Focus on Financial Planning Keith Costello

Keith Costello is president and CEO of the Canadian Institute of Financial Planners (CIFPs) and the Canadian Institute of Financial Planning (CIFP). Over the past 15 years, Costello has led the creation of educational solutions, practitioner support services and advocacy support for financial planners. In 2002, he founded CIFPs as a financial planning membership body, and in 2007 he integrated CIFPs and CIFP together to create a compete education and practice support solution for the needs of new and practicing financial planners. He has also previously worked for the Investment Funds Institute of Canada in leading the education and member services for the investment funds industry.

Changes in public policy pose great risk for retirement planning

Financial planners and advisors need to factor in volatile government policy, such as changes to tax policy, when helping clients plan for retirement

Speak softly to your clients

Financial planners and financial advisors need to embrace soft skills to succeed in the future

Banning embedded commissions may not be the holy grail for investors

Ethics and disclosure are key to whatever compensation model financial planners and financial advisors employ

Expert Committee misses the mark on the regulation of financial planning

Financial planners need to continue to lobby for their regulation as a profession in law

Effective interventions for increasing saving behaviour

Financial planners and financial advisors can use behavioural psychology enabled by technology to help clients save more for retirement

Consider time-series momentum investing for your clients

This strategy rectifies the pitfalls of the traditional cross-sectional momentum investing approach

Does the MFDA’s new rule on titles provide more clarity or confusion?

Financial planners and advisors need to take note of this new proposed rule when deciding on what financial planning designation to earn

The “great” wealth transfer: An opportunity or threat?

Financial planners and financial advisors need to have a strategic plan to deal with the massive inheritance baby boomers will receive or risk losing AUM

Will financial advice be demonetized to zero?

As fintech revolutionizes the delivery and cost of financial advice, financial planners and financial advisors will need to embrace technology

Proposed CSA reforms to change delivery of investment advice

Financial planners and advisors who are securities registrants will need to use financial planning principles to deliver investment advice

Will the Ontario Expert Committee’s policy recommendations succeed?

Financial planners and financial advisors need consistent implementation of some key policy recommendations

Equity crowdfunding is a growing investment option

Financial planners and financial advisors can help clients understand the investment and regulatory rules of equity crowdfunding

Shaping the future regulation of financial advice

Financial planners and financial advisors need to be aware of the impact Ontario’s Expert Committee could have on their practices

Big opportunities in volatile markets

Financial planners and advisors can manage volatile markets by employing a stop-loss strategy and having sufficient cash on hand in clients’ portfolios.

Live by the trend, die by the trend

Financial planners need to ensure that their clients are not overinvested in momentum funds

Women investors are becoming a powerful force

Financial planners risk losing business if they don’t recognize that women have more power and money now than ever before

Removal of provincial trade barriers may facilitate national harmonized regulation

The provincial Agreement on Internal Trade could pave the way for national regulatory harmonization that will benefit both financial planners and advisors

Paradigm shift for advisory services on the way

Financial planners and financial advisors need to be ready for a new regulatory model as Ontario’s expert panel to study this issue begins its mandate

An important first step in regulating financial planning

A new document from the FPSC and the IQPF may provide a way to harmonize financial planning standards for financial planners across the industry

Merging FSCO and OSC would be a good start

If Ontario were to merge these two regulatory bodies, it could provide financial planners with a more streamlined regulatory system

Determining the true appetite for risk

Assessing a client’s risk tolerance goes beyond using a questionnaire or risk-assessment system. An ongoing process is needed

Will advisors be forced to charge a flat fee for their advice?

Many advisors may be planning to move to a fee-based account model based on a percentage of AUM, but will this model survive the potential advisor compensation realignment?

Develop an effective plan for young clients

Determining the risk profile of young investors is more critical than following traditional rules

Holistic advice will require a new value chain

The only way to ensure financial planners can deliver effective, comprehensive and holistic advice is by making structural changes in the way the advice is delivered

Redefining financial planning

A new method in financial planning that balances eight forms of capital will help you and your clients achieve their life and retirement goals

Does a financial plan have monetary value?

Although financial planning has traditionally been viewed as a loss leader, financial planners should not be hesitant to charge for this important service

Death of the salesperson?

Basic financial advice will become a commodity whereas holistic comprehensive advice will create client value and drive financial advisors to become financial planners

Keeping up with evolving anti-money laundering rules is essential

FINTRAC released updated reporting guidelines this year — and financial planners must adhere to them or face stringent penalties

Financial planners need a strong business plan to survive

A business plan focusing on client management, dealing with regulatory complexities and leveraging technology will define the successful future financial planners

Is the ORPP really needed?

Financial planners need to keep their clients focused on personal savings as a key strategy to achieve a successful retirement

A lifestyle approach to financial advice

Financial planners who use a lifestyle approach for retirement planning are better able to help their clients achieve a successful retirement

Improving financial advice

Financial advisors have been inundated with proposed rules to better protect clients, but has the need for improved education been given the consideration that it deserves?

Major concerns with proposed law

There are three key issues of contention with the private member’s bill that aims to regulate financial advisors in Ontario

Raising the professional bar?

The Advocis proposal will cause unnecessary duplication and cost for the oversight of financial advisors, and it misses the mark for regulating financial planners

The merits of regulating financial planners

Could the regulation of financial planning finally address concerns about proficiency, quality standards and potential conflicts of interest?

Is a statutory best interest duty for advisors needed?

Everyone agrees that we need to put clients’ interests first; the disagreement is in how this should be done

Canadians deserve real price competition in mutual funds

Paying fees for financial advice separately from those of financial products would result in real price competition as well as better advice and lower costs to clients

The banning of embedded compensation

There is much debate as to whether such a move will protect clients of financial services or restrict access to financial advice

Looking for clarity and consistency

The creation of a national financial authority that regulates all components of the financial system, regardless of sector or product, would be much welcome