Members of Advocis have been meeting with provincial governments across the country to encourage them to adopt a similar approach to Ontario and take action to protect titles for financial planners and financial advisors in their provinces.
In its budget announcement last month, the Ontario government said a proposed new framework is being developed for the financial services industry which would require individuals using the financial planner and financial advisor titles to have an appropriate credential and be overseen by a recognized credentialing body.
“Now that Ontario has taken this long-awaited action, we will work hard to encourage other provinces to adopt a similar approach,” writes Advocis CEO and president Greg Pollock in a new commentary.
Many Canadians mistakenly believe titles already protected
In polls commissioned by Advocis in five provinces across the country between October 2018 and March 2019, on average, half of respondents believed that the financial advisor title was already protected in their province.
“When confronted with the reality that this was not the case, over 80% believed that a professional code of conduct for financial advisors should be mandatory for all financial advisors,” writes Pollock. “Most importantly, nearly 90% of respondents expressed support for legislation protecting the title of financial advisor.
“The restriction of key titles to individuals with qualifying credentials will go a long way in elevating the trust and stature of financial advisors and financial planners as true professionals. More importantly, it ensures that families can be confident in their choice of financial advisor or financial planner, as not just anyone will be permitted to use these titles.”