News

What do Canadians think of financial planners?

Toronto, ON – October 9, 2015 - Wealth Professional

Last January the Financial Planning Coalition did a survey with Leger Marketing on the consumer awareness of financial planning standards, with half of Canadians believing those rules were unified for industry professionals. But new poll results suggest even more labour under that misapprehension.


Wealth Management Industry Seeking Legal Framework for Financial Planners

Toronto,ON – October 9, 2015 - The Globe and Mail

“We are very concerned that within the financial services industry, and within the provision of financial advice, that it has become a very confusing landscape for the average consumer,” says Cary List, chief executive officer of the Financial Planning Standards Council (FPSC).


The Institute of Advanced Financial Planners Submits Recommendations to Ontario’s Expert Committee

Toronto, ON – September 24, 2015 - The Institute of Advanced Financial Planners

We believe this is an opportune time for Ontario to help provide their electorate with sound steps to achieve their own financial goals. There is a gap in the oversight of advisors as distinct from planners and this creates confusion. The public is not well served by this confusion.


The Canadian Institute of Financial Planners Submits Recommendations to Ontario’s Expert Committee

Toronto, ON – September 24, 2015 - The Canadian Institute of Financial Planners

The current advice environment for Ontario financial consumers does not provide the optimum balance between quality of advice, and its affordability and accessibility to consumers. We stress that we believe the objective of any legislative changes to the financial advice environment in Ontario should improve the quality of advice while maintaining the affordability and accessibility of this advice.


Financial Planning Standards Council Submits Recommendations to Ontario’s Expert Committee

Toronto, ON – September 23, 2015 - Financial Planning Standards Council

Financial Planning Standards Council is pleased to contribute to the Ontario government’s review of policy alternatives related to the regulation of financial advisors and planners.


Expert Panel Appointed by Ontario Government Asks for Public Input on Regulation of Financial Services Sector

Toronto,ON – July 6, 2015 - Woodstock Sentinel-Review

Planning for a secure financial future is already a stressful task. The provincial government’s move to consider regulating the financial planning sector could relieve some of the stress on consumers looking for reliable advisors. An expert panel appointed by the provincial government in April to review the industry's regulation has issued a preliminary document outlining its plans, and is now calling for public input. Local financial advisors are praising the decision.


Group Proposes Self-regulation for Financial Planners

Toronto, ON – June 22, 2015 - Investment Executive

A collection of financial planning groups known as the Financial Planning Coalition (FPC) is calling on provincial policy-makers to allow the industry to self regulate by legislating their existing proficiency standards as licensing standards for the profession and creating restrictions on the use of titles.


Use of “Financial Planner” Title Should Be Restricted

Toronto, ON – June 17, 2015 - The Insurance and Investment Journal

The Financial Planning Coalition is urging provincial governments to recognize financial planning as a distinct profession and introduce restrictions on who may call themselves “financial planners”.


Financial Planning Coalition Releases Proposed Regulatory Framework for the Official Recognition of Financial Planning as a Distinct Profession

Toronto, ON – June 15, 2015 - Financial Planning Coalition news release

Today, the Financial Planning Coalition released a framework for the official establishment of financial planning as a profession: a profession that Canadian consumers can trust.


Paradigm Shift for Advisory Services on The Way

Toronto, ON – May 18, 2015 - Investment Executive

Financial planners and financial advisors need to be ready for a new regulatory model as Ontario’s expert panel to study this issue begins its mandate. For the first time in the long debate about whether tailored regulation of financial planners and financial advisors is needed, it appears that something significant will happen on this issue.


Financial Planning Coalition Welcomes Expert Committee on Regulation of Financial Planners in Ontario

Toronto, ON – April 27, 2015 - Financial Planning Coalition news release

Coalition committed to ensuring all consumers are served by qualified professionals.


FPSC Welcomes Ontario’s Appointment of Expert Committee to Investigate Merits of Tailored Regulation of Financial Planners

Toronto, ON – April 23, 2015 - Financial Planning Standards Council news release

Financial Planning Standards Council (FPSC) welcomes the continued interest in today’s Ontario budget of the need for tailored regulation of financial planners and is encouraged by the appointment of an expert committee that will begin the study process and provide the government with options if it determines regulation is required.


Financial Planning Coalition Adamantly Endorses New Unified Canadian Standards for Profession

Toronto, ON – April 1, 2015 - Financial Planning Coalition news release

The Financial Planning Coalition has long advocated for a common set of national standards for individuals who hold themselves out as financial planners.


FPSC Welcomes Ontario's Continued Interest in Need for Tailored Regulation of Financial Planning

Toronto, ON – July 14, 2014 - Financial Planning Standards Council news release

Financial Planning Standards Council (FPSC) welcomes the Ontario government's continued interest in the need for tailored regulation of financial planners, as identified in today's reintroduced budget. The government renewed its commitment to set up an expert committee that will further study the merits of tailored regulation of financial planners and provide the government with options if regulation is required.


The Future of Advice: Momentum Builds for Higher Proficiency Standards

– February 14, 2014 - Morningstar

Everyone knows someone who has been poorly served by his or her advisor. The tales of woe are as diverse as the investment universe itself: ill- conceived get-rich strategies, unsuitable or misunderstood products, churning of accounts, tax blunders, excessive fees and so on. Add to that a mountain of research that indicates Canadians are financially naïve and ill prepared for retirement and you have a lot of people questioning the quality -- and the value -- of advice.


