The Canadian Institute of Financial Planners (CIFPs) celebrated its tenth anniversary with a dynamic conference and annual general meeting in Vancouver May 27 – 30, 2012. At the AGM, members approved a special motion recommending that CIFPs amalgamate with the Retirement Planning Association of Canada (RPAC).
RPAC has been in operation across Canada for over 30 years, representing professionals who endorse an integrated approach to financial and lifestyle retirement planning. Through education days provided by local chapters, as well as a national conference, RPAC provides professional development on topics related to both the financial and broader life planning aspects of retirement.
Keith Costello, president and CEO of CIFPs, welcomed RPAC as a new partner, which will operate as the CIFPs Retirement Institute. Mr. Costello believes that helping clients through the transition to retirement is of growing importance to CIFPs members because of the demographic shifts taking place in Canadian society. As clients approach retirement age, consideration of the lifestyle aspects of retirement becomes increasingly important. Beefing up their knowledge in this area helps financial planners to bring an added dimension to the services they provide to their clients.
For many years, RPAC has provided training leading to the Professional Retirement Planner (PRP) designation. While new candidates will not be accepted for the PRP, those who already hold the designation will be allowed to retain it in perpetuity.
RPAC members will use their expertise in life planning to help CIFPs develop and expand the curriculum currently offered under the Registered Retirement Consultant (RRC) program to include life planning considerations. All educational matters related to retirement planning will be managed by the Retirement Institute and the CIFPs Education Committee.
Ida-Jean McIntyre, president of RPAC, sees the merger as a great opportunity to strengthen both associations by joining forces. She predicts that integrating both lifestyle and financial aspects into a truly holistic approach to retirement planning will be of benefit to members and clients alike.