How professional financial planners coach their clients towards financial well-being
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A career as a Certified Financial Planner professional or Qualified Associate Financial Planner professional offers tremendous opportunities for growth – and impact
In today’s uncertain economic environment, Canadians need more from professional financial planners than just recommendations on how to eliminate credit card debt, create a budget or save money.
They require guidance, clarity and reassurance from a true partner. Canadians want a financial “coach” to help them navigate the complexities of personal finances. And pursuing a career as a Certified Financial Planner professional or a Qualified Associate Financial Planner professional is the ideal opportunity to become the coach that Canadians need.
Every year, the FP Canada Financial Stress Index shows that those who work with a professional financial planner are less prone to money-related stress and more hopeful about their financial future compared to those who don’t work with a planner.
This shows that professional financial planners are making a meaningful difference in the well-being of their clients. And that’s a big part of what makes professional financial planning such a rewarding career.
“Financial planning is about way more than just numbers,” says Alim Dhanji, CFP, Senior Financial Planner with Assante Financial Management Ltd. in Vancouver, B.C. “It’s about building trusted relationships with clients and helping them achieve their goals. It’s about becoming a coach who guides Canadians towards financial well-being.”
High demand, high need
There has rarely been a better time to enter the profession given the high demand for qualified financial planners. Pollara research commissioned by FP Canada in 2023 found that two-thirds of Canadians see benefits to getting professional financial advice. However, only half had received any professional advice in the past two years, with only 14 per cent having received advice from a financial planner, demonstrating a clear advice gap.
And even with a growing number of digital tools available to consumers, research from Accenture reveals that the vast majority of consumers still prefer to have a component of personalized, human financial planning advice in addition to the technology-based tools they use. That says a lot about the financial challenges Canadians are facing and the need for more financial planners in Canada.
A career as a CFP professional or QAFP professional offers tremendous opportunities for growth – and impact. Financial planners make a real difference in the lives of their clients.
The path to certification
For those considering financial planning as a career, earning CFP certification or QAFP certification is a critical way of demonstrating that you have the education, experience and ethics needed to provide clients with comprehensive financial planning advice.
The CFP designation is the most widely recognized financial planning certification in the world, and is recognized as the gold standard for financial planning in Canada. CFP professionals are equipped to examine their clients’ entire financial picture at the highest level of complexity required of the profession.
QAFP certification is a great way to start a career in professional financial planning, and it can be a stepping stone to earning CFP certification. QAFP professionals are best suited to provide financial planning strategies and solutions for clients who are growing their financial well-being.
Candidates pursuing either certification can earn the full scope of education they need from one source: the FP Canada Institute. The Institute’s technical and professional courses are developed by professional financial planners and provide a direct, efficient and complete path to certification.
Through the Institute’s Professional Education Programs, aspiring financial planners develop the critical behavioural and relationship-building skills needed to support clients effectively. This is a key differentiator between FP Canada’s certifications and other financial planning credentials.
The coaching component
Meghan MacPherson, QAFP, a financial planner with Impact Financial Group in St. Catharines, Ont., says the skills she developed on the path to QAFP certification were critical in learning how to effectively partner with clients – not only through the process of building a financial plan but implementing it and refining it over time.
“This is where the role of the financial planner as a coach comes into play,” says Ms. MacPherson. “It’s similar to life coaching as planners help clients clarify their values, define their financial goals and help them stay on track to reach those goals even when life doesn’t go as planned.”
Debt management is an example of how coaching can truly help clients. While a financial planner can outline a debt-repayment strategy, their real value comes in helping clients understand how their spending behaviours – and even lifelong attitudes about money – have contributed to their current debt situation.
Through education and personalized support, planners guide clients toward making better financial decisions and building financial resilience.
Rewarding career
A coach doesn’t dictate a one-size-fits-all approach, but instead works closely with clients to tailor strategies that fit their unique circumstances. This personalized, ongoing relationship is what makes a financial planning career so gratifying.
If you’re looking for a rewarding career in an in-demand profession, get started on your path to becoming a financial planner professional by visiting FPCanada.ca/get-started.
To view this report on The Globe's website, visit globeandmail.com
To view the full report as it appeared in The Globe's print edition Financial Planning Week