11102 Financial advisors

What this occupation covers

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.

Official main duties

The NOC profile lists 5 main duties for this code.

• 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.

Do not copy these lines into your reference letter. The letter has to describe what you actually did, in your employer’s words. DUTYPROOF flags wording lifted from the NOC as something to review, and an officer reading a letter that mirrors the NOC reads it the same way.

What DUTYPROOF screens for

This is DUTYPROOF’s screening threshold, not IRCC’s decision. For this NOC, screening requires at least 2 of its 5 official duties to be evidenced in your own words, plus the required letter elements. IRCC asks that you performed the actions in the occupation’s lead statement and a substantial number of its main duties — so treat the duty coverage as the number that matters, not the badge.

Codes this one is confused with

The NOC profile names these itself. Choosing the wrong code of a look-alike pair is the most common way genuine work experience fails to establish eligibility.

• 11101 Financial and investment analysts
• 11109 Other financial officers
• 11103 Securities agents, investment dealers and brokers

Excluded from this code

• 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)

Job titles filed under this code

A title on this list does not by itself put your experience in this code — the duties in your letter decide that.

account manager · associate financial advisor · associate investment advisor · banking advisor · certified financial planner · financial advisor · financial consultant · financial planner · financial security advisor · financial services advisor · financial services consultant · investment specialist · personal finance advisor · personal financial planner · personal investment advisor · personal investment counsellor · securities analyst - personal finances · securities counsellor · wealth advisor

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.