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Financial Planner

Financial planners develop personal financial plans for individuals and families. They analyze clients’ net worth, financial resources, lifestyle preferences, and goals. They suggest ways for clients to achieve their financial goals.

Also Known As

Financial Advisor, Financial Consultant, Personal Financial Planner, Personal Financial Services Specialist, Qualified Associate Financial Planner

NOC Codes

In Canada, the federal government groups and organizes occupations based on a National Occupational Classification (NOC) system. This alis occupation may not reflect the entire NOC group it is part of. Data for the NOC group can apply across multiple occupations.

The NOC system is updated every 5 years to reflect changes in the labour market. Government forms and labour market data may group and refer to an occupation differently, depending on the system used. Here is how this occupation has been classified over time:

  • 2006 NOC: Financial Planners (1114.1) 
  • 2006 NOC-S: Other Financial Officers (B014) 
  • 2011 NOC: Other financial officers (1114) 
  • 2016 NOC: Other financial officers (1114) 
Interests & Abilities

In Alberta, this occupation is part of 1 or more 2006 National Occupational Classification (NOC) groups. If there are multiple related NOC groups, select a NOC heading to learn about each one.

Financial Planners
2006 NOC : 1114.1

Interest Codes

Interest Codes for This NOC Group

METHODICAL

Interest in obtaining information from clients such as bank account records, pension plan and other employee benefit-package information, tax records, insurance policies and related documentation; may also arrange for sale of financial products and investments depending on licence held, and monitor portfolios to ensure quality and profitability

INNOVATIVE

Interest in analyzing clients' financial records to set goals and develop financial strategies

DIRECTIVE

Interest in consulting with clients concerning cash management, finances, insurance coverage, investments, retirement and estate planning and taxes and legal matters; and in helping to expand business and attract new clients

Your Interest Codes

To identify or change your interest codes, complete the Interests Exercise in CAREERinsite.

Reading Interest Codes
A Quick Guide

The interest code helps you figure out if you’d like to work in a particular occupation. 

It’s based on the Canadian Work Preference Inventory (CWPI), which measures 5 occupational interests: Directive, Innovative, Methodical, Objective, and Social.

Each set of 3 interest codes for this NOC group is listed in order of importance.

A code in capital letters means it’s a strong fit for the occupation.

A code in all lowercase letters means the fit is weaker.

Learn About Interests

Abilities

Typical ability expectations for this NOC group
Your abilities

To fill in or change the values for your abilities, complete the Abilities Exercise in CAREERinsite.

Mental Abilities

General Learning Ability

Verbal Ability

Numerical Ability

Visual Abilities

Spatial Perception

Form Perception

Clerical Perception

Physical Abilities

Motor Coordination

Finger Dexterity

Manual Dexterity

Understanding Abilities

A Quick Guide

You are born with abilities that help you process certain types of information and turn it into action. These abilities influence which skills you can learn more easily.

The abilities or aptitudes shown for this NOC group come from the General Aptitude Test Battery (GATB). The GATB measures 9 aptitudes. It groups them into 3 categories: mental, visual, and physical.

The abilities scores range from 1 to 5, with 5 being stronger.

Learn About Abilities

Duties
Updated Apr 11, 2022

Financial planners create plans for clients to achieve their financial goals. They explain and compare financial products such as mutual funds, insurance, or other securities.  They help clients:

  • Gather information from bank statements, income tax returns, life and disability insurance records, pension plan information, and wills
  • Calculate their net worth
  • Identify personal and financial short-term and long-term goals and objectives

Some clients put financial plans into effect themselves. Others choose to have financial planners put the plans into effect for them. To carry out the plan, financial planners may work with or refer clients to other financial services or professionals such as:

Financial planners also:

  • Build and maintain a client base by keeping current client plans up to date, and recruiting new clients on an ongoing basis
  • Meet with financial product representatives
  • Maintain detailed client files

Some financial planners conduct seminars and workshops about:

  • General financial planning
  • Retirement planning
  • Estate planning
  • Severance packages

Some offer financial advice to the public. They write columns for newspapers or appear on television or radio shows.

Working Conditions
Updated Apr 11, 2022
  • Strength Required Lift up to 5 kg

Financial planners may work alone or with others. They may work in fully equipped offices or from home. Many financial planners travel to meetings at clients’ homes or businesses.

They may work evenings and weekends as well as regular office hours.

