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Defining Financial Planning & Financial Planner Expectations

These documents serve to further define the expectations of CFP® professionals and FPSC Level 1® certificants for better clarity by consumers, more consistent delivery of financial planning by firms and practitioners and to better equip you as educators in preparing the next generation of financial planning professionals for practice.

Defining Financial Planning & Financial Planner Expectations Graphic
  • Guidance to the FPSC Rules of Conduct

    The purpose of the Guidance to the FPSC Rules of Conduct (found within the Standards of Professional Responsibility for CFP® Professionals and FPSC Level 1® Certificants in Financial Planning) is to illuminate the professional obligations of members of the financial planning profession. This document offers educators and students greater clarity around the expectations of FPSC certificants as professionals and how these expectations may play out in practice, ensuring that the clients’ Interests are placed above all others. The Guidance offers educators an opportunity to help prepare the next generation of professionals by instilling their professional obligations. Educators may use the guidance in developing real-life case scenarios that highlight common ethical dilemmas financial planning professionals may face and appropriate responses.

  • FPSC/IQPF Projection Assumption Guidelines

    An important part of a financial planner’s work involves projecting the needs of their clients, including retirement needs, insurance needs, education needs, the needs of disabled children, etc. The Projection Assumption Guidelines are intended as a guide in making financial projections that are free from the potential biases of financial planners. The Guidelines have been developed based on a number of reliable sources (all of which were confirmed by a Committee of actuaries and CFP professionals) and are expected to be expanded this year. Educators should refer students to the Projection Assumptions Guidelines for use in projecting client needs.   

  • Canadian Financial Planning Definitions, Standards & Competencies

    The Canadian Financial Planning Definitions, Standards & Competencies is the first unified, definitive source on financial planning definitions and professional financial planning standards in Canadian history. This joint publication of Financial Planning Standards Council (FPSC) and Institut québécois de planification financière (IQPF) performs an important role in providing consistency within the financial planning profession by specifying unified standards for those practicing within it. It acts as a resource to financial services firms, financial planning educators, practitioners and the Canadian public.

  • Financial Planning Body of Knowledge

    The Financial Planning Body of Knowledge (FP-BoK)—the first of its kind internationally—builds on the Canadian Financial Planning Definitions, Standards and Competencies to define the scope and holistic nature of financial planning. The FP-BoK clearly distinguishes the knowledge expected of CFP professionals and FPSC Level 1 Certificants in Financial Planning and comprises 12 financial planning topics: Financial Planning Profession and Financial Services Industry Regulation; Financial Analysis; Credit and Debt; Registered Retirement Plans; Government Benefit Plans; Registered Education and Disability Plans; Economics; Investments; Taxation; Law; Insurance; and Human Behaviour. The FP-BoK provides the underpinning for the FPSC Competency Profile—it is essential to the demonstration of competence in the fundamental financial planning practices, financial planning areas, and professional skills. The detailed knowledge expectations of CFP professionals and FPSC Level 1 certificants described by the FP-BoK provides educators with the clarity to develop and deliver educational content that prepares the next generation of financial planners. 

  • FPSC Competency Profile

    The FPSC Competency Profile outlines FPSC’s standards of competence for CFP professionals. It details the abilities that a CFP® professional must possess and the job-related skills, knowledge, attitudes and judgments required for competent performance by members of the financial planning profession. These competencies differentiate comprehensive financial planning from other financial services and distinguish the value proposition offered by CFP professionals to their clients. The Competency Profile serves as a valuable resource for examinations candidates, CFP professionals, education providers and employers.

The Financial Planning Foundation

As the financial planning profession continues to evolve, planners need to remain ahead of the curve, armed with practical techniques that they can implement to effect positive change in their practices, founded on good, solid research. The Financial Planning Foundation funds groundbreaking research to help financial planning professionals meet the increasingly complex needs of today’s clients. Find out more about the latest research.