P 5

Profile of the Profession

P 10

Financial Planning Week 2016

FPStandard FALL 2016

ISSUE 14

I D E A S T H O U G H T S A N D T R E N D S I N T H E F I N A N C I A L P L A N N I N G P R O F E S S I O N

P 1

FPSC.CA

Robos & Humans —A Match Made

in Heaven

P 2

The Curse of Knowledge vs.

the Gift of Expertise

902-375 University Avenue Toronto, Ontario M5G 2J5

Telephone: 416.593.8587

Toll-Free: 1.800.305.9886

Email: inform@fpsc.ca

Website: fpsc.ca

Consumer Site: FinancialPlanningforCanadians.ca

@FPSC_Canada

FPSC.Canada

company/Financial-Planning- Standards-Council

FinancialPlanningStandardsCouncil

FinancialPlanningStandardsCouncil

@fpsc_canada

CFP®, Certified finanCial Planner® and are certification trademarks owned outside the U.S. by Financial Planning Standards Board Ltd. (FPSB). Financial Planning Standards Council is the marks licensing authority for the CFP marks in Canada, through agreement with FPSB. All other ® are registered trademarks of FPSC, unless indicated. © 2016 Financial Planning Standards Council. All rights reserved.

FPSC ENGAGED H&K STRATEGIES TO CONDUCT A NATIONAL SURVEY OF 855 CANADIANS IN THE SUMMER OF 2016.

72

4in10 <1/2

% OF CANADIANS WORRY ABOUT MONEY AT LEAST ONCE A WEEK, WITH 23% WORRYING ALMOST CONSTANTLY.

CANADIANS, FACED WITH LOSING THEIR MAIN SOURCE OF INCOME, WOULD NEED TO BORROW MONEY TO COVER LIVING EXPENSES WITHIN FOUR WEEKS, WITH 1 IN 5 WITHIN ONE WEEK.

OF CANADIANS WHO HAVE A PLAN (OFTEN HOMEMADE) SAY THEY FOLLOW THEIR PLAN CLOSELY.

SAY THEIR PERSONAL FINANCIAL SITUATION HAS STAYED THE SAME OR GOTTEN WORSE OVER THE LAST FIVE YEARS.

BY THE NUMBERS

CANADIANS AND THEIR MONEY

1in 5 1 in 4SAY THEY MAKE MORE BAD FINANCIAL DECISIONS THAN GOOD ONES.

CANADIANS DON’T KNOW WHO TO TURN TO FOR FINANCIAL PLANNING ADVICE.

FALL 2016 – 1

ON MY MIND

ROBOS AND HUMANS—A MATCH MADE IN HEAVENTHE FUTURE OF PROFESSIONAL ADVICE

The adage, “can’t live with it; can’t live without it” rings especially true in this age of technological convergence. Self-serve functionalities, algorithms, predictive modeling and robotics have replaced humans in so many areas of our lives. In fact, as I write this I am sitting on an Airbus A320 aircraft–an early adopter of “fly by wire” technology where computers effectively fly the plane.

This is no less true of financial services. Gone are the days you had to visit the teller before 3:00 p.m. to access cash. We no longer seek an advisor to make mortgage calculations. And with the advent of robo-advice, consumers today don’t need an advisor to assess risk tolerance, offer asset allocation, portfolio balancing and more. Low cost, efficient and convenient robos threaten the very existence of the thousands currently employed as investment advisors.

As Bob Dylan put it, “the times they are a-changin’”.

A paradigm shift is underway. All arrows, from all corners, are pointing in the same direction.

And it’s not just the robos taking aim. CRM2 and Point of Sale reforms demand transparency on costs and fees, placing pressure on advisors to justify the value of their service. CSA Consultation Paper 33-404 made it clear that regulators’ expectations will go beyond product licensure, requiring advisors to obtain the knowledge, skills and abilities to identify their clients’ best financial interests. Provincial governments are exploring legal restrictions that would see professional credentials as a requirement.

This is good news for the consumer, and it can be equally good for the industry as it wrestles with how advisors can deliver in areas that robos cannot. While technology and regulatory reforms may pose a threat to advisors whose value proposition is predicated on product selection, asset allocation and portfolio management, the same transformations will allow professional financial planners to focus on their true value add.

Advisors must now ask, “what value do I bring my clients that a robo cannot?” Further, “how do I embrace technology in a way that enhances my value to clients?”

As a colleague of mine recently stated, “you can’t out-robo the robo”, nor can you ignore it. But here’s the good news: while self-serve options will continue to grow, consumers’ expectations of the human advisor so too will evolve, forcing revolutionary change in the nature of advice that consumers seek.

