Financial planners are an occupation in high demand across Canada.
Recent research from FP Canada indicates that Canadians working with financial planners experience less money stress and better sleep at night. Finding an advisor suitable to you is paramount.
1. There are over 200,000 financial advisors in Canada
Demand for financial planning services across Canada is skyrocketing, as more Canadians fret about their future finances amid spiralling health care costs and unpredictable economic climate.
Investors require qualified professionals to assist them in meeting these challenges. Financial planners possess expertise in investment strategies and can offer guidance in areas such as debt management, retirement planning, risk mitigation strategies, tax efficiency planning and estate planning – among many other topics.
Most Canadians assume that anyone calling themselves a financial planner must be professionally trained. Unfortunately, that’s not always the case and some professionals call themselves financial planners without fulfilling any qualifications or being held to any fiduciary standard.
In 2019, Ontario introduced legislation to regulate professional titles for financial professionals. This legislation would limit use of the title “financial planner” only by those who meet high standards for proficiency and credibility, as well as ensure consumers understand qualifications and limitations associated with this designation.
2. There are over 200,000 financial planners in Canada
Financial planners are professionals who assist their clients in reaching their goals. This might involve investments, retirement planning and estate administration as well as meeting insurance needs or offering guidance regarding tax implications of various investments.
Most Canadians will require financial advice at some point during their lives. With life expectancies growing longer and people retiring later than ever before, most will need expert guidance from a financial planner in order to save enough for retirement.
Even with high demand for financial advice in Canada, many don’t have access to it. A survey conducted by FP Canada in 2021 revealed that some Canadians believed they may be discriminated against by experts or lacked confidence to seek help. Industry stakeholders are currently making changes that ensure more Canadians gain access to professional advice when needed.
3. There are over 200,000 financial analysts in Canada
Financial analysts in Canada are responsible for analyzing financial information, providing advice and making recommendations, while supporting accounting and finance managers. Financial analysts can often be found working at banks, credit unions or investment firms, though obtaining their degree will likely be required for employment in this profession.
Finance professionals often move to Canada with hopes of continuing their career after moving here, however they often encounter difficulty transitioning due to regulations and license requirements in most finance-related occupations.
Financial advisory industries are taking steps to increase access to professional advice. Ontario recently passed legislation designed to protect consumers from unlicensed advisers, with other provinces soon to follow suit. Before hiring an advisor it is vital that due diligence be performed on them as well as on their licenses to minimize risk – particularly since female investors tend to feel more at ease taking on risks with female advisors than men advisors.
4. There are over 200,000 financial analysts in Canada
Financial analysts provide advice and counsel on financial matters such as how to save for a home purchase, prepare for retirement and invest money. Financial analysts in Canada can make an excellent living by doing this work.
Becoming a financial advisor in Canada requires several qualifications, such as work experience and certifications. Many financial planners possess master’s degrees in finance or business. There are also courses and certifications available to prepare people for careers as financial analysts in Canada.
Bad financial advice can have dire repercussions for Canadians. Poor advice can lead to costly errors and compromise your ability to meet your financial goals, so it is critical that Canadians find an advisor they trust who explains their processes and decisions clearly – it also allows you to ask pertinent questions to determine whether this advisor fits into their personal goals.
