A Closer Look at a Career as a Personal...

A Closer Look at a Career as a Personal Financial Advisor

by Rochelle C. Pangilinan
Jobs People Do | JobsPeopleDo.com

Financial literacy sounds like a term coined by financial pundits to scare off those who aren’t exactly a whiz with financial matters, but recent data from Statistics Canada that revealed Canadian household debt has increased significantly in the last quarter of 2018, further establishing the need for financial literacy.  In addition, based on additional report from Equifax Canada, more and more Canadians have turned away from their financial obligations in the fourth quarter of 2018, and it’s expected to climb even higher this year.

These alarming statistics definitely prove that Canadians should be more aware when it comes to financial matters. However, not everyone can be as financial-savvy, but thankfully, there are professionals who can prove to be extremely helpful in that department: the personal financial advisors.

If you have a great ability for financial management and you are natural in helping people, this career can definitely be worthwhile for you. Let’s take a look below.

Personal Financial Advisors – What You Need to Know

The personal financial advisors’ primary goal is to help individuals assess their financial needs, establish a financial plan, set short-term and long-term financial goals, and suggest investment options such as stocks and bonds. Personal financial advisors are especially needed when there’s a big change in an individual’s life such as getting a high-paying job, starting a family, or acquiring wealth through other means such as inheritance. These are situations where personal financial advisors are essential.

Because of what’s expected of them, personal financial advisors should have high-level knowledge in the financial and investment fields and must be in an expert-level when it comes to applicable tax laws that are associated with such options, such as inheritance tax.


According to PayScale.com, a personal financial advisor can earn an average of C$44,457 a year with potential for bonuses and profit-sharing opportunities.


To kick off a career as a personal financial advisor, a bachelor’s degree in accounting, business, finance, or any related field will be a big advantage. Ideally, personal financial advisors should also work to acquire a comprehensive knowledge of government (federal, state, and local) laws and regulations and Security Exchange Commission (SEC) rules and guidelines. If this will be the profession you’ll go for, keep in mind that continuous learning and keeping oneself abreast of monetary rules and regulations are beneficial.

Being technology-savvy is recommended for personal financial advisors, and it will be a huge boost to one’s career if you learn to use the latest in self-serve tools such as automated portfolio management to accommodate your client base.

Before you can practice as a personal financial advisor though, registration is a must for all provinces and territories. Practicing without the necessary credentials can be a big blow to your career and could jeopardize your reputation within the industry for the long-term especially now that consumers anywhere in Canada can double-check on a personal financial advisor’s certifications and qualifications via the Canadian Securities Administrators’ National Registrant Search.

Pros and Cons

A career as a personal financial advisor is challenging as expectations in terms of duties and responsibilities are ever-growing. This is why personal financial advisors are recommended to consistently work hard to adjust to ever-changing business climates that Canada is exposed to, especially when it comes to technology, regulations, and market volatility.

However, this particular career can be extremely rewarding both financially speaking and emotionally speaking. You earn the potential for huge bonuses and profit-sharing opportunities. In turn, you become essential in an individual’s realization of their financial goals, and that’s even a bigger reward than the monetary rewards.





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