Other professions such as architecture, medicine and law have been forced to evolve. Home design tools are available online, yet consumers still seek out the professional services of architects and designers; DIY will kits have not eliminated the need for lawyers; nor has WebMD stopped us from visiting our doctor. In the same manner, robo financial advice will not stop consumers from demanding true professional services from advisors, but it will change the expectations of these professionals.

Cary List CA, CPA, CFP®

President & CEO, FPSC

Cary leads FPSC as the premier standards-setter for the financial planning profession in Canada. He has spent the past decade working to ensure that CFP certification is recognized as the standard that Canadians can expect and rely upon from financial planners and to see financial planning recognized in law as a distinct profession.

The future of the professional advisor lies in financial planning. The ability to see the client as a whole, to empathize, steer behaviours and offer reassurance when required are not the purview of a computer. These human traits require a level of expertise no robos can provide.

Financial institutions are prepared to invest heavily in technology that allows the calculators to calculate, freeing up human advisors to do what they do best: addressing each client’s unique needs, goals and desires, acting as trusted counsel to their clients. This new world order calls for a true professional offering informed, trusted and holistic advice that focuses on the person, not the product.

On a recent CBC radio interview, Dr. Moira Somers got to the heart of the matter: “There are more ways now to torpedo your finances than ever before.” Advisors who embrace technology as a tool and are prepared to hone their skills and credentials to those of a professional financial planner have an opportunity to not only thrive, but most importantly, assist millions in dodging those torpedoes.

FALL 2016 – 2

BY DR. MOIRA SOMERS, PH.D., C.PSYCH.CLINICAL NEUROPSYCHOLOGIST

THE CURSE OF KNOWLEDGE VS. THE GIFT OF EXPERTISE

In the last issue of the FP Standard, I discussed one of the main reasons why good clients often ignore great financial advice: namely, the Curse of Knowledge. Too often, CFP professionals use highly specialized, technical language in their meetings with clients. This problem not only interferes with effective communication, but also reduces the likelihood that clients will follow through with your advice.

The solution is obvious. Eschew obfuscation. Oops! I mean, use plain language. Here are a few ways to boost the likelihood that your clients will understand your recommendations.

1. Review every piece of written information you hand out to clients. Wherever possible, cut out the professional jargon. If you use third-party sources to send out market updates or

financial news, bring the jargon problem to their attention. Challenge them to improve the readability of their reports.

2. Ask people outside your field to take a look at your handouts. The ideal reviewers would be members of your ideal client group. Have them underline anything they don’t understand in your documents. Then go back to the office and work on the materials until they’re more easily understood.

3. Shorten your meetings with clients. The longer the meetings, the more likely they will begin to ‘glaze over’. This leads people to agree to things they do not understand and will not implement in the days to come.

4. Before you end meetings, ask clients to explain your recommendations in their own words. This helps to ensure

that you have a truly informed client, and gives you another chance to clear up misunderstandings.

Your education to become a CFP professional equipped you to bring truly valuable services to your community. But it also left you with the challenge of translating that knowledge into something non-professionals can understand. Keeping that challenge in mind helps you to turn the Curse of Knowledge into the Gift of Expertise.

About Dr. Somers: A clinical neuropsychologist, professor and financial recovery expert, Dr. Somers is also on the faculty with the Sudden Money Institute, where she trains advisors (many of whom are CFP professionals) on the psychological factors at play during major life transitions. She was a speaker at the FPSC 2015 CFP Professional Symposium held during Financial Planning Week.

NEW TOOLSVideo series on FinancialPlanningForCanadians.ca exploring FAQs about financial planning, how to have difficult money conversations, and building women’s confidence about money.

Marketing toolkit for CFP professionals—including presentations, brochures, videos and infographics—at fpsc.ca/cfp-professional-toolkit.

FALL 2016 – 3

LOOK FOR THIS SYMBOL

For more information visit:fpsc.ca/approved-ce-credits

FPSC CE Approval Program: Now Offering Over 100 Education Providers

ASSESSED.

APPROVED.

ASSURED.

Academy of Financial Divorce Specialists

Advisor.ca

Advocis

Age-Friendly Business

Agenomics

AGF Investments Inc.

Akua Carmichael, Barrister & Solicitor

AlphaDelta Management Corp

Aston Hill Asset Management Inc.

Bachrach & Associates, Inc.

BMO Financial Group

BMO Institute for Learning

Bridgehouse Asset Managers

Bruce Etherington & Associates

Business Career College Corp

Canadian Anti-Money Laundering Institute

Canadian Association of Farm Advisors

Canadian ETF Association

Canadian Institute of Certified Executor Advisors

Canadian Institute of Financial Planners

Canadian Securities Institute

Candura Group, LLC

CE Network Inc.

CE-Credits.ca

CI Investments

CIBC Asset Management Inc

Clear Concept

CLIFE Inc.

