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Andre1

Financial Advisor opinions?

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Andre1

Hi guys. I am currently a financial advisor CFP in SA working in my own practice for Sanlam with a wonderful and much loved client base which I am very sad to leave behind. My intention is to continue working my business part time here in SA while setting myself up as an advisor in Canada.

What I would like to know (and this might get a little heated) is what are your opinions of financial advisors in Canada? Especially with regards to where they work. I have found job posting at Edward Jones, the banks and SunLife and was wondering what people's attitudes are towards the different companies and their advisor/sales staff.

I would like to find the best platform from which to build my practice and don't want to be hampered by stereotypes (if that can be avoided).

Any views would be greatly appreciated.

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1 hour ago, Andre1 said:

Hi guys. I am currently a financial advisor CFP in SA working in my own practice for Sanlam with a wonderful and much loved client base which I am very sad to leave behind. My intention is to continue working my business part time here in SA while setting myself up as an advisor in Canada.

 

Good idea Andre. Why just give up, you've worked hard build your customer base. With modern technology much can be accomplished via phone, fax and email. Not the same industry, but I left SA and still worked via email and phone to tie up business that could not be resolved before we left for Canada. I will presume that eventually you'll have to hand over your clients to a local SA based Financial Advisor. Just a thought, why not start a professional business relationship with another Financial Advisor in SA you trust, hand over your client list for a small % fee?. Sure you can get some extra mileage out of your network?

 

1 hour ago, Andre1 said:

 

What I would like to know (and this might get a little heated) is what are your opinions of financial advisors in Canada?

 We use our bank financial advisor, have done so for ten years; 3 years before we arrived in Canada. We've found our dealings to be professional and respectful. As all things financial, I research and ask plenty of questions when it come to my hard earned money. Sure others will give their opinion.

Few websites you might find helpful:

http://www.fpsc.ca/beaplanner

http://www.moneysmartsblog.com/canadian-financial-advisor-qualifications-courses/

http://ifbc.ca/thinking-of-becoming-an-independent-financial-advisor

All the best!

 

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Andre1
14 hours ago, Lawrence said:

Just a thought, why not start a professional business relationship with another Financial Advisor in SA you trust, hand over your client list for a small % fee?.

Hi Lawrence.  Thanks for the input.

Great idea. Fortunately I've already started this and hopefully my SA company will continue and go from strength to strength (not referring to the Rand in this case...)

14 hours ago, Lawrence said:

Thanks for the links. I've been in contact with the FPSC in Canada and found out that because I'm already a CFP in SA I only need to write the FPSC exam and get 1 year experience then I can be a CFP in Canada also. So much to be studied, but fortunately not a long drawn out process.

"If you are a CFP professional in good standing from the country you had lived in, as of July1, 2014 you would then apply for exemption from an FPSC-approved Core Curriculum education program, FPSC Level 1 Examination in Financial Planning and FPSC-approved Capstone Course and may apply to proceed directly to the CFP Examination. You will have to also have Completed three years of qualifying financial planning work experience. (one year must be in Canada)"

My ideal would be to start as an advisor at a well established and well respected independent planning practice. Here in SA the FPI (the equivalent of the FPSC) does an annual assessment of financial brokerages and they have a list of 'Approved Professional Practices' http://www.fpi.co.za/YourFinancialPlanning/FindaFPIApprovedProfessionalPractice/tabid/3851/language/en-ZA/Default.aspx but the FPSC does not have anything like this.

Do you know of something similar?

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14 hours ago, Lawrence said:

We use our bank financial advisor, have done so for ten years; 3 years before we arrived in Canada. We've found our dealings to be professional and respectful.

 

One option that I am seriously considering is starting as a bank advisor until I get all the necessary licenses, so thank you for mentioning that your view of bank advisors are positive.

 

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