How to Get Licensed as an Investment Advisor

Becoming a licensed Investment Advisor (IA) is a key step for individuals who want to work directly with clients, offering advice and managing investments. Whether you're looking to join a full-service brokerage or a bank-owned investment dealer, the licensing process is governed by regulatory standards that ensure advisors are qualified, ethical, and well-prepared.

This article outlines the specific steps required to become licensed as an Investment Advisor in Canada.

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Understand the role of an Investment Advisor

An Investment Advisor (IA) is a registered representative of a dealer firm, typically regulated by the Canadian Investment Regulatory Organization (CIRO). IAs are authorized to:

• Provide investment advice to retail and institutional clients

• Execute trades in client accounts

• Offer products such as stocks, bonds, mutual funds, ETFs, and managed accounts

• Maintain ongoing client relationships, including Know-Your-Client (KYC) and suitability obligations

Investment Advisors are not permitted to manage client accounts on a discretionary basis unless they are also registered as a Portfolio Manager.

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Obtain employment with a CIRO-member firm

Before you can begin any licensing process, you must be employed and sponsored by a CIRO-member investment dealer (formerly IIROC). This firm will supervise your training, submit your registration documents, and oversee your licensing process through the National Registration Database (NRD).

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Register for the Required Education

To be approved as a registered representative (Investment Advisor), you must complete a series of courses through the Canadian Securities Institute (CSI). These include:

i. Canadian Securities Course (CSC)

• Introduces core investment concepts, securities, financial markets, and regulations.

• Typically completed before being hired or during the initial training period.

• Completion of CSC is a prerequisite to other licensing steps.

ii. Conduct and Practices Handbook (CPH) Course

• Covers ethical standards, regulations, and compliance obligations.

• Required for all registrants and must be completed within 90 days of initial registration.

iii. 90-Day Training Program

• A firm-administered, CIRO-mandated program that provides practical training on products, services, compliance, and client service.

• Must be completed before full approval as a registered representative.

iv. Wealth Management Essentials (WME)

• Required for individuals who wish to offer managed accounts (non-discretionary).

• Can be completed within 30 months of approval as a registered representative.

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Register as a Registered Representative

Once you’ve completed (or are enrolled in) the required courses, your firm will submit an application for registration to CIRO via the NRD.

As part of the application, you’ll need to:

• Disclose your education and employment history

• Provide information on any criminal, regulatory, or financial issues

• Consent to background checks

If approved, you’ll be registered as a Registered Representative, which is the official designation for Investment Advisors in the CIRO system.

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Maintain compliance and registration

After licensing, Investment Advisors must:

• Complete ongoing Continuing Education (CE) requirements in compliance and professional development cycles

• Maintain accurate and updated KYC information for all clients

• Ensure suitability for each trade and recommendation

• Comply with firm policies, CIRO rules, and provincial securities legislation

Your sponsoring firm’s compliance team will support and supervise your regulatory obligations.

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Summary: Steps to Becoming a Licensed Investment Advisor in Canada