Financial planning is more than budgeting and saving. Financial planning is a process that sets you on a course toward achievement of your life goals through the proper management of your financial affairs. It is a disciplined, multi-step process of assessing your current financial and personal circumstances against what you desire for the future and developing strategies that help meet your personal goals, needs and priorities in a way that aims to optimize your financial position.
Looking at the Big Picture
Effective financial planning takes into account the interrelationships among all aspects of your financial situation. These include: financial management, insurance and risk management, investment planning, retirement planning, tax planning, estate planning and legal aspects. Financial planning varies in scope and complexity ranging from planning advice that is straightforward and narrow, covering primarily one financial planning area to those engagements that are complex and involved, requiring extensive integration across multiple financial planning areas.
Finding the Right Financial Planner
Your choice of financial planner matters because your financial planner has the potential to directly affect your financial well-being, today and in the future. Yet in most Canadian provinces, there is no legislated standard in place for those who offer financial planning services. With the exception of Quebec, people who call themselves financial planners are not required to obtain any credentials whatsoever. In the absence of government regulation, you must ensure that your planner is indeed trained, certified, and held accountable in providing professional financial planning.
Why choose a Certified Financial Planner® professional?
A CFP® professional possesses the expertise to skilfully navigate all aspects of your financial future, identifying and analyzing how different and sometimes conflicting areas impact each other. It is the financial planner’s ability to competently and professionally gain a full picture of your personal goals, needs and priorities, including the relevant interdependencies of all aspects of your financial situation, that provides you with the greatest value. This, coupled with the fact that CFP professionals have an ethical obligation to put your interests first, makes them the appropriate choice.
CFP professionals demonstrate their financial planning competence through extensive education, a rigorous standardized national examination process, comprehensive continuing education requirements and accountability to FPSC® for a code of ethics, practice standards and the rules and regulations of their professional body.
The CFP designation, long recognized as the gold standard for financial planning in Canada, provides assurance that the design of your financial future rests with an individual who has met the highest standards of knowledge, skills, abilities and ethics in the financial planning profession.
Find a Certified Financial Planner® professional