Financial Planner Salary

Investment for Future Financial Planners

The demand for financial planners is growing, but the shortage has been going for ages. How to attract young people into the sector?

The enrolment in the program is now four times lower than in 2004. Worse, an estimated 1,500 financial planners will retire within five years, which will exacerbate the deficit. But not today, with the financial planner salary significantly increased for the last eight years.

To turn the tide, IQPF announced in April that it abolished the premium that previously had to pay its graduates to be among its members. As a result, 4,767 financial planners have obtained free affiliate status, almost doubling the number of members at the Institute.

This was necessary. It was enough that a financial planner is not a member of an institution, despite having graduated, so that it is not in the repertoire. This caused many misunderstandings and suspicion among the clientele of some graduates who are not members. "

To attract more members, administrators argue for the creation of a professional. It would greatly assist in the recruitment and allow a higher level of compliance. Giving back its pedigree to the profession, a professional could do long-term to increase enrolment for this profession.

About the training

To apply for admission to IQPF, a financial planning certificate and two of the three following certificates: administration, economics or actuarial science is required. Several universities offer basic training, in accordance with the requirements of IQPF, whether Laval University, HEC Montreal and the School of Management, UQAM.

This is another access route possible to have two years of relevant experience and a Bachelor in one of seven areas of expertise in finance. It is equipped with a certified letter from the employer confirming work experience; however, candidates must pass the test of equivalence (which includes 100 multiple choice questions) with a passing grade of 70%. The cost of this approach: 1,354 USD.

Once admitted, he becomes a candidate for the title of financial planner. It is obtained by following a program of 54 hours of training over nine weeks at a cost of $ 2 800, crowned with a review. Once the title is obtained, the candidate must undergo continuing training to keep it. The IQPF Passport offers recently, a training package valid for two years at a special rate of $ 600 per year.

These costs may seem high, but the future revenues of the profession are earned quickly. In fact, most financial planners receive an annual financial planner salary of over $ 60,000, according to a Leger Marketing survey conducted among 500 graduates of IQPF. Indeed, 24% from 60 000 win $ 79,999, 18% between $ 80,000 and $ 99,999, 18% from $ 100, 000 to $ 149 999, 6% from 150 000 to $ 199 999 and 9% to more than $ 200 000.