Financial Management Advisor
Encyclopedia
The financial management advisor (FMA) is a professional designation of the Canadian Securities Institute
(CSI), the official educator of the Canadian securities industry. The FMA is a personal financial planning designation similar to the certified financial planner
(CFP) designation. There are somewhat over three thousand FMA holders in Canada
. The FMA designation is not recognized in the province of Quebec
.
The FMA is awarded by the CSI automatically upon the completion of the required coursework with an average of 60% or better consisting of three courses and six exams ranging in length from two to three hours: the Canadian Securities Course (CSC), the Professional Financial Planning Course (PFPC), and the Wealth Management Techniques Course (WMTC). Unlike the CFP, there is no vocational experience requirement to qualify for the FMA. However, the second exam of the PFPC and the WMTC tests the student in applied comprehension of the theoretical material. The FMA designation is public information and the CSI will confirm whether any particular person claiming the FMA has actually qualified for the designation. It can also be revoked by the CSI for misconduct.
Depending on one's prior education and experience each of these courses represents approximately five hundred hours of study. These courses are offered by independent study primarily through the print medium. In addition, optional online
tutorials are available to assist the student in working through the material, consisting of educational exercises and quizzes similar to the multiple-choice format of the actual exams. Students may also submit questions concerning the course content directly via email to the CSI. Many community and vocational colleges also offer exam preparation courses for registered CSI students which enable them to experience the benefits of classroom learning in addition to the distance education format. The exams themselves are proctored by the CSI.
Successful completion of the PFPC entitles the graduate to write the CFP exam. Dalhousie University
accepts these and other courses offered by the CSI as credits towards qualifying to receive its MBA degree in financial management
, provided the student maintain an average grade of 70% or better. Thus, these courses may be regarded as postgraduate equivalent credits in financial management.
Completion of the CSI's FMA program does not constitute registration with the securities commission of the province in which the FMA holder resides and does not qualify the FMA holder to provide recommendations or advice with respect to the buying or selling of specific securities. Although the Ontario Securities Act requires financial advisors to be registered, the Ontario Securities Commission (OSC) has not yet implemented a registration protocol for financial advisors in Ontario
; thus, currently registration as a financial advisor in Ontario is not mandated.
Financial management advisors, like personal financial planners, wealth managers, and others using the same or similar titles, are generalists who provide financial counselling and advice to clients on a fee, percentage of asset
s, or commission basis or some hybrid of these. A typical fee for a fee-only planner might range from CDN$80 to CDN$180 per hour. The body of knowledge underlying personal financial planning is becoming increasingly well codified. A typical program might include a best practices approach, establishing the engagement, data gathering, clarifying financial status, financial management, risk management
, tax planning, education planning, retirement planning
, estate planning
, asset management, planning for the closely held business, developing and presenting the financial plan, implementation and monitoring, modular planning and special planning goals, and regulatory, ethical, and legal issues, as well as marketing
and practice management.
is the universal prerequisite for enrolling in any other CSI course or program. It consists of two volumes of instructional material plus a workbook. The following is a synopsis of the course content of the CSC:
PFPC graduates are qualified by the CSI to provide personal financial planning services to persons whose net worth is less than $300,000.
WMTC graduates are qualified by the CSI to provide personal financial planning services to high-net-worth clients.
Canadian Securities Institute
CSI Global Education Inc. is a Canadian financial services education company that provides courses and credentials for financial services professionals across all pillars of the financial services industry...
(CSI), the official educator of the Canadian securities industry. The FMA is a personal financial planning designation similar to the certified financial planner
Certified Financial Planner
The Certified Financial Planner designation is a professional certification mark for financial planners conferred by the Certified Financial Planner Board of Standards, Inc...
(CFP) designation. There are somewhat over three thousand FMA holders in Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
. The FMA designation is not recognized in the province of Quebec
Quebec
Quebec or is a province in east-central Canada. It is the only Canadian province with a predominantly French-speaking population and the only one whose sole official language is French at the provincial level....
.
The FMA is awarded by the CSI automatically upon the completion of the required coursework with an average of 60% or better consisting of three courses and six exams ranging in length from two to three hours: the Canadian Securities Course (CSC), the Professional Financial Planning Course (PFPC), and the Wealth Management Techniques Course (WMTC). Unlike the CFP, there is no vocational experience requirement to qualify for the FMA. However, the second exam of the PFPC and the WMTC tests the student in applied comprehension of the theoretical material. The FMA designation is public information and the CSI will confirm whether any particular person claiming the FMA has actually qualified for the designation. It can also be revoked by the CSI for misconduct.
Depending on one's prior education and experience each of these courses represents approximately five hundred hours of study. These courses are offered by independent study primarily through the print medium. In addition, optional online
ONLINE
ONLINE is a magazine for information systems first published in 1977. The publisher Online, Inc. was founded the year before. In May 2002, Information Today, Inc. acquired the assets of Online Inc....
tutorials are available to assist the student in working through the material, consisting of educational exercises and quizzes similar to the multiple-choice format of the actual exams. Students may also submit questions concerning the course content directly via email to the CSI. Many community and vocational colleges also offer exam preparation courses for registered CSI students which enable them to experience the benefits of classroom learning in addition to the distance education format. The exams themselves are proctored by the CSI.
