Graduates enter financial planning through service roles as education alone falls short of industry needs
Graduates pursuing financial planning careers in Canada encounter barriers at the early stages due to limited awareness of employment pathways and employer expectations.
A study by Iantorno and Richards (2025), identifies customer service and associate financial planner positions as pivotal for career development.
The research highlights three interrelated factors of employability: individual behaviours (career self-management), human capital, and social capital.
According to the study, many students complete financial planning education assuming it provides the necessary skills for employment.
However, employers often seek practical experience, which creates a gap between graduation and employability.
The research finds that graduates typically start in customer service roles, which are essential but competitive due to the lack of education-specific entry requirements.
Respondents reported leveraging social capital—such as personal connections or previous service roles involving cash handling—to gain initial employment.
Respondents indicated that obtaining these roles was difficult, as highlighted by one who said, “graduates actually end up … applying for … an admin role or apply for … a data entry role just so they can get their foot in the door”.
Entry-level roles such as bank tellers or personal banking associates offer foundational experience, including client interaction and exposure to financial systems.
This exposure contributes to developing the human capital needed to progress.
Once in these roles, career progression becomes more attainable. Institutions often support internal development.
As one recruitment manager explained, the talent development team provides career pathing that can take someone from an administrative associate to a wealth advisor within 10 years.
The associate financial planner role, though similar to the paraplanner title used in Australia and the US, is considered a transitional position. Tasks include client coordination, investment support, and financial planning assistance.
One respondent described their duties as supporting a Certified Financial Planner (CFP) by “coordinating with clients, bringing on some of my own clients, helping with the investment selection process…”.
Despite being crucial for skill acquisition, this role limits direct client interaction unless facilitated by the financial planner.
Education contributes foundational knowledge but does not fully prepare graduates for client service roles or the technical responsibilities of associate positions.
Licensing, such as those offered by the Canadian Securities Institute, becomes necessary for tasks like trading mutual funds. Respondents emphasized the importance of obtaining these licences to expand their scope of work and improve employability.
Customer service skills, such as emotional intelligence, listening, and layperson communication, were frequently cited as essential.
However, these are more commonly developed through workplace experience than through post-secondary education. Training in call centres, for instance, was reported to enhance client relationship skills.
Respondents also indicated that social capital continues to influence progression beyond entry-level roles. Internal networking, mentorship, and visible competence help associates gain trust and responsibility from financial planners.
One respondent noted that tasks were initially “hideous” but essential for proving readiness to take on more complex duties.
Conversely, several respondents expressed concern that reliance on relationships can lead to biased hiring practices.
The study suggests that educators could improve graduate readiness by incorporating networking opportunities, behavioural training, and simulations of early career roles.
Industry could address succession concerns by offering part-time entry roles for students and developing mentorship systems.
The research acknowledges limitations, such as a sample focused on those who have already entered the industry, and calls for future studies to explore broader and more diverse perspectives.
According to the authors, defining clearer career paths and supporting early role development may help address the succession gap in Canada’s aging financial planning workforce.
