FPSC rejects the idea of new exams, new codes and new brands of financial planning professional
March 2002
Last week, the Canadian Association of Insurance and Financial Advisors (CAIFA) and the Canadian Association of Financial Planners (CAFP) circulated among its membership a document that outlined the proposal for a merger of the two membership organizations. We urge all CFP professionals to download a copy of the discussion paper and read it carefully to understand FPSC's concerns about some of the stated objectives of the proposed new membership entity.
As you know, FPSC's mission is to nurture the evolution of the financial planning profession through the establishment of the highest national, cross-industry standards identified by the Certified Financial Planner® (CFP®) designation. If the merged membership organization supports our efforts in the future, we welcome it. If it enhances membership services offering a new and improved home for CFP professionals who want to avail themselves of these services, we welcome it. However, if its purpose is to act as a standard-setting body with the purpose of branding a new definition of financial planning professional, it will simply add to confusion in the marketplace and industry, and we can neither endorse nor support it.
We don't need new codes, new exams or new brands of professional planner. We do need continuing input and assistance with the development of the CFP certification process that has already garnered industry-wide acceptance, reduces confusion and protects the public.
We are most concerned that some of the stated objectives of the proposed organization may dilute our branding of the CFP designation. Adding another layer of codes and exams may create the illusion that CFP planners who don't join the new organization are in some way second-class. This would be contrary to our efforts to reduce the number of titles, designations and terms used to distinguish those who are qualified to offer professional financial planning advice.
We are grateful for the participation of CAIFA and CAFP over the past six years that has aided our efforts in establishing the highest uniform professional standards in financial planning today, and we are hopeful that they will address our concerns about this new initiative so that we may continue to work together toward our common goals.
CAIFA and CAFP have endorsed FPSC's efforts to reduce confusion surrounding who is and is not qualified to offer the financial planning guidance Canadians have every right to expect of a professional. They have recognized the strides FPSC and CFP licensing organizations around the world have made in benefiting the consumer of financial planning advice. They have recognized and aided FPSC's contribution to the evolution of the profession in Canada and throughout the world. And, we hope they will continue to do so.
FPSC does not and will not in the future offer the kinds of membership services that these existing organizations currently offer and others you may also desire. It is imperative to the objectivity of our standards development that we do not become a membership organization. However, we encourage the development or emergence of an independent membership organization that will offer you these services and that wholly endorses the CFP designation as representing the highest standards in financial planning in Canada and worldwide.
We will keep you informed of the outcome of our discussions with CAIFA and CAFP regarding how their organizations can best continue to serve FPSC's mission and you.
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