What It's Like to be a Certified Financial Planner: Time We Discuss
Watch/Listen to this Episode What It's Like to be a Certified Financial Planner
In this insightful episode of Time We Discuss, we dive into the world of financial planning through an engaging conversation with Sherry, a seasoned Certified Financial Planner (CFP) based in Canada. This episode offers a firsthand look at what it's really like to work as a CFP, the challenges and rewards of the profession, and the education and certifications required to succeed in the financial planning industry.
Sherry holds a bachelor's degree in finance and banking from China, and a master's degree in agricultural economics from Canada. After graduation, she began her career as a banker, then moved on to work for the federal government as a mortgage insurance underwriter—a role also rooted in the financial industry. Her foundation in finance, both academically and professionally, laid the groundwork for her eventual shift into financial planning.
In 2002, an injury forced Sherry to give up her government job. Because her disability is permanent, she couldn't continue in salaried employment, as she was no longer able to work on a computer for eight hours a day. She had to pivot—and did so with determination—by taking a position as a financial planner on a 100% commission basis. The flexible working hours and the ability to hire an assistant to help with computer tasks made this new path possible.
Sherry shares how entering the financial field later in life came with its own set of challenges and rewards. Her story offers deep inspiration to anyone considering a career change or looking to break into the finance industry without a traditional path. Her transition underscores the importance of passion, adaptability, and resilience in building a meaningful and successful professional life.
Listeners will gain valuable insight into the typical day of a Certified Financial Planner. From working flexible hours and analyzing client needs to collaborating with specialists in tax, pensions, and estate planning, Sherry breaks down the multifaceted role of a CFP. She compares the profession to being a general physician—offering holistic care while referring out to specialists when needed. This analogy perfectly illustrates the comprehensive yet focused nature of financial planning.
We also explore the CFP certification process in Canada, including the multiple exams, licensing requirements, and the importance of continuing education. Sherry explains the difference between licenses such as the LLQP for insurance and the mutual funds license, offering clarity for anyone looking to understand how to get started in financial planning. She emphasizes that while a university degree isn't mandatory, a commitment to lifelong learning and professional development is essential.
Sherry also shares the realities of working on commission, especially for new advisors. She discusses how younger professionals might struggle to build trust with high-net-worth clients, particularly without a strong existing network. Still, she notes that persistence and experience can lead to success—or a transition into salaried roles at banks or insurance companies.
Beyond financial planning, Sherry has always nurtured a lifelong passion for writing. During the first 15 years of her commission-based job, she maintained a relentless schedule: arriving at the office at 9 a.m., bringing lunch and supper, working until 9 p.m., and then writing for another two to four hours. She affectionately referred to those late-night writing sessions as her happy hour
. When you're passionate about something, she says, it not only brings joy and fulfillment—it gives you the energy to keep going. Her day job supported her writing, and her writing sustained her through the long hours of hard work. After 20 years of persistence, she became a multiple-award-winning author.
Her novel The House Filler, part of a historical fiction trilogy inspired by her grandmother's story, showcases her dedication to storytelling and advocacy through writing. Sherry's unique experience can inspire others who hope to build a writing career. As she acknowledges, there's often little or no income in the early stages, and even most published authors don't earn a great deal. But her journey is proof that with passion, discipline, and endurance, it can be done.
If you're exploring a career as a Certified Financial Planner, are curious about the CFP path in Canada, or want to hear the real stories behind career pivots, this episode is a must-listen.
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