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Financial planning helps provide a roadmap for your money and your future. Learn who can provide financial planning in Canada and the services they offer.
Financial planning refers to a comprehensive holistic review and analysis of your finances, leading to recommendations for short- and long-term strategies to achieve your financial goals.
Many different professionals offer financial planning. The titles “financial planner” and “financial advisor” are often used interchangeably, but across Canada you’ll find different rules about who can use them. And those with Certified Financial Planner (CFP) and Qualified Associate Financial Planner (QAFP) designations, for example, have completed rigorous educational and certification programs. They are trained in a wide range of topics including ethics, taxation, insurance, wills and estate planning, investing, retirement planning, planning for educational expenses and even human behaviour.
CFP and QAFP professionals are required to comply with a stringent code of ethics designed to protect the public and uphold the reputation of their profession and the planners themselves. Violations of this code are investigated and may result in the planner losing the right to use these professional designations.
When choosing a planner or advisor to work with, it’s important to research your options, ask the right questions and check the candidates’ qualifications, experience and fee structure.
Example: “Soledad wasn’t sure if she should contribute to her registered retirement savings plan (RRSP) or her tax-free savings account (TFSA). She spoke to a Certified Financial Planner, who explained the pros and cons of each type of account and which one made sense based on Soledad’s financial goals. They also helped her choose investments and recommended updating her will.”
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