(October 12 – 13:30 ET) –
The board of directors of the
Canadian Association of Financial
Planners is seeking the support
of its members to revise the
requirements to become a CAFP
Practitioner Member.
The Board’s says individuals
holding either the Certified
Financial Planner (CFP) or in
Quebec, the Pl. Fin. designation
are professionally competent
in the core knowledge areas of
financial planning. As such,
the Board is proposing that
CFPs and Pl. Fin.s no longer be
required to submit a
comprehensive written financial
plan for peer review, as one of
the requirements to be accepted
as a Practitioner Member of CAFP.
CAFP chairman, Ron Graham
explains the Board’s proposal.
“In the last few years, there’s
been a dramatic increase in both
the number of financial planners
and the types of planner education
courses. Until now, we have
required individuals wishing to
become Members of CAFP to show
competence by submitting a sample
written comprehensive financial
plan for peer review. However,
there is ample evidence to show
that individuals with the
Certified Financial Planner
or the Pl. Fin. designation are
well qualified in the core
knowledge areas of professional
financial planning.”
The change would immediately
affect some 900 existing CAFP
Associates who already hold the
CFP. While these planners would
still have to meet CAFP’s other
requirements for Practitioner
Membership, they would not have
to submit a written financial
plan for review.
CAFP president Terry Taylor
said that all current Members
and Associates received
information packages this morning
outlining the proposed changes.
“We’ve asked our Members and
Associates to consider the
proposals and to let us know
if they will support them,” said
Taylor. A further announcement is
expected within three weeks.