Description
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.
Job Titles
- Account manager
- Financial advisor
- Financial consultant
- Financial planner
- Financial security advisor
- Personal finance advisor
- Personal investment advisor
Main 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.
Workplaces
- Banks
- Governments
- Investment firms
- Self-employed
- Trust companies
Skills
- Digital Literacy
- Management of Financial Resources
- Critical Thinking
- Decision Making
- Evaluation
Abilities
- Deductive Reasoning
- Mathematical Reasoning
- Numerical Ability
- Inductive Reasoning
- Speech Clarity
Personal Attributes
- Analytical Thinking
- Attention to Detail
- Collaboration
- Concern for Others
- Independence
Similar Occupations
- Insurance, real estate and financial brokerage managers (10020)
- Banking, credit and other investment managers (10021)
- Advertising, marketing and public relations managers (10022)
- Other business services managers (10029)
- Financial and investment analysts (11101)
- Securities agents, investment dealers and brokers (11103)
- Other financial officers (11109)
Source: OaSIS
Employment Outlook
The employment outlook will be good for Financial advisors (11102) in Prince Edward Island for the 2022-2024 period.
The following factors contributed to this outlook:
- Employment growth will lead to a moderate number of new positions.
- A moderate number of positions will become available due to retirements.
- There are a moderate number of unemployed workers with recent experience in this occupation.
This occupational group is particularly sensitive to changes in the finance and insurance sectors as almost all financial officers are employed in this sector, working at financial institutions such as banks, investment/securities firms, brokerage houses and insurance companies.
This occupational group contains several finance-related occupations that are similar but perform slightly differing tasks and require different training and experience. Individuals with knowledge of and experience in specific areas, such as financial planning, credit functions, insurance functions, asset underwriting or financial analysis, may have better employment opportunities. Depending on the type of financial service operation, employers may require recruits to hold a financial services certification, such as a Certified Insurance Consultant, Certified Financial Planner, Mutual Funds Licence, or to have completed the Canadian Securities Course. Continued population growth by way of immigration will support the demand for workers in this occupation over the forecast period.
Here are some key facts about Financial advisors in Prince Edward Island:
- Approximately 300 people work in this occupation.
- Financial advisors mainly work in the following sectors:
- Monetary Authorities – central bank and securities, commodity contracts and other intermediation and related activities (NAICS 521, 522, 523): 64%
- Insurance Carriers and related activities (NAICS 524, 526): 15%
- Federal government public administration (NAICS 911): 12%
- Other professional, scientific and technical services (NAICS 5414, 5416-5419): 7%
- The distribution of full-time and part-time workers in this occupation is:
- Full-time workers: 93% compared to 84% for all occupations
- Part-time workers: 7% compared to 16% for all occupations
- 77% of financial advisors work all year, while 23% work only part of the year, compared to 59% and 41% respectively among all occupations. Those who worked only part of the year did so for an average of 46 weeks compared to 41 weeks for all occupations.
- 28% of financial advisors are self-employed compared to an average of 13% for all occupations.
- The gender distribution of people in this occupation is:
- Men: 63% compared to 51% for all occupations
- Women: 38% compared to 49% for all occupations
- The educational attainment of workers in this occupation is:
- no high school diploma: less than 5% compared to 11% for all occupations
- high school diploma or equivalent: 12% compared to 28% for all occupations
- apprenticeship or trades certificate or diploma: 11% compared to 11% for all occupations
- college certificate or diploma or university certificate below bachelor’s: 18% compared to 25% for all occupations
- bachelor’s degree: 47% compared to 17% for all occupations
- university certificate, degree or diploma above bachelor level: 12% compared to 8% for all occupations
Source: Job Bank
Prevailing Wages
| AREA | LOW | MEDIAN | HIGH |
|---|---|---|---|
| PEI | $15.00 | $25.64 | $38.46 |
| Canada | $23.00 | $35.00 | $64.10 |
Training
There are no known training programs for this occupation in PEI. If you are aware of a local training program, please contact us.