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Working as a Financial Planner or Mortgage Broker [NOC 1114]

Job Description

Financial Planner

Financial planners help their clients make the most of their money. You make sure clients can meet their financial goals today and in the future.

As a Financial Planner you perform the following 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 and advise them on setting goals and developing financial strategies
  • May arrange for the purchase and sale of financial products and investments depending on your licence held, and monitor the portfolio to ensure its quality and profitability

Source: NOC [search 1114]

Mortgage Broker

Mortgage brokers work with people who apply for a loan to buy a house or other property. You match buyers who need money to make these big purchases with lenders who can help.

You perform the following duties:

  • Meet with clients to obtain information about their income, liabilities and assets, and type, price and condition of property to be mortgaged
  • Negotiate mortgage loans with lenders or lending institutions on behalf of clients.

Source: NOC [search 1114]

Industry Overview

Almost 5,400 job openings are expected in this sector in British Columbia over the next 10 years. The majority of jobs in this sector are clustered in the Lower Mainland/Southwest and Vancouver Island and Coast regions of the province.

Job Outlook in BC – Other Financial Officers

forecasted average employment growth rate; job openings; composition of job openings for 2019 to 2029

Chart from WorkBC

WorkBC provides job openings in BC regions:

Other Financial Officers – including Financial Planners/Mortgage Brokers

Region Employment in 2019 Average Annual Employment Growth Expected Number of Job Openings
2019-2029
Vancouver Island 2,290 0.9% 780
Lower Mainland / Southwest 12,170 0.6% 3,780
Thompson-Okanagan 1,440 1.4% 580
Kootenay 280 0.6% 8
Cariboo 210 1.4% 80
North Coast & Nechako 110 0.5% 30
Northeast 90 3.2% 60

You can learn more about working as a Financial and Investment Analyst in BC from:

  • Career Cruising database [Profiles for Mortgage Broker, Personal Financial Planner]

Types of Employers

You are employed by banks, credit unions, mortgage broker companies or investment firms. You may also be self-employed.

Salary

In BC the median annual salary for financial planners and mortgage brokers is $77,167.  Your earnings can depend on experience, employer, and location.
In addition to a salary, you may receive benefits such as health and dental insurance, paid vacations, paid sick days, and contributions to pension plans.

 Sources: WorkBC & Career Cruising

In BC regions, you can expect to make:

low, median and high hourly salary by region
Source: Job Bank Wage Report [Search 1114]

Working Hours

Financial planners and mortgage brokers work anywhere from 8 to 12 hours each day. You may be required to work weekends or evenings in order to accommodate your clients’ schedules.

Skills, Education and Experience

Skills

  • enjoy interacting with people
  • strong oral and written communication skills
  • detail-oriented and problem solving
  • able to work independently
  • strong aptitude for working with numbers
  • good analytical skills
  • honest and able to keep customers’ financial information confidential

Education and Experience

Financial Planners

  • a bachelor’s degree in business administration, commerce, economics or a related field is usually required
  • the designation Certified Financial Planner, awarded by FP Canada (formerly the Financial Planning Standards Council), may be required
  • Financial planners who sell regulated financial products and investments, such as annuities, RRSPs and life insurance, are required to be licensed by the appropriate governing body
  • Various training programs and courses are offered by financial institutes and organizations, such as the Canadian Securities Institute, CFA Institute, Investment Funds Institute, Canadian Institute of Financial Planning, and Trust Companies Institute of Canada, and may be required by employers.

Mortgage Brokers

  • a bachelor’s degree in business administration, commerce, economics or a related field is usually required
  • a mortgage broker licence is required

Source: WorkBC

Qualifications

This occupation is regulated in British Columbia.

Mortgage Brokers

Registration as a sub-mortgage broker with the BC Financial Services Authority (BFSA) Registrar of Mortgage Brokers is mandatory.

Completing the Mortgage Brokerage in British Columbia Course offered through the Sauder School at UBC satisfies the minimum educational requirements for registration as a sub-mortgage broker and will qualify you to work for a registered mortgage broker in BC. To apply to become a mortgage broker (with the ability to hire sub-mortgage brokers), you must first be registered as a sub-mortgage broker.

More information:

Financial Planners

Certification as a Certified Financial Planner (CFP) by FP Canada is the most widely recognized financial planning designation in Canada.

More information:

Finding Jobs

You’ll find job advertisements in local newspapers, trade journals, and electronic sources.

Local Newspapers

You can look at the Vancouver Sun and The Province at Vancouver Public Library for free. Check the job postings daily, the careers section in the Vancouver Sun on Wednesdays and Saturdays, and in The Province on Sundays.

Job White Pages

  • JOB Freeway.com
    Available from the VPL Digital Library | Explore our Digital Library page
    Access at VPL locations only

Online Job Postings

Find jobs posted on a multitude of company career sites and job boards

Canada’s largest banks and credit unions have extensive job sites:

Identifying the Right Position

When you browse job advertisements, you’ll find a range of different job titles that are relevant.

For financial planners, look for these related job titles:

  • Personal Financial Planner
  • Financial Advisor
  • Investment Advisor – Personal Finances

For mortgage brokers, look for these related job titles:

  • Mortgage Underwriter
  • Lending Solutions Manager

Creating a List of Potential Employers

You can use directories to produce lists of employers who work in the financial planning and mortgage broker sectors in Vancouver or the Lower Mainland. Contact them directly to find out if they’re hiring.

  • Financial Services Canada
    Available at the Central Library, 332.1025 F49.
    Contact information for Canadian banks, credit unions and other financial services
  • Reference Canada
    Click on “Start Search” beside Canadian Businesses, then select the “Advanced Search” button.
    Select both “Keyword/SIC/NAICS” under Business Type and “City” under Geography.
    In the top search box enter “mortgage brokers” or “financial planners” and click SEARCH.
    Select the appropriate headings.
    Lower down, select the Province, choose the cities, and click the “View Results” button.
    NOTE: You can access this database from a Library computer. If you are using a computer from outside the Library, you will need a Vancouver Public Library card to login to this database. After clicking on the database name, you will be asked to enter your library card number and PIN (usually last four digits of your telephone number).

Applying for a Job

In Canada, employers usually expect to receive a resume (curriculum vitae) and a cover letter that identifies the position you are applying for and summarizes your relevant experience.

Use the library catalogue  to find books on writing resumes and cover letters specific to your industry.

To learn about applying for jobs in Canada, see the following:

Getting Help from Industry Sources

Industry Associations

Industry associations can provide information and assistance. Membership is usually required.

Industry Journals

Search the Vancouver Public Library catalogue for journals related to your profession. Examples at the Central Library: