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The Institute and FP Canada launch simplified pathways for mutual recognition of professional designations
Montréal and Toronto, October 8, 2024 – The Institute of Financial Planning and FP Canada™ have both announced the launch of new pathways that simplify the process required for holders of the Financial Planner (F.Pl.) designation to obtain CFP® certification, and vice versa.
These new pathways are part of a mutual recognition framework between the two organizations, and support their joint strategy of creating national standards for the practice of financial planning. They also allow greater mobility for professionals wishing to practice across the country, whether they are CFPs wishing to obtain the F.Pl. designation to practice in Quebec, or F.Pl. professionnals wishing to obtain the CFP certification to continue using the title of financial planner in Ontario and other Canadian provinces.
Changes that benefit professionals and the public alike
In Quebec, the F.Pl. title has been regulated for several decades. Since last year, Ontario has also regulated the use of the financial planner title. Saskatchewan and New Brunswick will soon follow suit. This movement is designed to protect the public and recognize the fact that there are people who practice financial planning professionally and to the highest standards of practice.
In this context, and because both the Institute and FP Canada want Canadians to have access to financial planning services offered by well-trained professionals who practice their profession in the best interests of their clients, the two organizations felt it was important to make it easier and faster for their members to obtain the designations recognized across the country. In this way, Canadians can be sure that the person who advises them has the knowledge, skills and abilities to serve them well.
“Thanks to this recognition framework, both F.Pl.s and CFPs will have greater flexibility in terms of where they work and the clientele they serve,” says Chantal Lamoureux, president and CEO of the Institute. “These professionals already possess knowledge and expertise in financial planning. The new courses will enable them to acquire the concepts that are specific to Quebec or the rest of Canada in order to expand their practice.”
Simplified paths for qualified professionals
The framework and associated pathways were developed by a joint working group of experts from both organizations. This group pooled the educational strengths and expertise of the Institute and FP Canada to offer solutions tailored to the needs of F.Pl.s and CFPs wishing to expand their scope of action beyond provincial borders
From now on, individuals holding the F.Pl. designation and wishing to obtain CFP certification are no longer required to write the FP Canada certification exam. Instead, they must take a new course offered by the FP Canada Institute, which recognizes their professional qualifications, and pass the associated final assessment. This course will enable them to master the concepts specific to the practice of financial planning in the rest of Canada. Once they have passed the assessment, they can apply for CFP certification, recognized by the Financial Services Regulatory Authority of Ontario (FSRA).
Similarly, CFPs wishing to obtain the financial planning diploma required to use the Pl. Fin. designation in Quebec will no longer be required to write the Institute's exam. Instead, they will have to follow the Simplified path for CFP holders offered by the Institute and pass the corresponding assessment. Once they have obtained their diploma, they will be able to apply to the Autorité des marchés financiers (AMF) for their financial planning license.
About the Institut de planification financière
For over 30 years, the Institut de planification financière has been a pillar of financial planning in Quebec. It has established itself on the North American scene by setting the highest standards. The Institut has made financial planners the experts sought after by clients keen to preserve and increase their wealth.
As a leader in the development and promotion of personal financial planning, the Institut's mission is to ensure that today's and tomorrow's financial services professionals possess the knowledge, know-how and interpersonal skills required to contribute to the financial well-being of individuals, families and communities.
For more information, visit institutpf.org.
About FP Canada
Founded in 1995, FP Canada is a not-for-profit professional training, certification and supervisory organization working in the public interest. FP Canada promotes the financial well-being of all Canadians through its dedication to the advancement of professional financial planning in Canada. Visit the FP Canada website for more information.