Traits & Skills
Updated Apr 11, 2022

Financial planners need:

  • Respect for client confidentiality
  • Confidence
  • Listening and communication skills
  • Entrepreneurial and business marketing skills
  • The ability to understand complex financial documents such as wills, insurance policies, pension plans, financial statements, and tax regulations
  • The ability to balance their clients’ interests with their range of services
  • A willingness to consider new approaches to problem-solving

They should enjoy:

  • Taking a methodical approach to gathering and analyzing information
  • Finding innovative solutions to problems
  • Consulting with people
  • Directing other people’s activities
Educational Requirements
Updated Apr 11, 2022
  • Minimum Education Varies

There are no minimum admission requirements. However, experience in the financial industry is recommended. Those who wish to earn the Certified Financial Planner (CFP) designation need a bachelor’s degree.

Candidates may further their education by attending classes at designated universities and colleges. They may also take courses through distance education or via the Internet. For example, they can take Canadian Securities Institute courses.


To expand or narrow your search for programs related to this occupation, visit Post-Secondary Programs.

Completing a program does not guarantee entrance into an occupation. Before enrolling in an education program, prospective students should look into various sources for education options and employment possibilities. For example, contact associations and employers in this field.

Certification Requirements
Updated Apr 11, 2022
  • Certification Provincially Regulated

Certified Financial Planner (CFP) certification is becoming a standard requirement for most financial planning roles at financial institutions. Many job postings list the CFP as a requirement, especially for positions working with high net-worth clients.

FP Canada (formerly the Financial Planning Standards Council) offers the CFP certification. To apply, applicants must:

  • Hold a bachelor’s degree from an accredited school
  • Complete an FP Canada-Approved Core Curriculum Program
  • Complete an FP Canada-Approved Advanced Curriculum Program
  • Complete the Introduction to Professional Ethics Course
  • Complete the CFP Professional Education Program
  • Pass the CFP exam
  • Have 3 years of related work experience

For details about requirements, visit FP Canada.

Under Alberta’s Securities Act [pdf], you must be registered with the Alberta Securities Commission (ASC) to deal in, advise on, and manage funds and securities.

Financial planners need to complete specific courses depending on the financial products they handle:

Additional courses and training may be required after obtaining certain licences.

For details, visit the ASC and Investment Industry Regulatory Organization of Canada (IIROC) websites.

Certain professional titles or duties within this occupation are protected by provincial legislation. Requirements vary if you use these titles or perform these duties.

The related legislation is shown below. If there are multiple related legislations, select a certification heading to learn about each one.

Insurance Agent

Insurance agents assess people’s financial needs and advise them on how to protect themselves against financial loss. They may represent insurance companies directly or as independent representatives. They sell life, property, casualty, automobile, or health insurance policies to individuals, businesses, or public institutions.

Legislation

Under Alberta’s Insurance Act [pdf] and Insurance Agents and Adjusters Regulation [pdf], you must be licensed by the Alberta Insurance Council (AIC) to sell insurance in Alberta.

For information on what you need and other details, visit the certification profile Insurance Agent.

Additional Information

Financial planners can also pursue other designations:

To learn about designation requirements, visit the organization’s website.

Employment & Advancement
Updated Apr 11, 2022

Some financial planners work at small financial planning businesses. Some choose self-employment. Others work full-time or contract their services to larger firms and organizations such as:

  • Trust companies
  • Banks and other lending institutions
  • Stock brokerage firms
  • Insurance agencies
  • Legal firms
  • Accounting firms
  • Mutual fund companies
  • Private financial planning companies
  • Digital financial planning firms

Experienced financial planners may specialize in a particular aspect of financial planning, such as retirement planning or wealth management. They may also move into supervisory or management positions in larger companies or professional associations.

Industry Concentration

This section shows the industries where the majority of people in this occupation work. The data is based on the 2016 Census.

In Alberta, this occupation is part of 1 or more 2016 National Occupational Classification (NOC) groups.

In the 1114: Other financial officers occupational group, 82.9% of people work in:

Employment Outlook

Employment outlook is influenced by a wide variety of factors including:

  • Time of year (for seasonal jobs)
  • Location in Alberta
  • Employment turnover (when people leave existing positions)
  • Occupational growth (when new positions are created)
  • Size of the occupation
  • Trends and events that affect overall employment, especially in the industry or industries from the previous list

In Alberta, the 1114: Other financial officers occupational group is expected to have a below-average annual growth of 1.6% from 2019 to 2023. In addition to job openings created by employment turnover, 233 new positions are forecasted to be created within this occupational group each year.

