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Financial planning | There is also a lack of financial planners

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In this time of uncertainty, many people would rightly like to be accompanied by a financial planner. But are there enough of these financial advisory professionals in Quebec? The Press took stock with Chantal Lamoureux, President and CEO of the Institut québécois de planification financière (IQPF).

Labor shortage

At the IQPF, we observe that the financial planning sector, like many others, is facing a labor shortage problem which, although it may not be critical for the moment, risks worsening if recruitment does not increase, indicates Chantal Lamoureux.

In June, the Institute reported the success of 244 Quebecers in the professional training it offers and which leads to the title of financial planner, the same number as the previous year. And that number barely makes up for retirements, or for any other reason. Since 2013, year after year, there have been approximately 5,000 financial planners practicing in Quebec. “There is no doubt that the demographic impact is affecting the sector,” says Chantal Lamoureux, who notes that nearly 40% of financial planners are aged 50 and over.

Interesting conditions

However, the profession offers good working conditions. More than 60% of financial planners have annual incomes of more than $100,000 from their jobs. And the types of jobs are varied. Financial institutions currently hire 40% of planners, and the rest are self-employed or attached to wealth management or insurance firms.

The profession suffers from not being better known, underlines the CEO of the IQPF.

A lot of people think it’s all about finance and numbers, but they don’t realize there’s a very important human aspect to it, too.

Chantal Lamoureux, President and CEO of the Quebec Institute of Financial Planning

To facilitate access to the profession, the IQPF offers, in addition to its usual program, an executive training program that can be done entirely virtually. It has six modules, each of which ends with an examination to which the candidates are subjected. For someone who has the necessary general education, a bachelor’s degree, the program can be completed in the space of a year.

A destination in a difficult context

There has been no shortage of upheavals on the economic scene in recent years. Pandemic, business closures of all kinds, job losses, inflation, interest rates, and that’s not to mention the steep and worrying drop in stock markets.

All of these issues help shed light on what financial planning is and how it will help you succeed, says Ms.me The lover.

Financial planning means giving yourself a destination, whether it’s for retirement, children’s studies, buying a property, or even the goal of becoming self-employed.

Chantal Lamoureux, President and CEO of the Quebec Institute of Financial Planning

The question of investments is certainly at the forefront of the concerns of many, but Chantal Lamoureux reminds us that they are a means and not an end, and that we cannot control the evolution of the financial markets. What you have to learn is controlling your emotions, and it is in this area that the support of a financial planner becomes an important asset, according to the CEO.

peace of mind

The message she wants to send is that being accompanied by a financial planner allows you to achieve peace of mind.

“The financial planner will go over the whole picture, and by integrating everything, it will facilitate decision-making,” she says. The financial planner can make a difference in people’s lives. When you take control of the situation, you feel much better. »



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