The mission of a financial advisor is to provide investment advice as well as insurance advice to clients and help them find some strategies to achieve their financial goals.
Financial advisors must mainly advise the client as well as analyze and identify his needs in order to offer him the proper financial products that will allow him to achieve his objectives. They must develop realistic strategies in order to give recommendations on personal finances, investments, credit or protection.
Financial advisors engage with potential and existing clients on a daily basis. They meet with them to answer the clients need and find them a proper solution. They educate them to make sure they understand how their money is managed. They also help them with their personal budget.They answer calls and emails. Sometimes they have meetings. They also sale financial products to increase the bank objectives.
They usually work in a financial institution such as a bank.
To become a financial advisor, you must have completed a program that is recognized by OCRCVM. After that, you must pass your exam at AMF to obtain your license in order to get your certificate which gives you the rights to sale financial products.
The salary is around $50 000 per year.
They are constantly trained in order to be up to date about the news on the financial markets so in that way they can come up with new strategies to share with their clients. They also need to do some training, so they can accumulate their UFC to keep their certificate from AMF. UFC which is like training units. They need to accumulate 20 per year.
Give wrong advice to a client, make a wrong calculation and make professional mistakes such as reveal confidential information to your colleague are dangers in this job.
There is 58% of chance that financial advisors will be replaced by robots. They might be replaced by software that would do all the calculations, but the human sides remain unchangeable.
They retire between a 60 to 65 years old.
Rationale: to inform or educate
Authority: government
Date: still relevant
Accuracy: probably true
Relevance: relevant for this document
Sources: no sources cited
Rationale: to inform or educate
Authority: recognized author
Date: still relevant
Accuracy: probably true
Relevance: relevant for this document
Sources: no sources cited
Rationale: to inform or educate
Authority: recognized author
Date: still relevant
Accuracy: probably true
Relevance: relevant for this document
Sources: no sources cited