Covenant Group

Desjardins

Damian Borges

Dynamic Funds

ERAssure – Estate Risk Protection Plan Inc.

ES Computer Training

ETF Insight

Ethics Audit

Fidelity Investments

Foran Financial Institute

Gordon B Lang and Associates Inc

Greater Durham Self-Defence

Great-West Life Assurance Company

Financial Advisor Courses

Financial Planning Standards Council

Forstrong Global Asset Management Inc.

Harrison Pensa LLP

HomEquity Bank

IFSE Institute

ILS Learning Corporation

Independent Financial Brokers of Canada

Industrial Alliance Insurance and Financial Services

Insight Information

Institute for Divorce Financial Analysts

Institute of Advanced Financial Planners

INTEGRIS Pension Management Corp.

Invesco Canada Ltd.

Investment Management Consultants Association

Investment Planning Counsel

Investors Group

Ivey Business School

Jarislowsky Fraser Limited

Knowledge Bureau

Knowledge First Financial

Learning Partner

Legacy Companies, LLC

Lesniewski Moore Consulting Group

Louis Jolicoeur

Mackenzie Investments

Manulife

MD Management

Mindpath Corp.

MNP LLP

National Bank of Canada

National Exempt Market Association

Oliver's Learning

Pacific Business & Law Institute

Parley Consulting

Peak Conflict Solutions

Stock Trading Academy

Positive Strategies Inc.

Private Capital Markets Association of Canada

Pro-Seminars Ltd.

R3 Coaching

Radius Financial Education

RBC Royal Bank

Responsible Investment Association

Schulich Executive Education Centre

Scotiabank

Skillsoft Corporation

Smarten Up Institute

STEP Canada

Tabuchi Law Offices

TEN STAR Holdings Inc.

The Financial Facilitators Inc.

The Money Finder

Trust Unlimited

Vancouver Dementia Care Consulting

Vision Systems Corp.

WeGuideU.com

Yorkville Asset Management

XTRAcredits

FALL 2016 – 4

BY STEPHEN ROTSTEIN, LL.B. FPSC VP, POLICY & REGULATORY AFFAIRS & GENERAL COUNSEL

BY KELLEY KEEHN, PERSONAL FINANCE EDUCATOR, FPSC CONSUMER ADVOCATE

FALL REGULATORY UPDATE

FPSC’S CONSUMER ADVOCATE KELLEY KEEHN

Over the last few months, FPSC has been engaged in two important policy consultations, both of which stand to significantly impact the financial planning profession and consumer protection.

In June, FPSC submitted its formal response to the preliminary recommendations of Ontario’s Expert Committee to Consider Financial Advisory and Financial Planning Policy Alternatives.

In response to the gaps the Expert Committee observed in the regulatory framework for financial planning, FPSC proposed the adoption of a “professional body accreditation model” as a means to best enhance regulatory cohesion, ensure efficiency and protect consumers.

Specifically, FPSC recommended that a professional body for financial planning be accredited under the proposed Financial Services Regulatory Authority, and

Now more than ever, our country needs your financial help. This isn’t news to you but perhaps my role as the FPSC’s Consumer Advocate is.

Of all of the roles I’ve had in my career, I’m most excited about this one. Whether it’s the public or press, when I tell them that anyone in Canada can call themselves a financial planner—well, they’re outraged. The passionate staff at FPSC have been working hard and long to change this. One of their most notable successes is FinancialPlanningForCanadians.ca, which has been a smash success!

Since I began working with FPSC, I’ve heard from a plethora of you and others in the financial industry. The response has been overwhelmingly

subsequently assume responsibility for all aspects of standards-setting, certification, enforcement and oversight of financial planners in Ontario. Assigning responsibility for financial planning to a professional body in this manner would leverage existing standards, expertise and infrastructure, while simultaneously ensuring appropriate checks and balances on the professional body via the accreditation process.

In September, FPSC responded to Canadian Securities Administrators (CSA) Consultation Paper 33-404 – Proposals to Enhance the Obligations of Advisers, Dealers and Representatives Toward Their Clients.

This sweeping Consultation proposed a range of reforms aimed at improving the client-registrant relationship. Notably, a number of the proposals implied that all registrants should be engaging in aspects of financial planning as part of their

routine client engagements, regardless of qualifications or licensure.

FPSC advised the CSA that in order for the introduction of financial planning requirements to have the CSA’s intended effects, registrants must first be required to demonstrate proficiency through certification, set and assessed by an appropriate professional body.

FPSC looks forward to continuing to provide its expertise to both the Ontario government and the CSA in the months ahead.

To read either of these two submissions, visit fpsc.ca/fpsc-comments.

positive. I invite you to connect with me at wealth@kelleykeehn.com to share your suggestions, feedback, best practices and success stories so I can share them with media across the country. It’s my mission to educate Canadians about working with a CFP professional, but I need your support to create maximum impact. I look forward to hearing from you and hopefully, meeting you in person during Financial Planning Week.

