- What do the letters "CFP" mean?
- Who can use the Certified Financial Planner or CFP credential?
- Why is it important to deal with a CFP professional?
- How do I know I if my financial planner is a CFP professional?
- What standards guide the professional conduct of a CFP professional?
- Does FPSC accept complaints against CFP professionals?
- How do I find a CFP professional?
- Are CFP professionals found only in Canada?
What do the letters "CFP" mean?
CFP stands for Certified Financial Planner®. The CFP® registered certification marks identify individuals who are dedicated to a high level of professionalism in providing financial planning advice. The CFP credentials assure you that those using them have agreed to adhere to the highest internationally recognized standards of competence and ethical practice as set out by Financial
Planners Standards Council (FPSC).
Who can use the Certified Financial Planner or CFP credential?
Only individuals who have met FPSC's rigorous pre- and post-certification standards, and continue to meet FPSC's annual licensing requirements, are entitled to use Certified Financial Planner, CFP or the CFP logo displayed on the top left corner of this page.
Why is it important to deal with a CFP professional?
Individuals who wish to attain the CFP credential must meet education, examination, experience and ethical requirements set by FPSC. These requirements are more fully outlined below:
- Education
- Successful completion of an approved educational program.
- Fulfilment of annual continuing education requirements to keep abreast of planning strategies and financial trends.
- Experience
- A minimum of two years'
work experience in a financial planning related position.
- Examination
- Successful completion of a rigorous examination that covers the financial planning process, income tax planning, retirement planning, estate planning, investment planning,
family law, risk management, general principles including
the Code of Ethics, and small business applications in financial
planning.
- Ethics
- Adherence to a professional Code of Ethics
that requires all CFP professionals to act in an ethical and
professionally responsible manner in all professional services
and activities.
How do I know I if my financial planner
is a CFP professional?
Look for the CFP certification marks: our
logo (pictured at top left), the initials CFP or the words
Certified Financial Planner. You can also ask to see the
planner's current wallet-size CFP licence or consult CFP
Professionals in Good Standing page or contact us by e-mail or
use our toll free phone number — 1.800.305.9886 — to verify
a planner's status as a CFP professional. Only FPSC can authorize
an individual to use the CFP marks.
What standards guide the professional conduct of a CFP professional?
CFP professionals must follow a professional Code
of Ethics. The Code is designed to better
serve you, the consumer, by requiring disclosure of pertinent
information about a CFP professional and describing the behaviour
you should expect from your planner. A CFP professional is obliged
to place the client's best interest first. He or she must
disclose relevant information that might affect the financial
planning relationship, such as sources of compensation including
fees or commissions, and any potential conflicts of interest
that might compromise the planner's objectivity.
Does FPSC accept complaints against CFP
professionals?
FPSC will respond to alleged violations of
the Code of Ethics brought to its attention in writing.
If a CFP professional fails to meet the high standards of the
Code of Ethics, appropriate disciplinary action will be
taken by FPSC. The most severe of these actions is the revocation
of the CFP licence.
How do I find a CFP professional?
CFP professionals work in credit unions, brokerage
firms, insurance companies, mutual fund groups, banks, small
and large financial services businesses and for themselves.
Many are listed in our Find a Planner database. Consult
it to begin your search for planners best qualified to help
you with personal or business finance issues. Or contact
us by e-mail or by phone at 416.593.8587 or
1.800.305.9886.
Are CFP professionals found only in Canada?
The CFP is an internationally recognized credential held by more than 100,000 people licensed to use the credentials
by organizations in 19 countries around the world. The Financial Planning Standards Board, owners of the CFP marks outside the U.S. and of which FPSC is the largest member
having licensed nearly 17,000 individuals in Canada,
is comprised of organizations dedicated to benefiting the
global community by establishing, maintaining and promoting
the professional standards in financial planning represented
by the CFP certification marks.
are certification marks