Financial Planners & Advisers Will Require Certification

In Ontario, people who now call themselves Financial Planners or Financial Advisors will soon require certification.
Timea Sarkozi 5 June 2019

The Province of Ontario recently passed a law that requires anyone who calls themselves a Financial Planner, or Financial Advisor, to have the proper credentials. The Financial Services Regulatory Authority of Ontario (FRSA), an agency of the Ontario Ministry of Finance, has been tasked with establishing standards for certification. The reason this new law and regulations are being enacted is to provide protection to Ontario consumers, with stricter enforcement on those who provide financial advice. There is no national standard for Financial Planners or Financial Advisors, and in Ontario, anyone can label themselves with these titles without having any certification.

In 1998, I obtained my designation as a Certified Financial Planner (CFP) from FP Canada (formerly the Financial Planning Standards Council). Obtaining the CFP designation requires completing a rigorous education program, passing a national exam, and now, performing three years of qualifying work experience. To maintain CFP qualification, I am required to update my financial education with Continuing Education (CE) Credits. Being a CFP means that I also adhere to FP Canada Standards Council’s Standards of Professional Responsibility, including a Code of Ethics which mandates that CFP professionals must always place their clients’ interests first. I am a proponent of the new law and believe that every investor should be working with a certified, qualified investment professional to ensure that they are getting accurate, up to date advice, with the investor’s best interests at heart. Be sure that you know the qualifications of your Financial Planner or Financial Advisor so you can make informed decisions about your investments.

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