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Discussion Starter #1 (Edited)
Happy Monday,

To make a long story short, I’ve been furloughed from my full-time career. It’ll likely be at least 2 years before I'm recalled. In the meantime, I’d like to find a positing in a financial planning/advising role.

My undergraduate degree is in science, but I did take a number of accounting, business, finance, and economics courses. Outside of that, I don't have any business/finance experience. Would it be possible to leverage these toward an entry-level financial planner/advisor position by writing the CSC/CPH exams? Are there other designation that might be more worthwhile?

Furthermore, are there any financial planner/advisor/services positions that are not sales/commission related? Finally, as an anglophone in Montreal, has anyone been successful finding work with only limited French skills?

I guess I'm looking for what might be feasible, given my timeline.

Thank you for your time!
 

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do you have any income expectations that you’re comfortable sharing? I think income would be limited in a temp role. And I’m not sure being a temporary advisor is in any clients best interests. With a CSC, you’d be eligible to be an entry level personal banker at a retail bank branch. Annual salary is probably around 40-45k. they won’t hire you though if they know you’ll be leaving in a year.
 

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Discussion Starter #3
Thanks for the input. I'd say somewhere in the 40k range, given the position is primarily meant as a stopgap. That's a very valid point about looking after the client's best interest though, as I wouldn't want to do anyone a disservice.

A personal banker role might be a better fit for what I'm looking for. The issue is that I don't know when/if I will go back to my previous career, but I do know that best case scenario, it'll still be at least two years.

In your experience, what is the demand like for personal bankers?
 

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In your experience, what is the demand like for personal bankers?
Everywhere I've lived so far, branches have been closing and consolidating. The number of total bankers around here has been steadily declining over the years.

Also, when I go into branches, I tend to only see young people (most of them look like they're in their 20s) working in retail branches these days.
 

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Everywhere I've lived so far, branches have been closing and consolidating. The number of total bankers around here has been steadily declining over the years.
Yeah, and I wonder if the whole 'financial planner/advisor/services' industry isn't increasingly being replaced by entities such as WealthSimple robo-advisors services, especially for novice investors or those uneasy about choosing investments?

I feel sad about someone who has an degree in science and can't get a position. Crazy.

ltr
 

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Thanks for the input. I'd say somewhere in the 40k range, given the position is primarily meant as a stopgap. That's a very valid point about looking after the client's best interest though, as I wouldn't want to do anyone a disservice.

A personal banker role might be a better fit for what I'm looking for. The issue is that I don't know when/if I will go back to my previous career, but I do know that best case scenario, it'll still be at least two years.

In your experience, what is the demand like for personal bankers?
The demand was very high when I left retail banking in 2016. Especially in the large urban centres. I suspect covid has slowed this down. Less opportunities for growth or head office jobs due to covid and a recession means retail staff will likely remain in role for a longer.

I would suspect fluent French would be a requirement in Montreal.
 

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Discussion Starter #7
@james4beach that's the sense I have too. Although, within my friend group, I'd say at least 90% of them still do their banking/investing/insuring through brick-and-mortar banks/brokerages.

To be fair, I'm in my mid-twenties, so I should fit in okay with that crowd haha.

@like_to_retire, this may be entirely anecdotal, but I feel many in my age group (young professionals) still feel uncomfortable using or not aware of any alternatives. My suspicion is that this might change over the next decade too.

It's pretty brutal at the moment (hopefully only in the short-term). A colleague of my with a master of science in neuroscience is having to work on a farm this summer, for lack of other work.

@Money172375 thanks again for the insight. That's good to hear there was still high demand, but if there was a backlog of upward mobility, was most of the demand driven by turnover?

I'm currently working to improve my French, but I suspect getting to the level of fluency might not be practical.
 

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Discussion Starter #8
@Money172375 in your experience, were there other finance related roles you think might be suitable? Maybe some backroom/analyzing type roles, where the non-direct customer relations negated the need to speak French? Thanks!
 

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@Money172375 in your experience, were there other finance related roles you think might be suitable? Maybe some backroom/analyzing type roles, where the non-direct customer relations negated the need to speak French? Thanks!
yes, of course. Although in my experience, the entry level analyst/corporate/back office roles go to former retail branch employees. They like the back office teams to have retail experience. That being said, there are back room areas of administration that do a lot of seasonal hiring for RSP and spring mortgage seasons.
 

