You’ve probably heard the terms financial advisor, financial planner, wealth manager, investment advisor, stock broker, financial consultant, etc etc. What do they all mean? Well those titles really don’t mean anything in Canada. The Ontario Securities Commission has started a process to regulate the usage of the various financial advisor titles, but even that doesn’t go far enough for the general public to understand the differences.
So what are the differences?
Well there are three primary types of licenses a licensed financial advisor can have. I specify “licensed”, because some financial advisors aren’t licensed at all. They can give you advice with budgeting & saving but can’t legally provide investment related advice to you. The three types of licenses are: