Portfolio Managers are fiduciaries who must meet the highest conditions of registration with the securities commissions and are held to a very strict code of conduct. Less than 5% of all investment advisors in Canada are licenced Portfolio Managers. To receive PM licensing, an advisor must hold either a Chartered Financial Analyst (CFA) designation or a Chartered Investment Manager (CIM) designation, as well as complete a rigorous application process with their firm and the regulators.