The new Coalition for Professional Standards for Financial Planners announced today that they are trying to standardize financial planning to protect consumers and raise the bar on the industry.
Currently, anyone outside of Quebec can designate themselves a financial planner. Quebec is the only province that requires financial planners to have a planification financière diploma and a permit from the financial planning board.
Two other designations used in the rest of Canada – the Certified Financial Planner and the Registered Financial Planner – are recommended, but not required to call oneself a financial planner.
The coalition wants to protect consumers from choosing one of the 40, 000- 60, 000 financial sales people who lack financial planning qualifications – and still call themselves financial planners.