Successful completion of the PFPC entitles the graduate to write the CFP exam. Dalhousie University
Dalhousie University
Dalhousie University is a public research university located in Halifax, Nova Scotia, Canada. The university comprises eleven faculties including Schulich School of Law and Dalhousie University Faculty of Medicine. It also includes the faculties of architecture, planning and engineering located at...
accepts these and other courses offered by the CSI as credits towards qualifying to receive its MBA degree in financial management
Financial management
Financial management may refer to:* Managerial finance, a branch of finance that concerns itself with the managerial significance of finance techniques....
, provided the student maintain an average grade of 70% or better. Thus, these courses may be regarded as postgraduate equivalent credits in financial management.
Completion of the CSI's FMA program does not constitute registration with the securities commission of the province in which the FMA holder resides and does not qualify the FMA holder to provide recommendations or advice with respect to the buying or selling of specific securities. Although the Ontario Securities Act requires financial advisors to be registered, the Ontario Securities Commission (OSC) has not yet implemented a registration protocol for financial advisors in Ontario
Ontario
Ontario is a province of Canada, located in east-central Canada. It is Canada's most populous province and second largest in total area. It is home to the nation's most populous city, Toronto, and the nation's capital, Ottawa....
; thus, currently registration as a financial advisor in Ontario is not mandated.
Financial management advisors, like personal financial planners, wealth managers, and others using the same or similar titles, are generalists who provide financial counselling and advice to clients on a fee, percentage of asset
Asset
In financial accounting, assets are economic resources. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset...
s, or commission basis or some hybrid of these. A typical fee for a fee-only planner might range from CDN$80 to CDN$180 per hour. The body of knowledge underlying personal financial planning is becoming increasingly well codified. A typical program might include a best practices approach, establishing the engagement, data gathering, clarifying financial status, financial management, risk management
Risk management
Risk management is the identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability and/or impact of unfortunate events or to maximize the realization of opportunities...
, tax planning, education planning, retirement planning
Retirement planning
Retirement planning, in a financial context, refers to the allocation of finances for retirement. This normally means the setting aside of money or other assets to obtain a steady income at retirement...
, estate planning
Estate planning
Estate planning is the process of anticipating and arranging for the disposal of an estate. Estate planning typically attempts to eliminate uncertainties over the administration of a probate and maximize the value of the estate by reducing taxes and other expenses...
, asset management, planning for the closely held business, developing and presenting the financial plan, implementation and monitoring, modular planning and special planning goals, and regulatory, ethical, and legal issues, as well as marketing
Marketing
Marketing is the process used to determine what products or services may be of interest to customers, and the strategy to use in sales, communications and business development. It generates the strategy that underlies sales techniques, business communication, and business developments...
and practice management.
Canadian Securities Course
The Canadian Securities CourseCanadian Securities Course
The Canadian Securities Course offered by the Canadian Securities Institute is the initial course required for becoming licensed to work within the Canadian securities industry as a securities dealer or securities agent....
is the universal prerequisite for enrolling in any other CSI course or program. It consists of two volumes of instructional material plus a workbook. The following is a synopsis of the course content of the CSC:
- The Capital Markets and Financial Services
- The Canadian Economy
- Financing, Listing and Regulation
- Corporations and Their Financial Statements
- Fixed-Income Securities
- Equities
- Managed Products
- Segregated Funds
- Derivative Securities
- Analyzing Markets and Products
- Financial Planning and Taxation
- The Portfolio Approach
- Building the Relationship with the Client
Professional Financial Planning Course
The Professional Financial Planning Course is the first course in the CSI's FMA program, consisting of two volumes of instructional material. The following is a synopsis of the course content of the PFPC:- Financial Planning Practice
- Budget and Savings Planning
- Residential Mortgages
- Business Law
- Family Law
- Insurance
- Tax Planning
- Retirement Planning
- Estate Planning
- Investment Management
- Financial Planning Case
- Financial Math
PFPC graduates are qualified by the CSI to provide personal financial planning services to persons whose net worth is less than $300,000.
Wealth Management Techniques
The WMTC is the final course in the CSI's FMA program, consisting of one volume of instructional material. The following is a synopsis of the course content of the WMTC:- The Wealth Management Process
- Understanding the Client
- Communication and Education
- Ethical Issues
- Retirement Planning
- Insurance Planning
- Tax Planning
- Estate Planning
- Risk and Return
- Asset Allocation
- Basic Managed Products
- Managed Products for the High-Net-Worth Client
- Performance Appraisal
- Formalizing and Implementing the Investment Plan
- Market Research and Business Planning
- Marketing Your Wealth Management Business
WMTC graduates are qualified by the CSI to provide personal financial planning services to high-net-worth clients.
See also
- Financial adviserFinancial adviserA financial adviser, is a professional who renders financial services to individuals, businesses and governments. This can involve investment advice, which may include pension planning, and/or advice on life insurance and other insurances such as income protection insurance, critical illness...
- Financial plannerFinancial plannerA financial planner or personal financial planner is a practicing professional who helps people deal with various personal financial issues through proper planning, which includes: cash flow management, education planning, retirement planning, investment planning, risk management and insurance...
- Investment advisorInvestment AdvisorThe term Investment Advisor is an individual or firm who, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities...
- Wealth managementWealth managementWealth management is an investment advisory discipline that incorporates financial planning, investment portfolio management and a number of aggregated financial services...