You might not feel like a financial superhero most days, but your mission is one that is not only changing the financial health of our country, but increasing the well-being of those that you serve. Keep up the great work and I welcome the opportunity to support your praiseworthy efforts. Together, CFP professionals across the country can empower Canadians to take the next step towards a more confident financial future.

Watch the video about my role as FPSC’s Consumer Advocate on FinancialPlanningForCanadians.ca

FALL 2016 – 5

PROFILE OF THE PROFESSION

CFP Professionals FPSC Level 1 Certificants Certified finanCial Planner® professionals are members of an international community of professionals nearly 162,000 strong who are committed to upholding the financial planning profession’s most rigorous global standards and to putting clients’ interest first. The following information was obtained from the renewals that Canadian CFP professionals and FPSC Level 1® Certificants in Financial Planning complete each year. The information represents reported statistics as of August 2016.

Demographics Male 69%Female 31%

Demographics Male 63%Female 37%

Age< 36 11%36-45 25%46-55 33%56-65 25%66+ 7%

Age< 36 49%36-45 31%46-55 14%56-65 5%66+ < 1%

Spoken Language Other Than EnglishFrench 5%Mandarin 4%Cantonese 4%Hindi 2%Italian 2%

Spoken Language Other Than EnglishMandarin 7%French 4%Cantonese 4%Hindi 3%Punjabi 2%

Annual Income< $100k 28%$100k – $199k 39%> $200k 33%

Annual Income< $100k 70%$100k – $199k 22%> $200k 8%

LocationOntario 52%British Columbia 19%Alberta 14%Prairies 9%Atlantic Canada 5%Others 2%

LocationOntario 51%British Columbia 21%Alberta 16%Prairies 6%Atlantic Canada 4%Others 1%

Top 3 Additional Designations HeldCIM 20%CLU 19%CPA 13%

Top 3 Additional Designations HeldPFP 7%CIM 6%CPA 6%

Top 10 Employers of CFP Professionals

Top 10 Employers of FPSC Level 1 Certificants

1. Investors Group2. RBC3. CIBC4. TD5. Scotiabank6. BMO7. Sun Life8. Manulife9. London Life10. Assante Financial

1. Investors Group2. TD3. CIBC4. RBC5. Scotiabank6. BMO7. Sun Life8. London Life9. National Bank10. Edward Jones

FALL 2016 – 6

FPSC CONDUCT REVIEW PANEL NOTICE TO CFP PROFESSIONALS AND FPSC LEVEL 1 CERTIFICANTS IN FINANCIAL PLANNING

One way in which FPSC fulfills its mandate is by overseeing compliance by CFP professionals and FPSC Level 1 certificants (collectively referenced in this article as members of the profession) with the high professional and ethical standards embodied in the Standards of Professional Responsibility for CFP Professionals and FPSC Level 1 Certificants in Financial Planning (Standards of Professional Responsibility). FPSC staff promptly address concerns that come to FPSC’s attention and thoroughly investigate allegations of professional misconduct involving members of the profession.

ABOUT THE CONDUCT REVIEW PANEL

The Conduct Review Panel (the CRP) is an independent Panel composed of CFP professionals and members of the public. The CRP reviews staff investigation reports and determines, in accordance with the FPSC Disciplinary Rules and Procedures, the appropriate disposition of complaints, in the public interest. The CRP currently has seven members including two public members. The membership reflects significant, diverse cross-sector industry experience and gender and geographic diversity.

RECENT PATTERN OF COMPLAINTS

Over the past year, the CRP has reviewed a number of complaints involving allegations of CFP professionals

• Failing to properly document client instructions; and/or

• Altering documentation—including employer-required documentation or forms—subsequent to the documentation being signed by the client and absent discussion with the client regarding the amendment or express documented authorization and consent by the client.

Such complaints may involve, for example, the completion of documentation without the client’s involvement, or alteration of documentation subsequent to the client executing relevant documentation.

This conduct is concerning as it may reflect negatively on the CFP professional’s professionalism and integrity. Further, for those members of the profession who hold financial services licenses in addition to FPSC certification, such conduct may contravene regulatory rules and therefore

constitute a potential breach of Rule 18 of the FPSC® Rules of Conduct. Where a CFP professional’s financial services license or registration is suspended, such a suspension triggers a presumptive bar to new or continued certification with FPSC pursuant to the FPSC® Fitness Standards.

NOTICE TO PROFESSIONALS

The CRP has determined that it is appropriate and in the public interest to remind members of the profession of their obligations under the FPSC® Code of Ethics and the FPSC® Rules of Conduct by drawing attention to the following Principles and Rules:

Principle 2: Integrity

A CFP professional shall always act with integrity.

