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Ben Felix - What Does It Take To Become a Financial Advisor | Common Sense Investing with Ben Felix

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Author: Ben Felix
Categories: Personal Finance
Tags: finance
Views: 2 · Last viewed: 2026-10-16 09:29 UTC

Short Summary

Main recommendation: when seeking financial advice, look for a portfolio manager or someone holding the Chartered Investment Manager (CIM), Chartered Financial Analyst (CFA), or Certified Financial Planner (CFP) designation, rather than assuming the "financial adviser" title means anything. The title "financial adviser" is not regulated, so anyone can use it, and many people using it are only licensed to sell specific products such as insurance or mutual funds.

Key Points

  • "Financial adviser" is not a regulated title, so it does not indicate any particular qualification.
  • An insurance license covers life and health insurance, segregated funds, and annuities, and the agent is paid when those products are sold, which gives a sales motivation.
  • A mutual funds license covers only mutual funds; the speaker notes most Canadian mutual funds have high fees and on average trail the market.
  • A securities license covers mutual funds, stocks, bonds, and ETFs and requires three exams, supervised training, and a 30-month proficiency course on wealth management, but it is still only a license to sell securities.
  • "Portfolio manager" is a regulated title requiring five years of experience and either the CIM or CFA designation, and portfolio managers are legally required to act in clients' best interest.

Details Worth Noting

  • Concrete instructions: When looking for financial advice, check whether the person is a portfolio manager, or holds a CIM, CFA, or CFP designation. Ask what licenses they hold, since a single license may limit what products they can recommend. Be aware that some insurance products sold as investments carry hefty fees and penalties for early withdrawal.
  • Insurance license requirements: completing a training course, passing one closed-book exam, and obtaining sponsorship from an insurance company.
  • Mutual funds license requirements: one closed-book exam and a period of supervised activity.
  • Securities license requirements: passing three exams, undergoing a period of supervised training, and completing a 30-month wealth management proficiency course.
  • Portfolio manager and CIM/CFA requirements involve hundreds of hours of study across multiple exams, plus a five-year experience requirement.
  • A CFP is a designation requiring multiple exams and a professional experience requirement; holding one does not require a product-sales license, though many CFPs also have one.

Bottom Line

Credentials matter more than the job title, so verify the specific licenses and designations an advisor holds before trusting their advice.