The Financial Planning Standards Council is the not-for-profit organization that establishes professional standards for financial planners in Canada. An appropriately qualified professional can earn a Certified Financial Planner certificate, but there is currently no legal requirement that a person become a CFP before charging Canadians for financial planning services.
Amid concerns about low-quality services and conflicts of interest, the Ontario government is now considering increased regulation of financial planners, including a possible requirement that planners be certified. The government has appointed an expert committee to provide recommendations.
At Hagel Lawfirm, we know the importance of financial planning and we will work with financial advisors, who are helping their clients to take actions for the benefit their estates. Our firm has been a strong supporter of the Financial Planning Standards Council (FPSC). The firm is a regular contributor and sponsor of events organized by FPSC for the benefit of the financial planning profession.
In fact, Dorothy Hagel is an asset protection and estate planning lawyer with years of experience in the financial services industry. She is a Certified Financial Planner herself. Part of her legal practice involves working with qualified financial advisors to design effective wealth strategies for her clients.
People in Mississauga and throughout the GTA come to our firm in order to better understand how their investment holdings will affect other estate-related issues such as taxes and business succession planning.
We provide comprehensive guidance in asset protection, and we are able to refer clients to a qualified financial advisor in their area.
As for the possibility of new rules for financial planners in Ontario, the expert committee is expected to submit a report to the government in 2016.
Hagel Lawfirm supports regulations for the financial planners in Ontario. We believe that the CFP designation (or equivalent) should become prerequisite to providing financial planning to the public and using the title of financial planner. We believe that the effective regulations of the financial planners will benefit the industry and its clients. It will also bring the recognition of the qualification of the CFP professionals.
For more on safeguarding estate assets, please see our asset protection overview.