TORONTO and MONTREAL, October 8, 2024 — FP Canada and the Institute of Financial Planning have each announced the launch of new paths that simplify the process required for CFP professionals to earn the financial planning diploma required for the F.Pl. designation, and F.Pl. designation holders to earn CFP certification.
The paths support a new framework for mutual recognition between the two organizations and help bolster their joint efforts to create national standards for professional financial planning. They allow for greater mobility for CFP professionals who want to earn the financial planning diploma and apply for the F.Pl. designation in order to practice in Québec, and for F.Pl.s who want to earn their CFP certification and continue to use the title “Financial Planner” in Ontario and other Canadian provinces.
This exciting change makes it possible for planners to serve a larger pool of potential clients, helping to grow the public’s access to financial planning advice. As a result, Canadians across the country can feel confident that, whether they’re working with a CFP professional or a F.Pl., the planner advising them has the advanced knowledge, competencies, and skills to serve their best interests.
“The mutual recognition framework is a milestone for FP Canada and the Institute, advancing our progress toward a truly national financial planning profession,” says Tashia Batstone, FP Canada’s President and CEO. “I’m very pleased to announce this exciting step, which will benefit financial planners across the country — and all Canadians seeking professional advice on their journeys to financial well-being.”
Simplified Paths for Qualified Professionals
The framework and associated paths were forged by a joint working group composed of experts from FP Canada and the Institute. The working group focused on leveraging the strengths of each organization’s education and expertise for the benefit of CFP professionals and F.Pl.s who want to serve clients across provincial boundaries.
Under the new path, F.Pl. designation holders who apply for CFP certification are no longer required to challenge the CFP certification exam. They must now complete the CFP Certification Program for F.Pl. Professionals delivered by the FP Canada Institute™ and successfully pass the related final assessment. Having met the requirements for CFP certification established by FP Canada, F.Pl.s can then apply for CFP certification.
Likewise, CFP professionals seeking to earn the financial planning diploma are no longer required to take the Institute’s exam. Instead, they must complete a bundled course from the Institute and successfully pass the related assessment. Once awarded the financial planning diploma by the Institute, they can apply to the Autorité des marchés financiers (AMF) and meet any requirements set by the AMF to become an F.Pl.
“I’m very proud of the work the Institute and FP Canada have done to provide F.Pl.s and CFP professionals with greater flexibility in terms of where they work and who they serve,” says Chantal Lamoureux, President and CEO of the Institute. “Our joint efforts are also providing Canadians with access to qualified professional financial planners who have met the highest standards. I look forward to continued collaboration between the Institute and FP Canada, which is in the interest of all Canadians.”
About FP Canada
Established in 1995, FP Canada is a national not-for-profit education, certification and professional oversight organization working in the public interest. FP Canada is dedicated to championing better financial wellness for all Canadians by leading the advancement of professional financial planning in Canada. For more information, visit fpcanada.ca.
About the Institute of Financial Planning
In 2023, in keeping with its new mission and vision, the Institut québécois de planification financière became the Institute of Financial Planning. As a leader in developing and promoting personal financial planning, the Institute's mission is to ensure that today’s and tomorrow’s financial services professionals have the knowledge, the know-how and the social skills required to contribute to the financial well-being of people, families, and communities. For more information, visit Institutpf.org.
Contact for media inquiries
Megan Harman
FP Canada
megan.harman@fpcanada.ca
Liette Pitre
Institute of Financial Planning
liette.pitre@institutpf.org
