Credit Advisor in Canada | Job description - Job Bank (2024)

FAQs

Credit Advisor in Canada | Job description - Job Bank? ›

Analyze clients requests to assess risk and details of stocks, bonds, mortgages or other financing solutions. Negotiate with corporations, governments or individuals to determine the type and terms of financial products and prepare offering prospectuses or contracts. May underwrite new issues of stocks and bonds.

Financial advisors counsel individuals on financial decisions such as investments, cash management, and estate planning. They establish personal financial plans according to clients' objectives and guide them through the implementation of the proposed strategies that may be adjusted as the situation evolve.

A credit analyst's primary role is to assess the creditworthiness of an individual or company. Credit analysts gather different financial information from a customer, such as earnings and past repayment history, to assess their ability to honor financial obligations.

Gathers and analyzes loan applicants' financial data to evaluate risk. Assesses creditworthiness of individuals, companies, and institutions. Collaborates with other financial experts to approve or deny loans. Makes recommendations about whether to increase, adjust, extend, or close lines of credit.

Personal financial advisors assess the financial needs of individuals and help them with decisions on investments (such as stocks and bonds), tax laws, and insurance. Advisors help clients plan for short- and long-term goals, such as budgeting for education expenses and saving for retirement through investments.

CFP^® designation candidates must have a degree from an accredited post-secondary institution – in any discipline, although a focus on business or finance is helpful. There's extensive coursework, a required three years of work experience and an exam. The educational process doesn't end with certification.

Financial advisors help invest their clients' money in the stock market and other types of investments, recommend products like life insurance, or offer assistance with tax planning. Financial advisors may also educate their clients about their financial health and habits that can help them build their wealth.

Called the five Cs of credit, they include capacity, capital, conditions, character, and collateral. There is no regulatory standard that requires the use of the five Cs of credit, but the majority of lenders review most of this information prior to allowing a borrower to take on debt.

Calculating and analyzing the risk ratios of clients based on their credit score and financial history. Approving or denying loan requests, and communicating your decision to both clients and management. Setting up payment plans for clients explaining monthly installment amounts, interest rates, and other costs.

In summary, the bank checks credit repayment history, the character of the client, financial solvency, the client's reputation, and the ability to work with the amount granted as a loan. Part of the information is provided in credit reports obtained from reputable credit bureaus.

What is a credit consultant job description? ›

A a credit consultant helps a consumer with credit repair, typically through bill settlement and debt management. Duties include reviewing revenue for a customer and creating a plan to help them manage or pay off debt.

Credit Investigators examines the credit history of applicants for financial institutions. They scrutinize the information provided by the customer in the loan application, researching past payment records, pulling credit reports, and calculating loan-to-income ratios to determine whether or not to approve the loan.

MAIN RESPONSIBILITIES

Collects relevant information through reliable sources to determine credit worthiness of applicants. Examine public records to uncover bankruptcies, liens, arrest records, or unpaid taxes of applicants. Interviews individuals and business owners via phone calls and visit.

The advisor's role is to help the student evaluate and realize educational and career options. This requires the advisor to: approve the student's academic program of study. provide accurate and consistent information.

How stressful is being a financial advisor? Being a financial advisor can be highly stressful due to the responsibility of managing clients' financial futures, market volatility, and the need to make crucial decisions under pressure. Stress levels can vary based on individual clients and market conditions.

Successful financial advisors offer valuable advice to their clients. In return, they get virtually unlimited earning potential, a flexible work schedule, and their choice of professional specializations. The career also has drawbacks.

There's a difference between a financial adviser and a financial advisor: "Advisers" are regulated and have a legal responsibility to act in your best interest. "Advisors" are … not the same. So, be careful: Banks may call them "advisors" so a salesperson sounds impressive, but you could be stuck without protection.

The majority of financial advisors are commission-based. These advisors get compensated by selling products like mutual funds, stocks, GICs and insurance products. There are often two key concerns with commission-based advice.

In Canada, are financial planners also fiduciary financial advisors? Financial planners can be fiduciaries, but not all of them are. This makes it important to clarify an advisor's role and to look for specific designations and certifications to determine if a financial planner is also a fiduciary.

This usually averages around 2.4% of your investment for the initial advice and set-up, followed by around a 1% annual fee for ongoing advice and management.