National Occupational Classification (NOC) 2021 Version 1.0

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National Occupational Classification (NOC) 2021 Version 1.0
Introduction
Hierarchical structure

11102 - Financial advisors

Financial advisors counsel individuals on financial decisions such as investments, cash management, and estate planning. They establish personal financial plans according to clients' objectives and guide them through the implementation of the proposed strategies that may be adjusted as the situation evolve. They are employed by banks, trust companies and investment firms, or they may be self-employed.

  • Illustrative example(s)

    • account manager
    • financial advisor
    • financial consultant
    • financial planner
    • financial security advisor
    • personal finance advisor
    • personal investment advisor

    All examples

  • Exclusion(s)

    • Financial and investment analysts (See 11101 Financial and investment analysts)
    • Managers in financial and business services (See 1002 Managers in financial and business services)
    • Other financial officers (See 11109 Other financial officers)
    • Securities agents, investment dealers and brokers (See 11103 Securities agents, investment dealers and brokers)

  • Main duties

    This group performs some or all of the following duties:

    • Develop personal financial plans for clients covering cash management, finances, insurance coverage, investments, retirement and estate planning, taxes and legal matters
    • Analyze clients' financial records, set goals and develop a financial strategy
    • Advise clients on implementing the financial plan to help them achieve their goals
    • May also arrange for the purchase and sale of financial products and investments depending on the licence held, and monitor the portfolio to ensure its quality and profitability
    • May help to expand business and attract new clients.

  • Employment requirements

    • A bachelor's degree in business administration, commerce, economics or a related field is usually required.
    • The designation Certified Financial Planner, awarded by the Financial Planners Standards Council of Canada, may be required.
    • To sell regulated financial products and investments, such as annuities, RRSPs and life insurance, a licence is required from the appropriate governing body.
    • Certification as a Financial Planner is required in Quebec.
    • Various training programs and courses are offered by financial institutes and organizations, such as the Canadian Securities Institute, Institute of Canadian Bankers, CFA Institute, Investment Funds Institute, Canadian Institute of Financial Planning, and Trust Companies Institute of Canada, and may be required by employers.

  • Additional information

    • While these kinds of positions require a high degree of training and qualifications, persons who occupy them must continually update their skills and pursue professional development.
    • Progression to financial management positions is possible with experience.
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