Towards Pan-Canadian Recognition of Fin. Pl. | Finance and Investment

“We are going to work to ensure that holders of a Pl. fin. can benefit from a mechanism to acquire the title that will allow them to practice their profession in all the provinces,” indicated Bernard Fortin.

The agreement would mean that holders of an equivalent diploma awarded by FP Canada would also have their qualifications recognized by the IQPF.

“We want to establish mutual recognition of the two organizations. This framework will establish the conditions under which a Fin. Pl., his qualifications, would be recognized by FP Canada,” added Bernard Fortin.

This mutual recognition would take into account provincial specificities, but also the common work standards between the IQPF and FP Canada.

“What is targeted is national recognition of the profession and good ways of working. The Norms of projection assumptions, which are 15 years old, are published every year, it is a good example of joint collaboration, because, since 2015, they are pan-Canadian,” explained Martin Dupras.

This mutual recognition would certainly serve the Fin Pl. who work near the borders with Ontario and New Brunswick, but also many financial planners whose number of potential clients has jumped with telework and digital communication methods, explains Chantal Lamoureux, president and CEO of the ‘IQPF, in interview with Finance and Investment.

“We are aware that people want to practice in other provinces and there are provinces that are beginning to regulate. Ontario has regulated. Things are coming in other provinces. In Quebec, it has the merit of being clear. We want to find a way to acquire the PFP title without having to redo everything, they could only get what they lack to get the title, ”she noted.

These discrepancies would affect the differences between the legal framework of Quebec, namely the Civil Code of Quebec and the elements of common law. She was unable to give a timeline for building bridges between the two professions.

Tech skills to be determined

In addition, the IQPF will conduct work this fall to determine what kind of technology-related skills financial planners should have, said Bernard Fortin at the conference.

Researchers, industry observers, practitioners and regulators will hold workshops related to the Fintellect initiative, which is in partnership with FP Canada. This initiative aims to study the concrete impact of new financial technologies on the profession of financial planner.

These workshops will allow organizations to further their research in this area in order to adapt their training so that it is relevant.

Technology can help the planner be more relevant. For example, he can delegate certain technical or clerical functions to a tool, which allows him to spend more time supporting his clients. These tools can enable it to serve more clients and thus broaden access to financial advice.

“I don’t think people are going to need to go as far as coding. My personal hypothesis is that you have to be able to ask the right questions, especially about technological tools. How are the Projection Assumption Standards incorporated? Who worked to build them? Have any financial planners built it? “, notes Chantal Lamoureux.

In addition, both humans and technological tools can suffer from cognitive biases as described in behavioral finance research. “Artificial intelligence can have biases. The main biases should be known. How do we make sure that there is none in the programming, ”notes Chantal Lamoureux.

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Towards Pan-Canadian Recognition of Fin. Pl. | Finance and Investment

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