These days any "schmuck" -- young or old -- can call themselves a financial advisor, argues an Ontario-based planner, in reaction to an Australian survey finding young mortgage brokers are increasingly tabbing financial advice onto their offerings.
“You couldn’t call yourself a dentist without going to dental school ... but anyone can call themselves a financial advisor,” says Kevin Cahill, certified financial planner with Canadian Legacy Builder in Guelph. “I am very adamant that unless you have your CFP (the international certification), you are not a financial planner.”
The Young Broker of the Year ranking survey - conducted by The Adviser publication - indicates that 47 per cent of respondents under 30 years old are now offering financial planning services, up from 27 per cent in 2012, with many looking to acquire RG146 compliancy – the minimum training required to sell financial products in Australia. The study also found that 13 per cent of respondents, who are not presently selling financial advice, plan to get certified to do so within the next year.
“That’s the real risk right there, if you’re dealing with an undesignated person,” said Dean Paley, a fee-only advisor and certified general accountant in Burlington. “They may not be fully versed nor have in-depth knowledge, if they are not dealing with it (the subject) day in and day out.” (Continued on page 2)