The organization looks at achievements and progress since launching IMAGINE 30 in 2022
FP Canada has reviewed achievements related to its strategic plan and its long-term future goals called IMAGINE 30 which aims for all Canadians to have finanial confidence and wellness by 2030.
The financial planning industry body’s Strategic Plan outlines specific steps FP Canada is taking between 2022 and 2025 toward achieving those IMAGINE 2030 goals and the new progress report considers how it has fared during the first year of its 2022-2025 plan.
"In the last year, FP Canada has tirelessly worked to raise awareness about the critical role professional financial planning plays in advancing the financial resilience of all Canadians—and we've taken steps to increase access to advice," says Tashia Batstone, FP Canada president and CEO.
Among its key achievements, FP Canada has made changes to certification for financial planning professionals.
It laid the groundwork for its reimagined QAFP certification program, including making the path to certification more streamlined and accessible and ensured that its certifications continue to reflect the competencies that Canadians require of professional financial planners, with a review and validation of the Financial Planning Body of Knowledge and the FP Canada Standards Council Competency Profile.
These updates formed the foundation for the subsequent reimagined QAFP Certification.
The organization also launched a new microsite and other resources aimed at attracting new talent into the industry.
And it supported the evolution of the profession by launching the Fintellect initiative with the Institut québécois de planification financière (IQPF) which examines the impact of technology on the profession, with a focus on the consumer.
There were also new consumer focused initiatives such as the 2022 Financial Stress Index which helped to educate Canadians on the benefits of working with a professional financial planner.
"We've made important progress toward our Strategic Plan goals, and I look forward to building on this momentum in the year ahead,” added Batstone.
FP Canada has also published its first IMAGINE 2030 Progress Report, highlighting results from this year's follow-up survey on Canadians' financial health.
The report found that 39% of all survey respondents are very or somewhat financially vulnerable including Indigenous peoples, the 2SLGBTQ1 community, and individuals with disabilities, with these groups more likely to be financially vulnerable than the general population.
However, 72% of those working with a professional financial planner are not very vulnerable or vulnerable at all compared to 52% of those who don’t.
"Clearly, when it comes to helping all Canadians secure long-term financial security, the financial planning profession has an important role to play," added Batstone. "I'm optimistic about the difference we can make by working together, for the benefit of all Canadians."