Financial Planning Standards Council (FPSC) announced on Nov. 26 FP Canada will be introducing new educational requirements for prospective financial planners. FPSC previously announced that it will be renamed FP Canada as of April 1.
FP Canada through its newly created FP Canada Institute division will offer Professional Education Programs as well as other tools for current and future financial planners. The programs will become mandatory, after a transition period and will emphasize the application of technical knowledge to holistic, real world client situations; communication; the psychological and behavioural factors behind clients’ decisions and addressing the ethical issues financial planners face.
"As Canadians navigate a world defined by ever-advancing technology and increased complexity, the role of professional financial planners is becoming even more important," says Cary List, president and CEO of FPSC. "FP Canada's Professional Education Programs will ensure planners are properly equipped to deliver the counsel and solutions that Canadians need."
In addition, as of Jan. 1, 2020, the current FPSC level 1 certification will be replaced with the Qualified Associate Financal Planner certification.
"There's a huge cohort of Canadians who are currently missing out on the important and much-needed counsel and guidance of a professional financial planner," says Dan Busi, CFP®, FPSC's Board Chair. "QAFP certification will fill this gap by providing more Canadians with access to appropriately certified professionals."