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In your experience, what is the demand like for personal bankers?
I am a personal banker for over 2 years.
At my branch, it is a stressful jobs with multitasking skills (jump from one task to other, and then forget some in between), recognize costumers' face, recognize up-selling opportunities, referral, good to multitask with different computer system at the same time, it wouuld be a big plus if you know about banking apps

I found a lot of bank has been moving their services away from branch, and need to be done online or telephone. - Just think, there are no profit of paying 10 bills, or updating passbook.

There are always certain people cannot do e-transfer or internet banking, however, I found covid19 changed that.

It is not worth the stress being personal banker, unless you know your next career step, like what you mentioned above. .... about a few years with them, i get pay about $17, but it is Vancouver, and or minimum wage is over $14.60.
 

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Given your limited French speaking abilities, you will find it difficult to be hired in Montreal. Most financial related and entry level jobs have some form of interaction, be it with a client or third party. You are limited to local enterprises located in the west side of Montreal which is predominantly English. May I ask what your last career was?
 

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I am a personal banker for over 2 years.
At my branch, it is a stressful jobs with multitasking skills (jump from one task to other, and then forget some in between), recognize costumers' face, recognize up-selling opportunities, referral, good to multitask with different computer system at the same time, it wouuld be a big plus if you know about banking apps

I found a lot of bank has been moving their services away from branch, and need to be done online or telephone. - Just think, there are no profit of paying 10 bills, or updating passbook.

There are always certain people cannot do e-transfer or internet banking, however, I found covid19 changed that.

It is not worth the stress being personal banker, unless you know your next career step, like what you mentioned above. .... about a few years with them, i get pay about $17, but it is Vancouver, and or minimum wage is over $14.60.
... Wow! No wonder the big banks' CEO gets millions and yet their compensation packages still ain't enough.
 

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Discussion Starter #13
@Money172375, thanks again for the help. I guess the takeaway is that this might not be the most realistic option for me for finding a full-time stopgap position, or at least it'd be quite an uphill battle. Thanks for your insight!

@ijustttesting, thanks for the input. Yikes, that doesn't sound ideal at all, especially when not using the position toward career advancement! I'm slightly shocked at those pay rates though. Wouldn't that be more similar to a teller position, or is a personal banker/teller the same position? Do both require the CSC?

@Mortgage u/w, thanks for the insight. That's sort of the sense I've been getting, especially looking at job ads online. I have elementary level (A2/B1) French right now, and while I'll be enrolling in full-time studies shortly, I doubt getting to a level of absolute fluency (at least for business communication) is practical within a year. The West island might be my best bet, but with how competitive these jobs appear to be right now, I'd assume non-bilingualism might still be a negative factor. As to your question, I was in aviation before. It's looking like it'll be another year before things get back to 50%-70% where they were before, but with all the layoffs, simply retraining people will be extremely time consuming.
 

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@ijustttesting, thanks for the input. Yikes, that doesn't sound ideal at all, especially when not using the position toward career advancement! I'm slightly shocked at those pay rates though. Wouldn't that be more similar to a teller position, or is a personal banker/teller the same position? Do both require the CSC?
Personal banker & bank teller are the same. and both don't need CSC. I see a few of them move toward jobs that required CSC later.

May I ask where do you see the job title?
 

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Personal banker & bank teller are the same. and both don't need CSC. I see a few of them move toward jobs that required CSC later.

May I ask where do you see the job title?
Not an expert but he may be referring to a financial advisory role instead of a personal banking role - in any case, there's a good chance you need a CSC just to stay competitive outside of the work requirements
 

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@Mortgage u/w, thanks for the insight. That's sort of the sense I've been getting, especially looking at job ads online. I have elementary level (A2/B1) French right now, and while I'll be enrolling in full-time studies shortly, I doubt getting to a level of absolute fluency (at least for business communication) is practical within a year. The West island might be my best bet, but with how competitive these jobs appear to be right now, I'd assume non-bilingualism might still be a negative factor. As to your question, I was in aviation before. It's looking like it'll be another year before things get back to 50%-70% where they were before, but with all the layoffs, simply retraining people will be extremely time consuming.
Even with French fluency, your experience will be tough to switch to finance unless you start at the bottom - which usually means customer service jobs. My recommendation; seek a back-office job such as a data entry or processing files. There is always a need for this in the finance field - contact a recruiting agency such as Randstad. They usually have an abundance of these positions.
 

