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BY CARY LIST, CFP PRESIDENT AND CEO, FP CANADAsupplied

Proper financial planning contributes significantly to the overall financial wellness of Canadians. Yet many Canadians believe financial planning is only for the wealthy. Or they believe that robo-advice alone can address their financial planning needs. These myths are simply not true. The benefits of engaging in financial planning with a true professional planner have a positive impact on all Canadians – including the average Canadian with typical financial planning needs. That’s why we need to make professional financial planning advice available to all.

For over 20 years, Certified Financial Planner (CFP) professionals have helped Canadians build financial plans to live their lives more confidently. CFP professionals have the expertise and the experience to help navigate any financial situation, no matter how complex. CFP professionals play a critically important role in the lives of their clients, by helping them bring simplicity to complex financial matters, and to achieve peace of mind and confidence in their future. Research studies have demonstrated the value of advice provided by CFP professionals, through better financial outcomes, greater confidence and lower stress.

In January 2020, FP Canada will enable more Canadians to benefit from professional financial planning advice, with the introduction of Qualified Associate Financial Planner (QAFP) certification.

Unfortunately though, not every Canadian has access to a CFP professional, and as a result, many are not getting the professional guidance they need and deserve. Even if your main financial concerns involve typical matters, like deciding whether to pay off a mortgage faster or to invest, dealing with student debt or beginning to set out a retirement plan, you’re still very likely to benefit from the guidance of a professional financial planner.

For almost all of us, life is complicated. A professional financial planner can work with you to see your entire situation, to help you understand how all the pieces fit together and to help you make the best decisions for your unique circumstances.

For those who feel a professional financial planner is out of their reach, there’s good news in store. In January 2020, FP Canada will enable more Canadians to benefit from professional financial planning advice, with the introduction of Qualified Associate Financial Planner (QAFP) certification. QAFP certification is designed to help the average Canadian – with typical financial planning needs – access the professional financial planning advice they need.

While CFP certification continues to set the standard for the financial planning profession, providing the best option for Canadians needing the highest level of financial planning expertise, QAFP certification creates a new avenue for professional financial planning advice. Complementing CFP certification, the QAFP designation demonstrates that your planner is qualified to provide holistic financial planning advice and guidance related to everyday financial issues, all with the same standard of ethics and professionalism you expect from a CFP professional, and always obligated to act in your best interest, not their own. A QAFP professional can help you begin the journey to living your life with confidence.

With the myriad of personal finance challenges in Canada related to debt, housing affordability and retirement savings, ensuring we all have access to advice is more critical than ever. No matter what types of hurdles you may be facing in your own financial life, you shouldn’t have to struggle alone. Both CFP professionals and QAFP professionals meet rigorous education, examination and work experience requirements to demonstrate they have the necessary skills to meet their clients’ needs, and their professional obligations to act in your best interest are strictly enforced. That means whether you choose to work with a QAFP professional or a CFP professional, you can be confident that your financial planner is committed to putting your interests first and is accountable to a professional body for their conduct.

January 2020 represents an important milestone for Canadians. The introduction of QAFP certification marks the beginning of a new era in which professional financial planning advice becomes more accessible to all Canadians, paving the way for a society where a trusted financial professional will always be there with us on the journey to living life confidently.

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BE CONFIDENT IN YOUR CHOICE OF PLANNER

Did you know financial planning is unregulated in most Canadian provinces? Although Ontario is working to introduce long-overdue regulations to ensure those who call themselves financial planners are appropriately qualified, in most provinces, anyone can call themselves a financial planner regardless of their qualifications. That makes it vitally important to find a financial planner who holds CFP certification or QAFP certification, so you can be confident in knowing your financial future is in the hands of someone who’s both qualified and ethical.

Visit financialplanningforcanadians.ca to learn more about how to choose a financial planner.


Produced by Randall Anthony Communications. The Globe’s Editorial Department was not involved in its creation.

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