This month, you have a chance to speak up on an issue that is close to my heart, and affects all Canadians—better protections for those seeking financial planning.
The need for unbiased financial planning advice has never been stronger. But in Canada (except for Quebec), anyone can call themselves a financial planner, leaving Canadians confused and at risk—in fact, half of Canadians think financial planners are regulated. We’re not.
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While many of us have voluntarily undertaken rigorous education and stepped up to certification, some people who call themselves financial planners don’t have the skills or qualifications to provide financial planning and aren’t accountable to any oversight body or subject to government regulations. There are no laws to stop them.
For the month of October, Financial Planning Standards Council (FPSC) is offering Canadians the chance to raise their voice about this gap in consumer protection. You can help influence change and inform the discussion by adding your voice to the growing call for reform through participation in a short opinion poll (open until October 31).
The opinion poll is part of the launch of FinancialPlanningforCanadians.ca, a commercial-free consumer website dedicated to helping consumers through information, education and product-free advice.
We should all exercise due diligence before hiring a professional, but we also expect there to be certain protections in place. If you agree, now’s the time to take action and help do something about it.
I urge you to take a few minutes to complete the opinion poll, and share the link with your own family and friends.
“Household net worth has reached an astounding $85.7 trillion. That represents an increase of almost 30% ($18.9 trillion) from the pre-recession levels of 2007. The increase was driven by a $16.7 trillion increase in financial assets, and it occurred—in very healthy fashion—alongside a modest reduction in liabilities.”
—Scott Grannis, the Calafia Beach Pundit, September 18, 2015