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Where can I leverage my financial planning skills?

  • Last Updated:
  • Jan 11th, 2021 4:41 pm
[OP]
Jr. Member
Feb 12, 2008
166 posts
15 upvotes
Toronto

Where can I leverage my financial planning skills?

Hi,

I have been doing minor financial planning tasks for friends and family (filing tax returns, giving financial planning advice, simple portfolio allocation etc.) While my day job is another field, I have acquired sufficient financial qualiifications and have a good working knowledge of stocks, bonds, mutual funds, insurance products, etc.

I am thinking of working in this field on a full time basis, but I am not sure what kind of firm would be looking for people like me. I hear that the financial planners in bank branches are mostly forced to sell the bank's products. I want to be able to do an honest job of explaining financial complexities and advising people on creating their financial plans.

In view of the above, what kind of firms should I target?

Thanks
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Almost all problems in our lives can be traced back to a lack of knowledge.
5 replies
Deal Addict
Jan 19, 2017
4450 posts
2577 upvotes
musicgold wrote: Hi,

I have been doing minor financial planning tasks for friends and family (filing tax returns, giving financial planning advice, simple portfolio allocation etc.) While my day job is another field, I have acquired sufficient financial qualiifications and have a good working knowledge of stocks, bonds, mutual funds, insurance products, etc.

I am thinking of working in this field on a full time basis, but I am not sure what kind of firm would be looking for people like me. I hear that the financial planners in bank branches are mostly forced to sell the bank's products. I want to be able to do an honest job of explaining financial complexities and advising people on creating their financial plans.

In view of the above, what kind of firms should I target?

Thanks
you should get some kind of related training or designation first. No company will hire you just because you have the knowledge, unless you want to start at the entry level job first.
Deal Expert
User avatar
Jan 27, 2004
45207 posts
8229 upvotes
T.O. Lotto Captain
Forget it. Now if your true skills is sales and marketing... then yes.

Successful planners are all about growing that book. What you know is nothing that special , because a lot of people have that knowledge. Perhaps even more indepth with all the various tax planning strategies. Not to say what you know isnt good. Its great stuff to know.

Example... would you know what to do if someone has $10 mil + assets in 5 different countries , including some off shore asset holding schemes?

And they earn that income in 3 different countries with different tax rules. Do you have access to a team of professionals and have the experience to co-ordinate them to a diverse clientele?

What about complicated trust and assets?
Etc etc.

Once you consider it professional... its not all about skills and knowledge. Lots have that. Its all about growing that book.
So hopefully those friends and family youre doing it for... are really rich and will let you manage them for a fee! That will get you started.
Deal Fanatic
Apr 16, 2007
7979 posts
3270 upvotes
Financial District B…
musicgold wrote: Hi,

I have been doing minor financial planning tasks for friends and family (filing tax returns, giving financial planning advice, simple portfolio allocation etc.) While my day job is another field, I have acquired sufficient financial qualiifications and have a good working knowledge of stocks, bonds, mutual funds, insurance products, etc.

I am thinking of working in this field on a full time basis, but I am not sure what kind of firm would be looking for people like me. I hear that the financial planners in bank branches are mostly forced to sell the bank's products. I want to be able to do an honest job of explaining financial complexities and advising people on creating their financial plans.

In view of the above, what kind of firms should I target?

Thanks
in Ontario and call yourself a financial planner or financial advisor, you’ll have to back up your title with credentials from an approved body
https://www.advisor.ca/news/industry-ne ... o-ontario/

Financial Professionals Title Protection Act, 2019

Can't pretend to be something you're not

personal-finance-accreditation-2425039/#p33607669
----------------------------Licensed Credit Bureau member, S1, FI Automotive, CCP forums most banned = x 13 and counting, guess who that is?... stomped to the curb once again
Deal Fanatic
Dec 5, 2006
9548 posts
4747 upvotes
Markham
UrbanPoet wrote: Forget it. Now if your true skills is sales and marketing... then yes.

Successful planners are all about growing that book. What you know is nothing that special , because a lot of people have that knowledge. Perhaps even more indepth with all the various tax planning strategies. Not to say what you know isnt good. Its great stuff to know.

Example... would you know what to do if someone has $10 mil + assets in 5 different countries , including some off shore asset holding schemes?

And they earn that income in 3 different countries with different tax rules. Do you have access to a team of professionals and have the experience to co-ordinate them to a diverse clientele?

What about complicated trust and assets?
Etc etc.

Once you consider it professional... its not all about skills and knowledge. Lots have that. Its all about growing that book.
So hopefully those friends and family youre doing it for... are really rich and will let you manage them for a fee! That will get you started.
Most bank financial advisers can't answer your questions lol

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