Note
NOC groups often include several related occupations. Although there is labour market data for the larger NOC group, this occupation makes up only a part of that group. It means data for this occupation may be different than the data shown. For example, only some of the new positions to be created will be for this occupation. It also applies to other data for the NOC group such as number of people employed.

Source: Alberta Regional Occupational Demand Outlook

Employment turnover is expected to increase as members of the baby boom generation retire over the next few years.

Wage & Salary
Updated Apr 11, 2022

Self-employed financial planners may charge fees for their services, earn commissions on the products they sell, or both.

Fee-for-service planners charge hourly or provide a quote for a full plan. They may base the quote on the complexity of the plan or the value of a client’s assets.

Commission planners receive commissions for selling specific financial products or referring clients to specific professionals or companies.

Financial planners who work at larger financial institutions typically earn salaries.

In Alberta, this occupation is part of 1 or more 2016 National Occupational Classification (NOC) groups. If there are multiple related NOC groups, select a NOC heading to learn about each one.

Other financial officers

2016 NOC : 1114
Average Wage
$38.94
Per Hour
Average Salary
$75,834.00
Per Year
Average Hours
37.5
Per Week
Average Months on Payroll
12
Survey Methodology Survey Analysis

Source
2019 Alberta Wage and Salary Survey

NOC 1114 Wage Profile

Unless otherwise noted, the data shown here is for all industries and all regions in Alberta.

All wage estimates are hourly except where otherwise indicated. Wages and salaries do not include overtime hours, tips, benefits, profit shares, bonuses (unrelated to production), and other forms of compensation.

To see the full survey data for this NOC group, visit the wage profile.

Other wage sources
To make an informed wage and salary decision, research other wage sources [pdf] to supplement this data.

B: Good Reliability
Data Reliability Code Definition

Good Reliability, represents a CV of between 6.01% and 15.00% and/or fewer than 30 survey observations and/or if survey observations represent less than 50% of all estimated employment for the occupation.


Hourly Wage
For full-time and part-time employees
  • Low
  • High
  • Average
  • Median
Starting
Overall
Top
Wages* Low (5th percentile) High (95th percentile) Average Median
Starting $19.23 $45.69 $28.96 $25.48
Overall $21.92 $63.19 $38.94 $37.75
Top $23.90 $100.96 $53.83 $51.37

Swipe left and right to view all data. Scroll left and right to view all data.

* All wage estimates are hourly except where otherwise indicated. Wages and salaries do not include overtime hours, tips, benefits, profit shares, bonuses (unrelated to production) and other forms of compensation.

Pay brackets for hourly wages

  • Starting pay: average pay offered for entry-level positions
  • Overall pay: average pay across all employees in this occupation
  • Top pay: average pay offered to top-paid employees

Industry Information
Retail Trade
Public Administration
ALL INDUSTRIES
Educational Services
Finance, Insurance, Real Estate, Leasing

Skills Shortage

Employers that Recruited in the Last 2 Years

43%
43%)

Recruiting Employers that Experienced Hiring Difficulties

30%
30%

Employers with Unfilled Vacancies of over 4 Months

5%
5%

Vacancy Rate

2%
Related Post-Secondary Field of Study
  • Business, Management and Administrative Studies
Other Sources of Information
Updated Apr 11, 2022

Advocis (The Financial Advisors Association of Canada) website: myadvocis.ca

Canadian Securities Institute (CSI) website: www.csi.ca

Financial Planning Association of Canada website: www.fpassociation.ca

FP Canada (formerly Financial Planning Standards Council) website: www.fpcanada.ca

Institute of Advanced Financial Planners (IAFP) website: www.iafp.ca

The Canadian Institute of Financial Planners (CIFPs) website: www.cifps.ca

The Canadian Institute of Financial Planning (CIFP) distance learning website: www.cifp.ca

The Institute for Advanced Financial Education website: iafe.ca

The Investment Funds Institute of Canada (IFIC) distance learning website: www.ifse.ca

Get information and referrals about career, education, and employment options from Alberta Supports.

Updated Mar 31, 2022. The information contained in this profile is current as of the dates shown. Salary, employment outlook, and educational program information may change without notice. It is advised that you confirm this information before making any career decisions.

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