Integrity means rigorous adherence to the moral rules and duties imposed by honesty and justice. Integrity requires the CFP professional to observe both the letter and the spirit of the Code.

Principle 7: Diligence

A CFP professional shall act diligently when providing advice and/or services to clients.

Diligence is the degree of care and prudence expected from CFP professionals in the handling of their clients’ affairs. Diligence requires fulfilling professional commitments in a timely and thorough manner and taking due care in guiding, informing, planning, supervising, and delivering financial advice and/or services to clients.

FALL 2016 – 7

Principle 8: Professionalism

A CFP professional shall act in a manner reflecting positively upon the profession.

Professionalism refers to conduct that inspires confidence and respect from clients and the community, and embodies all of the other principles within the Code.

Rule 2

A CFP professional shall not engage in any conduct that reflects adversely on his or her integrity or fitness as a CFP professional, the CFP marks or the profession.

GuidanceIntegrity is a fundamental quality in a professional. Conduct by a CFP professional in his/her private capacity or professional practice, which reflects negatively on the CFP professional’s integrity, may negatively impact the public’s view of the CFP professional, the certification marks and the profession overall.

In their professional practice, CFP professionals must treat colleagues, clients, employees and others with whom they have dealings: fairly, respectfully and in such a manner as to garner trust.

While FPSC is generally not concerned with the private activities of CFP professionals, conduct that is likely to impair client trust or reflect negatively on the integrity of the profession generally, may be concerning to FPSC and may result in disciplinary action, in the public interest. Such conduct may include, but is not limited to: conduct involving deceit or dishonesty; and/or conduct which evidences a failure to treat colleagues, employees and members of the public fairly.

Rule 12

A CFP professional shall provide reasonable and prudent professional supervision of any subordinate or third party to whom the CFP professional assigns any work. A CFP professional shall provide reasonable and prudent professional supervision of any individual whose work is subject to review or oversight by him/her as a CFP professional.

Guidance Where assigned work is subject to the CFP professional’s review or oversight in his or her capacity as a CFP professional, such as where the CFP professional has a team practice, the CFP professional remains ultimately responsible for the work performed. Where work is transferred to another professional with specialized expertise (an accountant, lawyer, etc.), the CFP professional may rely on that individual’s professional expertise.

Rule 18

A CFP professional shall perform financial planning in accordance with applicable laws, regulations, rules or established policies of governmental agencies and other applicable authorities including FPSC.

GUIDANCE TO PROFESSIONALS

To meet these professional obligations, members of the profession should take steps to ensure that all client instructions are accurately and fully documented, that such documentation is completed during the course of the client meeting and that any changes or amendments are documented, discussed directly with the client and approved in writing by the client to ensure full client understanding and documented consent. Clients should not be asked to sign on blank or incomplete forms.

CFP professionals who are responsible for overseeing or supervising work completed by others (including administrative staff) should take reasonable steps to ensure proper policies and procedures are in place regarding the documentation of client instructions, and that these policies and procedures are well understood and followed. In accordance with Rule 12, when acting in a supervisory capacity, CFP professionals have a professional responsibility to provide reasonable and prudent supervision of any individual whose work is subject to their review or oversight.

We trust the above is helpful and will guide you in your future professional conduct. Strict adherence to the ethical and professional obligations in the Standards of Professional Responsibility will ensure that all CFP professionals and FPSC Level 1 certificants continue to earn the trust and confidence of Canadians.

Ian ReaChair, Conduct Review PanelOn behalf of the Panel Members

FALL 2016 – 8

Where CFP professionals have been found by a Hearing Panel to have breached the standards for the profession as established by FPSC, the Hearing Panel may impose disciplinary sanctions ranging from a letter of admonishment to permanent revocation of CFP certification. FPSC makes all Hearing Panel decisions public, in part, by publishing a report at fpsc.ca/disciplinary-reports.

For FPSC Level 1 Certificants in Financial Planning, disciplinary sanctions range from a letter of admonishment to revocation of FPSC Level 1 certification (which may prevent an individual from obtaining CFP certification).

Hearing Panels have recently reviewed decisions regarding the following individual:

REPORTS ON FPSC DISCIPLINARY ACTIONS

English, Tod (Powell River, BC)

The FPSC Disciplinary Hearing Panel accepted the Joint Settlement Agreement reached between FPSC and Mr. English and found that Mr. English breached rules 401, 403, 601 of the FPSC® Code of Ethics (The “Code”) and Principles 1, 4, and 6 of the Standards of Professional Responsibility for CFP Professionals and FPSC Level 1 Certificants in Financial Planning, in effect at the relevant time. The Hearing Panel found that Mr. English engaged in professional misconduct by

i. Failing to disclose in writing to his clients that his and his wife’s financial interest (as lenders, through corporations owned or controlled by Mr. English and/or his wife) in the success of the clients’ corporations gave rise to a potential conflict of interest between Mr. English and his clients; and

ii. Failing to act with integrity and engaging in conduct involving dishonesty. The misconduct was found to reflect adversely on his integrity and fitness as a CFP professional.

