1114 Other financial officers
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Lead statementThis unit group includes professional occupations in finance not elsewhere classified such as financial planners, financial examiners and inspectors, financial investigators, financial underwriters, mortgage brokers and trust officers. They are employed by banks, trust companies, investment firms and governments, or they may be self-employed.
- account manager
- credit adjudicator
- credit unions examiner
- estate and trust administrator
- financial institutions inspector
- financial investigator
- financial planner
- financial underwriter
- mortgage broker
- trust officer
This group perform some or all of 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, 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.
Financial examiners and inspectors
- Review and examine banks, trust companies, credit unions, caisses populaires, credit companies, real estate companies, insurance companies, pension funds, securities brokers and other financial services and institutions to ensure compliance with governing legislation and regulations.
- Investigate possible unethical conduct or breaches of securities or commodity futures laws by persons or companies that trade in securities and commodity futures or that provide related financial services.
- Underwrite new issues of stocks and bonds
- Negotiate with corporations and governments to determine the type and terms of new securities issued and prepare offering prospectuses.
- Administer estate, personal, charitable, corporate and other types of trusts
- Direct trust account investments, receive and record investment income and disburse trust funds.
- Meet with clients to obtain information about 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.
- A bachelor's degree in business administration, commerce, economics or a related field is usually required.
- Various training programs and courses are offered by financial institutes and organizations, such as the Canadian Securities Institute, Institute of Canadian Bankers, Institute of Chartered Financial Analysts, Investment Funds Institute, Canadian Institute of Financial Planning, and Trust Companies Institute of Canada, and may be required by employers.
- The designation Certified Financial Planner, awarded by the Financial Planners Standards Council of Canada, may be required.
- Certification as a Financial Planner is required in Quebec.
- 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.
- Financial examiners and inspectors may require a recognized accounting designation.
- Mortgage brokers require a real estate licence in Quebec and a mortgage broker licence in Newfoundland and Labrador, Nova Scotia, Ontario, Manitoba, Saskatchewan, Alberta and British Columbia.
- Progression to financial management positions is possible with experience.
- While these kinds of positions require a high degree of training and qualifications, persons who occupy them must continually update their skills and pursue professional development.