Hello! I'm in search of some Canadian financial career advice and I hope this is the right place to ask.
Details
- 22 year old Canadian living in Ontario, just south of Toronto
- Graduated in 2016 with a degree in Economics
- Completed CSC (Canadian Securities Course) registered with the MFDA
- Worked at TD bank during school as a Teller (part time)
- Switched to BMO bank as a Financial Services Manager when I graduated (full time)
- Passion for investments and growing clients wealth
So here's the deal. Right now I don't enjoy my current job at BMO because... 1. It's in retail banking 2. It's dominated mostly by lending (mortgages and loans) so I don't get to do what I love 100% of the time 3. It is low pay/high stress
My ideal future would have me working as a portfolio manager/investment advisor as I would enjoy working with HNW clients to help them build their wealth and maintain their wealth for generations.
Questions
Job Advice In the short run what are the best jobs that will set me up for a great career as a PM/IA? I have been recommended 2 routes so far. Become a Financial Planner at the bank/retail level and start building a book of business. Become an associate/assistant for an IA/PM and work my way up to becoming a PM/IA.
Education Advice I'm working on my CPH right now in order to qualify to become IIROC licensed. After the CPH I plan to complete the courses required to earn my CIM and CFP designations. I'm steering clear of the CFA for now as I believe it will be very challenging for myself. My main worry is that the validity of these courses will run out if I get stuck on the retail side which only has me registered with the MFDA. I'm wondering what would be the best route to take these courses in accordance with my job possibilities.
Thank you.
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If you find your retail banking job to be "high stress" managing money may not be for you
You realize PWM is 90% sales, and 10% "managing" money. Ie. You are selling mutual funds and index funds to grandma millie. Your job isn't on the line if your client's investments don't perform well.
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