By way of Order, dated May 16, 2016, Mr. English is prohibited from seeking recertification as a Certified finanCial Planner professional for a period of two (2) years. Mr. English is prohibited from using the CFP marks in all correspondence and representations of himself, pending recertification. In order to be eligible for recertification, Mr. English must demonstrate successful completion of 50 hours of FPSC-Approved Continuing Education (CE) credits and an additional 4 hours of FPSC-Approved CE credits in the area of Professional Responsibility. Having submitted the appropriate application and paying the associated recertification fee, Mr. English shall be eligible to apply for recertification on May 1, 2018. The Hearing Panel further ordered that Mr. Edwards pay costs to FPSC in the amount of $2,000.

FPSC publishes Reports on Disciplinary Actions and public notice of upcoming Enforcement Hearings at fpsc.ca, in accordance with the Policy on the Publication of Disciplinary Information.

Are you on the list?Thousands of Canadians seeking competent and ethical financial planners use FPSC's Find a Planner or Certificant online tool every month. As an FPSC Level 1® certificant or CFP® professional, your contact information will automatically appear in this tool.

Don’t get lost. Be found. Learn how to become a Certified Necessity® at beafinancialplanner.ca.

FALL 2016 – 9

FOCUS ON RESEARCH CONTRIBUTES TO EXCELLENCE IN FINANCIAL PLANNING

As client situations become increasingly complex, the need for quantifiable, proven information continues to grow. Research is of paramount importance, confirming that current knowledge is scientifically valid and that new standards of practice are propelled by emerging knowledge. FPSC and the Financial Planning Foundation, of which FPSC is a founding and contributing member, have a strong and growing focus on the research that will enable financial planners to most effectively help Canadians achieve financial well-being.

As a collaborative international body of accessible, engaging financial planning research continues to elevate the profession, it will benefit financial planners, educators, students and—ultimately—consumers.

ACADEMIC RESEARCH COLLOQUIUM FOR FINANCIAL PLANNING

Global research in financial planning and related disciplines will be highlighted at an Academic Research Colloquium for Financial Planning, taking place in Arlington, Virginia from February 7-9, 2017. The Colloquium is a first-of-its-kind international meeting place for cross-disciplinary collaboration and sharing of rigorous, peer-reviewed research.

This gathering of the global academic community, financial planning industry leaders and CFP professionals will be hosted by the CFP Board Center for Financial Planning in the US, in cooperation with FPSC and the international Financial Planning Standards Board, which represents professional standards for almost 162,000 financial planners worldwide.

Recognizing that financial planning is a holistic process and that a professional planner must possess a broad range of knowledge, skills and abilities to consider the complete picture of a client’s overall situation, the Colloquium will include research on subjects including communication and counselling, behavioural finance, marriage and family therapy, psychology, consumer finance, and sociology, as well as more traditional aspects of financial planning such as retirement, taxation, insurance, investments and estate transfers.

More information about the Colloquium is available at centerforfinancialplanning.org.

CURRENT RESEARCH PROJECTS FUNDED BY THE FOUNDATION

How much retirement income do you need?

The question of whether Canadians have, or will have, sufficient financial resources to retire is a critical topic that continues to receive escalating attention. This project, currently underway at Toronto’s York University, will study and draw conclusions from existing academic research on retirement planning to provide financial planners with the evidence-based information they need to help project Canadians’ retirement income needs.

Understanding your own financial wellness

The Financial Wellness Study, undertaken in partnership with CPA Canada, aims to help Canadians assess, articulate and ultimately improve their degree of financial wellness.

By framing their view of financial wellness and what it means to them, they can better identify gaps between their current and desired state and more effectively communicate with the financial planners who can help them reach their goals.

Self-efficacy and the decision to seek financial planning help

In the last issue, we reported that researchers at York University had recently completed a study that concluded that self-efficacy—the belief in one’s own ability to succeed—is a consistent and strong predictor for seeking help from a financial professional. The research has now been published in Financial Services Review, the Journal of Individual Financial Management and the official publication of the Academy of Financial Services.

If you have specific areas of research that you would like the Foundation to consider, or if you are with a firm that would like to partner on a project, please contact info@fpfoundation.ca. For more information on the Foundation and how you can support financial planning research, visit fpfoundation.ca.

