Fintellect initiative enters phase two

FP Canada and the Institute's Fintellect initiative focuses on tech's role in financial planning

Fintellect initiative enters phase two

FP Canada and the Institute of Financial Planning, formerly known as IQPF, announced in Newswire Canada, have released a report on the first phase of their joint Fintellect initiative.

Fintellect focuses on understanding the impact of technology on professional financial planning. It encompasses a diverse task force, including financial planners, regulators, educators, industry representatives, and consumer advocates.

The first phase involved the task force and selected stakeholders examining the effects of evolving technology on the delivery of financial planning advice. The goal was to identify key opportunities and concerns likely to affect Canadians' financial well-being. 

Christopher Dewdney, CFP® and chair of the Fintellect Task Force, commented on the initiative, saying “Fintellect is about leveraging technology in ways that will make the financial planning profession more relevant, inclusive, and accessible to all Canadians.” He expressed confidence in the path the discussions have taken.

Key outcomes from the first phase, determined through interactive workshops involving various stakeholders, are:

  • The necessity for technology to enhance access to financial planning, making it more affordable and accessible, including to under-served demographics.
  • The responsibility of FP Canada and the Institute in shaping the impact of emerging technologies, particularly concerning consumer protection and access to personal data.
  • The imperative for financial planners to continuously adapt, embracing new technologies to streamline routine tasks and focus more on the human aspect of financial planning.

Following these findings, FP Canada and the Institute are poised to take specific actions. These include supporting the development of reliable advice channels, providing necessary training for planners to effectively use technology, and advocating for suitable regulatory frameworks.

In the upcoming months, both organizations plan to initiate a series of research projects to delve deeper into these outcomes. A detailed research plan for phase two (investigation) is being formulated, which will lead to the final stage of implementation.