How to Start Your Career Path as a Certified Financial Planner

 Work as a Certified Financial Planner (CFP)

According to the Canadian Securities Institute, the average age of financial planners in Canada is 45-years-old, with only 5 percent under the age of 30. The industry as a whole is dominated by established names and major private firms. It can be frustrating to be the new person with new ideas in the room. However, it all starts with you. If financial planning is your dream career, here are a few suggestions on starting your career path. 

Get to know the jobs.

People often get confused between the role of a financial planner and the role of a financial advisor. While the two jobs share some similarities, there are some distinguished key differences. On one hand, a financial advisor helps people to manage their money. There are many different types of financial advisors, from planning advisors to investment advisors with different specializations. On the other hand, a financial planner develops personalized financial plans for their clients, based on their portfolio, risk tolerance, and financial goals. Working as a financial planner is very customer-based and requires excellent analytical and communication skills. 

Get certified for all essential qualifications.

Broad knowledge about the industry and market trends is required to start your career as a financial planner. It is one of the reasons why the average age of financial planners is so high. To create a long-term financial plan tailored to your clients, you will need to know about investments, taxes, estate planning, and risk management. Taking Accounting courses, Canadian Securities Course (CSC®) , or a CIFC®: Canadian Investment Funds Course can soothe your career transition.
 
As a beginner in the financial planning field, getting the Certified Financial Planner. (CFP) designation will get your foot in the door. Different from a regular financial planner, a Certified Financial Planner (CFP) needs to complete an intensive education program, pass a national exam and demonstrate at least three years of qualifying work experience. Not all financial planners have the prestigious CFP designation because it’s not a requirement of the profession. The fact that you spent time to learn and obtain the certification illustrates your intensive knowledge of the financial planning industry, propensity for lifelong learning, and passion for the job.

Life-long learning

FP Canada (formerly the Financial Planning Standards Council) requires all CFP professionals to complete at least 25 hours of continuing education to maintain their certification each year. This requirement ensures that all CFPs are up to date on the constantly changing times and strategies that might affect comprehensive financial planning. As a CFP, you are expected to keep up with all the law changes, new financial products, and investment strategies. Your clients will also expect you, their financial planner, to navigate these things. Lifelong learning is a part of the job that favours both you and your client’s interests.
 
If you want to start your career as a financial planner, spend time getting to know the jobs, educate yourself on related financial knowledge, and get the certification you need. As a new financial adviser, the prestigious Certified Financial Planner designation will open up many opportunities to advance your career.

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