FALL 2016 – 10

Celebration Dinner Sponsor

NOVEMBER 20-26, 2016

CELEBRATE FINANCIAL PLANNING WEEK IN CANADANow in its eighth year and an integral part of Financial Literacy Month, Financial Planning Week is part of an ongoing effort to promote financial well-being for all Canadians. Since its inception, Financial Planning Week has been dedicated to raising awareness of the importance and benefits of financial planning with a qualified professional, encouraging Canadians to take control of their financial futures, and ensuring they’re armed with the information they need to find the right professional.

The first national Financial Planning Week logo and tagline, “Take the next step” / “Allez plus loin”, was recently launched by FPSC and the Institut québécois de planification financière (IQPF). We encourage you to inspire Canadians to take action by using the logo on all of your materials.

The bilingual logo and tagline reflect Financial Planning Week’s truly national scope, recognizing the engagement of CFP professionals, Pl. Fin., FPSC Level 1 Certificants in Financial Planning, financial services firms, educators and consumers from coast to coast. The development of a standalone logo also signifies the growth of Financial Planning Week, which since its launch in 2009 has become closely integrated with awareness activities, educational events, research studies and other initiatives each November.

You can include the new logo and tagline on all of your Financial Planning Week materials, including websites, posters, brochures, research studies and media outreach. You can download the logo in various formats at fpsc.ca/fpw-logo.

FPSC-HOSTED FINANCIAL PLANNING WEEK EVENTS

FPSC-hosted Financial Planning Week events, which take place in Toronto and Vancouver, attract more than 1,000 delegates from across the country. This year’s events promise to be our most well-received yet. Highlights include:

High-profile decision-makers in the financial services industry, regulators and representatives from all levels of government will gather to celebrate the financial planning profession in Canada and recognize outstanding contributors. The evening will be hosted by comedian Kate Davis, a five-time Canadian Comedy Awards nominee.

FINANCIAL PLANNING WEEK AWARENESS CAMPAIGN

FPSC’s 2016 annual Financial Planning Week campaign reaches millions of Canadians through a Globe and Mail Financial Planning Special Feature in print and online, the release of a national research study, advertisements through Facebook and Google, social media influencer engagement, media outreach initiatives and through media appearances by FPSC’s Consumer Advocate Kelley Keehn.

Keynote Address: Maureen Jensen, Chair and CEO, Ontario Securities Commission

Maureen will give us a first-hand look at regulatory trends and changes, including her priorities of investor protection, proposals around the introduction of a best interest standard, and more.

VISION 2020: THE HEART OF FINANCIAL PLANNING WEEK

Financial Planning Week was launched in 2009 with the vision that, by the year 2020, Canada will be shaped by a nation of people, organizations and a regulatory environment that:

• Values financial planning

• Shares and assumes responsibility to ensure the financial planning needs of Canadians are well served

• Has a viable financial planning profession that ensures that those who need professional advice have broad access to competent, ethical financial planners

Platinum Title Sponsor

TAKE THE NEXT STEP: NATIONAL FINANCIAL PLANNING WEEK LOGO AND TAGLINE

CELEBRATION OF THE PROFESSION RECEPTION & DINNERNovember 22 | Toronto Reference Library

FALL 2016 – 11

A strong professional standard, including universal adherence to a code of ethics, rules of conduct and practice standards, is a hallmark of any profession and a fundamental element of the commitment that clients’ interests are being served ethically, competently and diligently. This session will explore ethical questions that must be considered in financial planning practice.

CFP professionals play a vital role in helping to reduce or eliminate financial stress in the lives of Canadians. An expert lineup of presenters will help delegates hone vital professional skills.

Keynote Address: Managing Change Before Money Susan Bradley

New clients often come to you at times of significant transition in their lives. To meet their needs at these challenging junctures, you must develop sound emotional intelligence, including cultivating an understanding of human behaviour and an ability to apply this understanding to your interactions. Susan will demonstrate the tools you need to empower clients, earn their trust and understand and approach each client’s situation holistically.

Damienne Lebrun-Reid, LL.B., Director of Standards & Enforcement, FPSC

Cynthia Spry, LL.B., Partner at Babin Bessner Spry LLP

How to Ask the Right Questions of a Client Grant Gold

Starting from the first meeting with a potential client and throughout your relationship, learn the keys to getting the right information for an effective partnership. You’ll learn how to screen a potential new client and assess whether they’re a good fit for you (or see the warning signs to avoid them). You’ll also discover how to maintain your clients’ focus, elicit difficult to discuss information and get personal without offending.

Speak to Be Heard Stacy Hanke

You may not be as influential as you think. Whether you’re influencing clients or peers or delivering a presentation, how you deliver determines whether others perceive you as credible, knowledgeable and trustworthy. Do this ineffectively and you inhibit your maximum potential to influence, increase profits and build a reputation to be proud of. Stacey will share how to consciously and deliberately communicate in a way to influence others to take action.

