Keep your finger on the market pulse

With the markets slowly emerging from the recession, consumers take a cautious approach to investing their hard-earned dollars. For financial advisors, the pressure is on not only to sell financial planning and investment services, but also to sell themselves – both to their clients and to their employers – and gain their clients’ and employer’s confidence and trust. In a slowly recovering economy, a strategic approach to education is the single critical factor for professional success – even more so if you find yourself out of a job or embarking on a new career.

Financial markets, increasingly sensitive to a plethora of both local and international pressures, including world currency fluctuations and the re-distribution of global capital, represent a new economic order. The types of investments that yielded the most return ten, five or even two years ago may no longer be relevant today. Advisors need to know more – and be prepared to demonstrate their professional credibility to the more empowered, more risk-averse and more investment-savvy consumer. In an industry where services are costly, but intangible and difficult to assess in the short-term, the professionalization of financial advice is increasingly defining the requirements for career entry and growth. Specialized financial education becomes a must, and designations matter.

Keep your ear to the ground, remain alert

Career change happens for many reasons, most of them unavoidable. Often creating uncomfortable feelings of uncertainty and insecurity, change may also open up new opportunities, resulting in successful professional breakthroughs. In fact, a career break is one of the best times to re-evaluate your professional value proposition against the current landscape of your industry.

For financial advisors, earning their living in a market changing particularly fast, keeping your finger on the pulse of the industry by constantly upgrading your skills and qualifications is the only way to keep up. That means not only taking one-off courses now and then, but strategically planning your career path, based on the specific requirements of the position you would like to attain in the long-term.

There are established proficiency and competency standards defining the type and level of expertise required for many financial services roles in Canada. Moreover, the scope of what is viewed as base-level mandatory requirements by the industry tends to grow, as investors, regulators and other players in the financial system are taking measures to protect capital markets from increased risks of complexity or of misguided individual decisions, particularly in the wake of the financial meltdown.

Advanced-level financial designations, along with further voluntary education, are increasingly seen as competitive differentiators both by the clients and by the employers. Offering training and credentials aligned with industry proficiency standards and career paths, financial designations are driving the professionalization of financial advice.

The choices are yours

There are a number of education options available for financial advisors who want to take charge of their professional future. Technology-enabled learning programs accommodate busy schedules of adult students and provide them with l tools to do much of their studying online. In fact, according to the Canadian Council on Learning report, the proportion of courses delivered online in Canada is among the highest among countries studied.[1]

CSI Global Education Inc. (CSI), which has been providing professional credentials for over 40 years, offers a range of designations representing various areas of financial expertise, with numerous online courses that can be completed on your own time. In addition to advanced study, designation holders must commit to a code of ethics and specialized continuing education requirements each year.

As an illustration of the education options advisors can benefit from, the financial planning program leading to the Personal Financial Planner (PFP) designation provides students with the most up-to-date information and industry best practices in evaluating and managing wealth to develop effective financial planning strategies. The highly specialized Chartered Strategic Wealth Professional (CSWP) designation, on the other hand, is the only wealth management designation built specifically for serving the increasing number of clients with complex financial needs.

Find your path to success

How do you determine which designation, certificate program or course is right for you? Below are several key considerations to guide your decision process.

•Start by formulating your short- and long-term career goals. What role are you working towards over the next two years? Where do you see yourself in five years? What areas of experience are you going to focus on?

•Research your “path to success” Which competencies and credentials are required or would help you differentiate yourself to qualify for the role you aspire for? Which education options are available to fulfill these requirements?

•Be strategic in your career planning Think about your overall goal. Would you benefit from attaining a specific designation rather than pursuing specific training courses? If so, look for the best in class designations that will give you credibility with your employers and your clients. Designation best practices include a clear focus on a body of knowledge tied to competencies, quality course content, relevant assessment or testing, as well as a code of ethics and ongoing continuing education requirements.

•Don’t overlook your “soft” skills. In financial advice, excellence in client service is a prerequisite for success. Do you feel you need to improve your communication prowess? Your ability to build lasting relationships? Narrow down which skills you would like to work on, and integrate skill-specific training in your study plan.

•Manage your “work-life-school” balance An increased workload may raise your stress levels, potentially jeopardizing your performance, productivity, job satisfaction and even health. Set your priorities. Organize your professional and personal life in a way that supports them. Scheduling activities that help you relax and maintain your energy, such as regular workouts or yoga classes, should be an integral part of how you manage your “work-life-school” balance.

Last but not least, don’t get discouraged. The return on your investment in strategic training and re-training may not be evident right away, but, in the long-term, it will enhance your professional value, broadening your expertise, deepening your specialization and increasing your credibility, with the potential added benefits of a higher salary, promotions and increased job security.

Not only do quality financial credentials create a more satisfying professional future for individual advisors – as importantly, they foster fair and efficient capital markets, operating on the basis of integrity and professionalism.

Dr. Roberta Wilton is President and CEO of CSI, Canada’s leading provider of financial services education. Prior to joining CSI, she operated her own company specializing in capital markets education and investor relations.