The debate on advisor associations seems to pick up just when it quiets down. The latest talk results from a letter sent out to various associations on behalf of Advocis, the association formed by the recent merger between the Canadian Association of Insurance and Financial Advisors and the Canadian Association of Financial Planners.

The Advocis letter, which was sent out to organizations such as the Investment Funds Institute of Canada, the Canadian Institute of Financial Planning (CIFP), and the Canadian Institute of Financial Planners (CIFPs), indicates that Advocis is interested in gauging whether or not there is interest for beginning discussions on “working together”.

In the letter, which was sent out on January 30, the sentence ” … opportunities exist for CIFP and CIFPs to work together with Advocis,” indicates that Advocis may be trying to initiate early merger talks.

According to Keith Costello, managing director of the Toronto-based CIFPs, a third party emissary, on behalf of Advocis, approached him in addition to receiving the letter. However, he says that the mission of CIFPs remains true to its members and it has no intention of shifting from that or working with Advocis

“One of the core values of CIFPs is the belief in competition. The needs of consumers and advisors are best met by having some competition out there on both fronts, membership representation and educational programs. You don’t need a monopoly to influence regulators,” he says.

An Advocis press release is expected tomorrow morning and insiders speculate it will address the association’s proposal for all industry associations to join under one big umbrella.

However, the need to have one big conglomerate association that would advocate on behalf of all advisors doesn’t sit well with Costello.

“It would appear from my analysis that [Advocis] is looking to form one. But by having monopolies exist, it goes against the industry that we’re representing, which is based on competition. We’re not going to entertain that thought, it would be a betrayal of our member’s trust,” he says.