The Third Factor for High Performance Scott Greenberg

It’s great when external circumstances are favourable. Intelligent work is also key. But there’s a third factor that’s really the common denominator among high performers—mindset. The way we manage our thoughts and emotions impacts everything we do and it’s the most distinguishing element of success. It’s what enables us to clear our heads, make better decisions and enhance our relationships. Scott will explain how to develop this mental edge to become unstoppable.

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Sponsored by ETHICS BREAKFAST SESSIONNovember 23 | Old Mill Inn, TorontoNovember 25 | Hyatt Regency Vancouver

CFP PROFESSIONAL SYMPOSIUM: DISTINCTION THAT MATTERSNovember 23 | Old Mill Inn, TorontoNovember 25 | Hyatt Regency Vancouver

FALL 2016 – 12

MANY PARTICIPATE IN FINANCIAL PLANNING WEEK, BUT LEADERS SPONSOR IT.THANK YOU TO OUR 2016 SPONSORS

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FALL 2016 – 13

WHAT’S HAPPENING@ FPSC_CANADA

Nov 20-26 8th Annual Financial Planning Week in Canada, an integral part of Financial Literacy Month.

Nov 20-26 Join the Conversation with the hashtags #TakeTheNextStep and #FindYourPlanner. Ask followers to share stories of how they or their clients took the next step on their path to financial confidence.

Nov 21 Financial Planning Special Feature in The Globe and Mail (and online for three months).

Nov 22

Celebration of the Profession Dinner (5:45 to 9:30 p.m. at Toronto Reference Library)

The most influential people in financial planning will join together to celebrate the profession and recognize outstanding contributors. Certain to be one of the must-attend financial planning events of the fall, this evening will be hosted by comedian Kate Davis, a five-time Canadian Comedy Awards nominee. Keynote address by Maureen Jensen, Chair and CEO, Ontario Securities Commission.

Nov 23

Ethics Breakfast Session (7:45 to 9:30 a.m. at Old Mill Toronto)

A strong professional standard, including universal adherence to a code of ethics, rules of conduct and practice standards, is a hallmark of any profession and a fundamental element of the commitment that clients’ interests are being served ethically, competently and diligently. This session will feature a thought-provoking discussion exploring difficult ethical decisions and challenges that often occur in practice.

Nov 23

CFP Professional Symposium (10:00 a.m. to 4:00 p.m. at Old Mill Toronto)

CFP professionals play a vital role in helping Canadians reduce or eliminate financial stress by helping them meet their financial and life goals. An expert panel of presenters will help delegates hone the vital emotional intelligence skills they need to rise to this important challenge, with a focus on understanding clients’ needs, earning their trust, appreciating each client’s unique situation and approaching it from a holistic perspective, and empowering clients through effective communication.

Nov 25

Ethics Breakfast Session (7:45 to 9:30 a.m. at Hyatt Regency Vancouver)

A strong professional standard, including universal adherence to a code of ethics, rules of conduct and practice standards, is a hallmark of any profession and a fundamental element of the commitment that clients’ interests are being served ethically, competently and diligently. This session will feature a thought-provoking discussion exploring difficult ethical decisions and challenges that often occur in practice.

Nov 25

CFP Professional Symposium (10:00 a.m. to 4:00 p.m. at Hyatt Regency Vancouver)

CFP professionals play a vital role in helping Canadians reduce or eliminate financial stress by helping them meet their financial and life goals. An expert panel of presenters will help delegates hone the vital emotional intelligence skills they need to rise to this important challenge, with a focus on understanding clients’ needs, earning their trust, appreciating each client’s unique situation and approaching it from a holistic perspective, and empowering clients through effective communication.

Nov 25 CFP examination and FPSC Level 1 Examination in Financial Planning take place in communities across Canada.

Dec 12-16 Item writing workshops with CFP professional volunteers in Toronto, ON.

Jan 9-13 Item writing workshops with CFP professional volunteers in Banff, AB.

®

CFP®, Certified finanCial Planner® and are certification trademarks owned outside the U.S. by Financial Planning Standards Board Ltd. (FPSB). Financial Planning Standards Council is the marks licensing authority for the CFP marks in Canada, through agreement with FPSB. All other ® are registered trademarks of FPSC, unless indicated. ©2016 Financial Planning Standards Council. All rights reserved.

Become aCertified Necessity.Helping people plan for their financial future isn't just a way to make a living. It’s a way to make a difference. When you become a Certified finanCial Planner® professional, you have the opportunity to give clients peace of mind. Research shows that Canadians who work with a CFP®

professional feel their financial goals and retirement plans are more on track, their ability to save has improved, and they’re more confident they can handle the inevitable bumps in life.

Learn how to earn the CFP designation. It’s the industry standard in financial planning—don’t settle for less.

To learn more about CFP certification, visit beafinancialplanner.ca.