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Even with French fluency, your experience will be tough to switch to finance unless you start at the bottom - which usually means customer service jobs. My recommendation; seek a back-office job such as a data entry or processing files. There is always a need for this in the finance field - contact a recruiting agency such as Randstad. They usually have an abundance of these positions.
... I haven't looked at Randstad or ManPower or a temp agency's ad of "Wanted Help" for awhile to verify. But this is interesting considering most financial institutions (particularly the banks) are heading towards AI with their glorious algorithms along with getting the clients to do the bulk of the work through automation, ATMS, online banking, robo-advisors, etc. So who needs data entry/processing clerks? Maybe I'm behind the times.
 

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... I haven't looked at Randstad or ManPower or a temp agency's ad of "Wanted Help" for awhile to verify. But this is interesting considering most financial institutions (particularly the banks) are heading towards AI with their glorious algorithms along with getting the clients to do the bulk of the work through automation, ATMS, online banking, robo-advisors, etc. So who needs data entry/processing clerks? Maybe I'm behind the times.
I would like to know what financial jobs experience do you have before hand? I would be reluctant to adviced between temp agency vs apply to the bank as bank teller if you want to be financial advisor.
 

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Perhaps this is overly negative of me, but given that I had some recent experiences with "financial planners", see: Critical Illness insurance vs Disability Insurance

I would suggest that there might not be much of a future in these kinds of jobs. Expert computer systems and wizards can replace a lot of these jobs, at a fraction of the cost. These people are mostly dead weight, middlemen who only exist because of old fashioned systems (from decades ago) that required a human gatekeeper to products & services.

I strongly suspect financial planners and insurance people will be phased out and become fully automated, maybe within a decade. I really can't see what they are doing that an automated robot can't accomplish.

The humans are not only inefficient, but they don't even add value. That's a big problem.

This isn't to say you can't have a career in these areas, but those with strong experience will have a priority over anyone young.
 

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Perhaps this is overly negative of me, but given that I had some recent experiences with "financial planners", see: Critical Illness insurance vs Disability Insurance

I would suggest that there might not be much of a future in these kinds of jobs. Expert computer systems and wizards can replace a lot of these jobs, at a fraction of the cost. These people are mostly dead weight, middlemen who only exist because of old fashioned systems (from decades ago) that required a human gatekeeper to products & services.

I strongly suspect financial planners and insurance people will be phased out and become fully automated, maybe within a decade. I really can't see what they are doing that an automated robot can't accomplish.

The humans are not only inefficient, but they don't even add value. That's a big problem.

This isn't to say you can't have a career in these areas, but those with strong experience will have a priority over anyone young.
i’m not sure it will be that drastic or that sudden. The days of a FP making 200+ a year might go away, but the need for an “advisor” will not. Most...and I would suspect it’s at least 70% of the country...HATES this stuff. They need and want someone to hold their hand. Professionals are too busy to learn and I suspect the rest don’t trust themselves.
The last few years of research I saw said that clients were increasingly seeking human connections and human advice for “complex” needs.....read investing/real estate borrowing. While they start their buying process online, more often than not, they will seek some advice.....even if to confirm their own research.

my SIL and BIL are both highly educated with the simplest of tax returns. One T4, one T3 and one rsp contribution. Yet they pay someone $500 to do their taxes. What you’re saying will happen, but slowly.....and I think the fees and compensation will come down to match client demands and equilibrium will be found.

I’ve already read there will be a spike in human travel agent usage going forward......the mass market will want some assurances from Somone with a little more experience Than themselves.

I have no problem with an advisor making 100-150 who monitors accounts, builds/updates a financial plan annually....readjusts, makes small sector/cyclical recommendations.

let’s start with the realtors first......
 
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