(November 26 18:00 ET) – The Canadian Association of Financial Planners and the Canadian Association of Insurance and Financial Advisors talked merger Friday, although no deal has yet been reached.
At an “informal” meeting in Toronto, CAIFA and CAFP representatives discussed a merger of their organizations. The context of the discussions was the organizations’ respective futures. They also considered the future of the Financial Planners Standards Council.
CAFP president Terry Taylor admitted that there is a great deal of duplication between the two groups.
“One of the bigger challenges would be to harmonize the different cultures of our two organizations,” said CAIFA chair Jim Rogers after the meeting.
Each organization will now go back to its respective board to seek approval and authorization to have formal discussions.
The CAFP is the membership organization for 3,300 financial planners. CAIFA represents 18,000 life insurance and financial services reps.
-IE Staff
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