments and market news to keep their knowledge current and provide the best service for their clients. 

According to Job Bank, on average, financial advisors work between 35 to 40 hours a week. 

WHAT ARE THE WAGES AND BENEFITS?

According to Indeed, the average base financial advisor salary in Canada is $59,857. 

JobBank breaks down the earnings for financial advisors in Canada by hourly rate:

WHAT IS THE JOB OUTLOOK IN CANADA?

The job outlook for financial advisors from 2023 to 2025 varies according to the region. There are good job opportunities over this time period in Nova Scotia, New Brunswick and Quebec. 

In Newfoundland and Labrador, Ontario, Manitoba, Saskatchewan, Alberta, and British Columbia, the job opportunities are only moderate. 

Further, in Yukon, Northwest Territories, and Nunavut, no employment outlook has been assigned as a result of low levels of employment. 

HOW DO I BECOME A FINANCIAL ADVISOR?

Most employers require that financial advisors have a bachelor’s degree to qualify for the role. The acceptable majors for this degree include business, economics, finance, accounting, and mathematics. 

Depending on the region and the workplace, designation as a Certified Financial Planner (CFP), which is granted by the Financial Planners Standards Council of Canada, may be required. Quebec, for example, requires certification as a CFP. 

A CFP is a globally recognized financial planning designation. It is a sign that the holder has the requisite knowledge, skills, experience, and ethics to assess their clients’ financial picture at the greatest level of complexity required. To receive the CFP designation, candidates must complete an education program, pass a national exam, and have three years of qualifying work experience and a post-secondary degree or ten years of qualifying work experience. 

If you want to sell products such as securities, mutual funds, and bonds, you must first complete the Canadian Securities Course offered by the Canadian Securities Institute (CSI). This is a foundational financial services credential required for individuals to perform transactions in mutual funds, alternative funds, and securities. It also helps learners fulfil their provincial regulatory requirements and Canadian Investment Regulatory Organization requirements for baseline securities licensing and alternative mutual fund products, mutual funds sales, and managed futures funds aside from labour-sponsored investment and securities funds. 

Other certifications include:

• Qualified Associate Financial Planner (QAFP): A QAFP certification demonstrates that the professional has the competency to guide the financial well-being of their clients. To obtain this certification, candidates must complete an education program, pass a nation exam, hold a post-secondary diploma and have one year of qualifying work experience or five years of qualifying work experience. Obtaining the QAFP certification can be a stepping stone to CFP although it is not required as a prerequisite to the CFP certificate. 

After earning the appropriate designations and licenses, you must register with a regulatory body called the Investment Industry Regulatory Organization of Canada. 

WHERE WOULD I WORK?

Financial advisors work in a range of workplaces including banks, investment firms, trust companies, government, and some are self-employed. 

HOW DO I FIND A JOB?

Industry-specific job boards include FPCanada and Investment Funds Institute of Canada. You can also find a position as a financial advisor by searching on general online job boards such as Indeed, Job Bank, and Monster. 

APPLYING FOR A JOB

To find a job as a financial advisor, it is important to identify the kind of financial advisor you want to be and then find a firm that is interested in you. Note, that to be strategic, you can choose to delay taking the exams so your employer pays for your studies and exam fees. That being said, this may not be guaranteed so at the very least, it is prudent to at least begin working on obtaining your CFP certification. You will need work experience to receive this designation, so the job search is a part of that journey to becoming certified. 

The most important part of applying for a job as a financial advisor is building your network. Attend industry local, regional, and national events to network with current financial advisors and put yourself out there. Once you make connections at these events, be sure to follow up with these advisors so they remember you and you remain on their radar. 

It is also important to reach out to various financial planning firms and look for internships. Internships are a great way to get your leg into the industry and build invaluable connections. Although you may not make much money at first, a good firm will have you starting out slowly, first working in administration and learning about client service and then later becoming an advisor. Even if the firm does not hire you at the end of your internship, if you have made a good impression, they can connect or refer you to other financial advisors and planning firms. 

WHERE CAN THIS JOB LEAD?

After a few years in the entry-level position, the next step is a senior financial advisor position. Each advanced financial position requires an estimated 2 years before you can move up. 

Arranged in ascending order, from entry-level position to the highest level, advancement can look like:

• Financial advisor
• Lead financial advisor
• Financial advisor manager
• Head financial advisor
• Senior financial advisor
• Vice president of finance
• Senior vice president of finance

For higher managerial positions, it may be necessary to receive additional education such as a Master’s Degree in a related field or more certifications. 

Alternative career paths for those interested in pivoting from being a financial advisor include:

• Investment analyst: An investment analyst researches and analyzes trends to provide their clients with guidance on their investment portfolios. They typically work for banks, investment firms, and pension plans to provide analysis that guides investment managers towards investments that are high-yield and minimal loss. 
• Internal wholesaler: An internal wholesaler performs tasks to grow business relationships to increase sales and expand markets. They perform market research, study a region or group, identify opportunities, and discover new targets for sales. They also contact identified leads and make sales pitches. They are usually employed in insurance or the investment industries and often work with outside vendors or external consultants. 
• Investment executive: Investment executives manage and optimize client assets to ensure long-term growth while considering risk tolerance. They work with clients to determine financial strategies and often collaborate with administrative leadership and financial analysts.