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Survey: CFP professionals emphasize importance of CERTIFIED FINANCIAL PLANNER designation and of acting in clients’ best interests

TORONTO, May 4, 2017: The CFP® designation provides an edge that would benefit any financial services provider, all advisors should act in their clients’ best interests, and financial planning should be a regulated profession in law, according to a national survey of CFP professionals conducted recently by Financial Planning Standards Council (FPSC).

Survey participants saw significant value in their designation. Eight in 10 CFP professionals surveyed say their CFP designation offers them a competitive advantage, while 92% would recommend that other financial professionals pursue CFP certification.

CFP professionals also feel that all financial services providers should act in their clients’ best interests, with 97% of respondents agreeing that all advisors who provide financial advice to retail investors should owe a professional duty of care and loyalty to their clients. Nine in 10 CFP professionals feel that financial planning should be a regulated profession in law.

FPSC conducted the opinion survey in February 2017 to gather CFP professionals’ attitudes on issues related to their designation. Almost 3,000 of the 17,000 CFP professionals from across Canada took part.

“While the Value of Financial Planning longitudinal study FPSC commissioned between 2009 and 2013 quantified the value of financial planning and the benefits to consumers of seeking the assistance of a CFP professional, this survey of CFP professionals reinforces the value of obtaining CFP certification for those in the financial services industry,” says FPSC President and CEO Cary List.

FPSC has long advocated for statutory standards to ensure all those who use the title or hold themselves out as “financial planners” are qualified, ethical, overseen by and accountable to an appropriate professional body for their professional conduct. This survey bears out that CFP professionals agree.

An infographic of the survey results is available here.

About Financial Planning Standards Council
As a professional standards-setting and certification body working in the public interest, FPSC’s purpose is to drive value and instill confidence in financial planning. FPSC ensures those it certifies―CERTIFIED FINANCIAL PLANNER® professionals and FPSC Level 1® Certificants in Financial Planning―meet appropriate standards of competence and professionalism through rigorous requirements of education, examination, experience and ethics. With FPSC’s formal partnership with the Institut québécois de planification financière (IQPF), which is the only organization authorized to certify Financial Planners in Québec, there are more than 23,500 financial planners in Canada who have met, and continue to meet, FPSC’s standards. More information is available at FPSC.ca and FinancialPlanningForCanadians.ca.

 

For more information, please contact:
Caroline Horcher
Manager, Public Affairs
Financial Planning Standards Council
chorcher@fpsc.ca 416.593.8587, ext. 232 or 1.800.305.9886