In a bid to more effectively lead the direction of the financial planning profession in Canada, the Financial Planning Standards Council (FPSC) is transitioning into a new national body with an expanded scope.
“Effective April 1, 2019, FPSC will transition to FP Canada—a national body dedicated to advancing professional financial planning,” the organization said in a statement.
In light of unprecedented disruption from continuously advancing technology, the traditional role and value of financial planning need to be re-evaluated, according to the FPSC. In spite of greater abundance of choice and eased access to information, Canadian consumers have a greater need than ever for personalized advice with a human touch.
“Financial planners need a source of strong leadership and skills development and consumers need to know they can trust their financial planner to meet their ever-evolving needs,” said Dan Busi, CFP and FPSC’s Board Chair.
With a declared mandate of leading the advancement of professional financial planning in the country, FP Canada will provide direction and thought leadership through two distinct divisions:
- The FP Canada Standards Council will take up the baton of standards-setting and certification currently held by the FPSC. The council will foster integrity in FP Canada’s certification programs and oversight of the profession through an autonomous structure, independent governance, and public representation on its Panels.
- The FP Canada Institute will provide aspiring and practicing financial planners with new tools and services to help them be more effective in improving their clients’ lives. The efforts includes new programs to help planners develop professional, in tandem with essential technical skills, to equip financial professionals to meet the needs of all Canadians.
“As technology advances, so must the role of the human professional” said FPSC President and CEO Cary List. “FP Canada will steer the strategic direction of the financial planning profession to ensure relevance of the human planner in an increasingly technological world.”
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