Many Canadians Believe Financial Planning is Regulated: Study

Toronto, ON – February 7, 2014 - Investment Executive

A survey released by the Financial Planning Coalition reveals that, while many Canadians feel they have insufficient knowledge to adequately plan their financial future, they are also unaware of the lack of regulatory standards in place throughout most of Canada for the financial planners who could help them create a financial plan. The web survey, which included more than 1,500 Canadians, measured awareness and perceptions of financial planners in Canada.


Almost Half of Canadians Believe There Are Regulatory Standards in Place for Financial Planners: Study

Toronto, ON – February 2, 2014 - Financial Planning Coalition news release

A survey released by the Financial Planning Coalition reveals that, while many Canadians feel they have insufficient knowledge to adequately plan their financial future, they are also unaware of the lack of regulatory standards in place throughout most of Canada for the financial planners who could help them create a financial plan. The web survey, which included more than 1,500 Canadians, measured awareness and perceptions of financial planners in Canada.


Time is Right for Recognition of Financial Planning as a Profession

Toronto,ON – January 14, 2014 - Investment Executive

The Financial Planning Standards Council (FPSC), a member of The Financial Planning Coalition, is calling on the Ontario government to formally recognize financial planning as a profession.


Towards Official Recognition of the Financial Planning Profession

Toronto, ON – January 13, 2014 - Financial Planning Coalition position paper

In January, the Ontario government held consultations with interested stakeholders to explore the merits of more tailored regulation of financial planners in the province. The Coalition for Professional Standards for Financial Planners made a unified formal submission on this topic: Towards the Official Recognition of Financial Planning as a Profession.


Financial Planning Coalition Welcomes Ontario Minister’s Announcement

Toronto – November 7, 2013 - Financial Planning Coalition

Finance Minister Charles Sousa today announced the Ontario government’s plan to investigate the merits of proceeding with more tailored regulation of financial planners and considering the appropriate regulatory framework for doing so. The Financial Planning Coalition (the Coalition) – a group working towards establishing a unified set of national standards and statutory recognition of financial planning as a profession, is supportive of a plan that would consider the professional self-regulation of financial planning in Ontario.


Fall Meeting Update

– September 30, 2013 - Financial Planning Coalition

The four Coalition members, representing the financial planning profession across the country, continue to work toward a model for official recognition of financial planning as a profession, needed to best serve the public interest. The Coalition has developed a comprehensive outreach plan that will ensure consultation with a wide variety of stakeholders on this important initiative. Over the next few weeks, the process will begin with the group undertaking consumer research to gain an in-depth understanding of the views and perspectives of Canadians regarding the financial planning profession. This will help better inform the discussion as the Coalition continues to work towards a solution toward official recognition of financial planning as a profession.


Summer Meeting Update

– June 27, 2013 - Financial Planning Coalition

On May 31, 2011, the Financial Planning Coalition (the Coalition) formally released its Statement of Principles, which established the foundation for its continued efforts to professionalize financial planning, with the first step to establish a set of common national standards for financial planners. As we reach the first anniversary of this date, we would like to take this opportunity to provide an update on the Coalition’s efforts.


Winter Meeting Update

– March 29, 2013 - Financial Planning Coalition

The Financial Planning Coalition (the Coalition) whose members include the Canadian Institute of Financial Planners (CIFPs), Financial Planning Standards Council (FPSC), the Institute of Advanced Financial Planners (IAFP), and the Institut québécois de planification financière (IQPF), met in late March. The members reaffirmed the importance of working together and established a clear path to success with a timeline.


Eliminating “Buyer Beware” from Planning Services

Toronto,ON – August 2, 2011 - Advisor.ca

Many Canadians presume that, like health professions, financial planning is regulated. They are surprised to learn that this is in fact a “caveat emptor” industry in which their “financial planner” is not necessarily required to possess sufficient knowledge or skill to appropriately help their clients. The Financial Planning Coalition goal: a common set of national Standards.


Five Organizations Work Together Towards a Common Set of National Standards to Better Protect Canadians

Toronto – May 31, 2011 - Financial Planning Coalition news release

Currently, anyone in most provinces and territories can claim to be a financial planner without meeting requirements for qualifications or professional oversight. For the first time in Canada, five organizations involved in financial planning standards, education and certification have united to form The Financial Planning Coalition (the Coalition). The Coalition’s mandate is to work towards establishing a common set of national standards which would provide Canadians with clarity and better protection when engaging financial planners.


Contacts

Canadian Institute of Financial Planners (CIFPs)

Odele Burton Oburton@cifps.ca 647.723.6449

Financial Planning Standards Council (FPSC)

Caroline Horcher Chorcher@fpsc.ca 416.593.8587 ext. 232 1.800.305.9886

The Institute of Advanced Financial Planners (IAFP)

Ken Bates Kenbates@shaw.ca 250.665.6330 250.418.0616 cell

Institut québécois de planification financière (IQPF)

Liette Pitre Lpitre@iqpf.org 514.767.4040 1.800.640.4050 ext. 235