How to Become a Financial Advisor in Canada
A financial advisor career offers you the chance to be your own boss and generate an unlimited income potential. Canada counts many financial services firms and banks looking for qualified financial advisors and are willing to offer training and financial support while you get off the ground. Whichever way you choose to enter the business, your first steps will be to study for and obtain the appropriate licenses.
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Instructions
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Enroll in the Canadian Securities Course (CSC) to get your mutual funds license. The Canadian Securities Institute (CSI) website has everything you need to start your own self-study program and learn at your own pace. When ready, book your Canadian Securities Course Exam through the CSI website.
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Enroll in the Life License Qualification Program (LLQP), which is the first step towards getting your provincial Life Insurance Agent's License. One popular self-study program is available through Advocis, the Financial Advisors Association of Canada. You need to pass the LLQP certification exam and then pass the Life License exam for all of the provinces in which you wish to be life licensed. Advocis gives all the information you need to know on where to apply for exams and licenses.
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Seek out financial services firms that typically hire financial advisors. Banks, insurance companies and investment firms employ financial advisors and are always looking for new talent and willing to invest in training and development. Look for firms such as CIBC, RBC Insurance, Sun Life Insurance, Investors Group or Edward Jones. Search job boards like Workopolis to see what firms are hiring in your area.
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Make a list of people you know whom you could approach for a financial consultation or referral. Building a successful financial advisor career depends highly on your ability to get in front of people. Even if a financial services firm takes you on board, you will not be provided with leads. They may, however, train you on some of the proven methods with which to develop leads. Then it will be up to you to seek out those leads.
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Keep improving. Look for classes or seminars offering instruction in financial instruments or how to close a sale more effectively. Continuous self-improvement is a key to long-term success as a financial advisor.
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Tips & Warnings
When applying for the LLQP, you should go for the full program, and not just Accident and Sickness. The full program will qualify you for an Accident and Sickness license, as well as a Life license.
If you think you already have what it takes to be hired on by a financial services firm, send them your resumé even without going through the licensing process. If these firms decide to take you on, they will help you through the process and even provide financial rewards for passing courses and obtaining your licenses.
Be prepared to work tirelessly and to ask people some very intimate questions about their financial situations.
Be prepared for a lot of rejection and learn to deal with it appropriately.
References
Resources
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