The landscape of associations for financial planners is changing again. The Canadian Institute of Financial Planners announced today that it will become the Financial Planning Association of Canada.

The move will follow the proposed merger of the CIFPs with its education arm, the Canadian Institute of Financial Planning, which the CIFPs purchased from the Investment Funds Institute of Canada last week. The proposed change would take place in the autumn, upon member approval.

The merger of the two entities — the CIFP and the CIFPs — will bring the education and association functions into one organization.

CIFPs president Keith Costello made the announcement at the organization’s annual general meeting in Calgary.

“The FPA is the recognized financial planning body in the world,” Costello said in an interview. “It is the internationally recognized financial planning body.”

The FPA name is used to identify financial planning associations in the United States, Europe, Australia and Asia.

The CIFPs has 2,700 members, an increase of 20% over last year, according to Costello, who expects the creation of FPA Canada to accelerate the increase in membership.

Costello expects the debt incurred by the $1.1 million acquisition will be paid off in two years, and will triple the organization’s revenue.

The CIFPs was founded in 2003 after the Canadian Association of Insurance and Financial Advisors merged with the Canadian Association of Financial Planners to form Advocis. Some planners believe Advocis is skewed more toward the insurance industry than financial planning. The CIFPs promotes the certified financial planner designation.

“People are asking, ‘Who represents advisors?’” Costello said. “We intend to clarify that with the FPA. We need one distinct body for financial planners.”