“[W]We strive to ensure that all Canadians have access to reliable, professional and qualified advice,” FP Canada President and CEO Tasia Batstone said in a release announcing the change. Stated. “At the heart of this mission is to ensure that all QAFP and CFP professionals are equipped with the highest possible technical and professional skills.”
Jason Nell, academic director of Curriculum and Corporate Training Programs, SeaWhy Learning in Mississauga, Ontario, said bringing FP Canada education in-house specifically helps “close the proficiency gap.” , especially considering that multiple designations have been approved for the use of FP. Ontario’s “Financial Planner” designation. These include designations overseen by the Canadian Securities Institute (CSI), the Canadian Association of Financial Advisers (Advocis), and the Canadian Financial Planning Institute (CIFP), in addition to QAFP and his CFP.
These designations “are not all equivalent,” Nell said. “Therefore, I strongly support FP Canada in adopting such a leadership approach to setting the bar high.”
CSI, Advocis and CIFP, along with Business Career College (BCC), are national education providers designated by FP Canada. They offer technical education as well as higher education institutions and can continue to do so.
“FP Canada recognizes that different candidates have different educational and certification interests,” the accrediting agency said in an emailed statement.
As the educational agreement expires, FP Canada’s Learning and Development said, “We encourage domestic educational institutions to reapply for another agreement with us to provide educational materials leading to accreditation.” * Alexandra McQueen, vice president of professional operations. “Competition is healthy.” (Higher education institutions can also renew educational contracts.)
Edmonton BCC Vice President Jason Watt said in an emailed statement: We hope this creates a better overall experience for all students seeking certification, regardless of provider. “
But Keith Costello, CIFP’s president and CEO, said that as FP Canada became CFP’s leading education provider over time, “the most obvious consequence would be a lack of competition.” said. [in education]Less competition means candidates may end up paying more for content that isn’t necessarily best in class, he said.
FP Canada said it is not accepting applications from new domestic providers of technical education. Also, the current domestic provider is not eligible for accreditation to offer professional education programs as a non-degree-granting institution, so QAFP and he cannot offer CFP end-to-end programs.
The certifying body said the technical education pricing is set to ensure competitiveness and bundled pricing is available. Exemptions can save costs for those with industry qualifications.
Costello predicts further competition under title regulation as education providers make financial plan designations in line with established regulatory requirements.
Further designation is inevitable, he said, as Ontario’s multi-qualification protection scheme could be replicated in other provinces. just do it,” he said.
As more designations are approved, “it will be a good choice for advisors, getting the best prices and the best content to become a financial planner,” Costello said.
A concern with multiple certification schemes is that they may encourage individuals and businesses to look for the lowest-cost certifications, Knell said. But “a smart student will realize, ‘You need a quality program’ to serve your customers well,” he said.
In addition to regulatory approval, new qualifications will face industry acceptance hurdles, Nell said, adding: “Most of the big employers already have an idea of what qualifications they consider acceptable. I have identified,” he said.
He suggested that third-party providers could find greater business opportunities by focusing on QAFP and CFP exam preparation materials. “So many students are asking for help in obtaining these credentials,” he said. He noted that while CFA Institute provides the primary curriculum, a third party provides preparation for the Certified Financial Analyst certification exam.
Undermine your undergraduate education?
Jodi Letkiewicz, associate professor of finance at York University in Toronto, said the potential impact of FP Canada offering in-house education could discourage Canadian universities from creating a bachelor’s degree in financial planning. said to be sexual. Universities may put financial planning “in the framework of continuing education, not a discipline in itself,” she said.
Canadian institutions of higher education that offer financial planning programs usually require a degree in commerce (or postgraduate certificate), such as York University. While Canada does not have a bachelor’s degree in financial planning, the United States does have many degrees, a result of the country’s educational system historically developing within land grants and home economics programs. said Letkiewicz.
Getting a financial planning degree in Canada would allow for a “richer” and “professional” financial planning content and a “more balanced” education, Retkiewicz said.
York University has partnered with FP Canada to pilot an accreditation body enhanced professional education programme. This exam program replaces FP Canada’s previous Capstone course requirements and includes a behavioral focus, along with professional responsibilities and more case studies. Canada FP said York was chosen because of his “unique expertise and background in human behavior”.
FP Canada’s professional program is “less robust” than the “intense, case-based” Capstone course at York University that it replaced, Retkiewicz said. “Students are not well educated.”
York University’s Capstone course includes real-life case studies, exceeds CFP certification requirements, and costs less for students, Letkiewicz said. The university may revive the Capstone course and is still considering doing so, she added.
Still, compared to Capstone course requirements, FP Canada said the professional education program “excellently prepares financial planners, thanks to its holistic rather than singular focus.” . [the] capstone” was a financial plan.
Also announced last month, changes to the QAFP certification will include live interactive client discovery in the professional education program. Live discovery “is a tremendous way for certifiers to build their customer-facing skills, directly modeling the skills of our clients to enable certifiers to go to market,” McQueen said.
FP Canada said it will also review the CFP professional education program soon and add a live component after getting feedback on the QAFP professional education program.