Statement of Principles

Financial planning is the process of creating strategies to help people manage their financial affairs to meet life goals. Financial planning professionals are critical to furthering the collective financial health of Canadians. Financial planners provide much needed expertise, methodologies and guidance in making sound financial decisions and engaging in appropriate financial behaviours. Canadians rely on these professionals and their services.

Existing professional credentials are strictly voluntary, and there is no unified set of standards on which various financial planning credentials must be based. There is also no clear-cut regulatory authority to oversee financial planning standards or the services of financial planners, and there is no single access point for consumers to file complaints.

As a result, the Canadian Institute of Financial Planners (CIFPs), Financial Planning Standards Council (FPSC), the Institute of Advanced Financial Planners (IAFP) and the Institut québécois de planification financière (IQPF) have come together to form a Financial Planning Coalition (“the Coalition”) to promote consistent standards required for individuals who offer or claim to offer financial planning services.

Points of Agreement Amongst the Coalition

Coalition members agree to the following principles:

The individuals identified in item 1, above, must:

The professional duty of care set out above describes the obligations that a financial planner should owe to his or her clients in all situations, regardless of the specific engagement or nature of the relationship.

While this list of principles adopted by the Coalition is not meant to be exhaustive, the Coalition fully endorses these fundamental key principles as the basis for moving forward to ensure the public is well served by those offering financial planning services to their clients, and invites others who support the principles set out above to work with the Coalition.