Styling itself as an influential and powerful organization-in-the-making, the Canadian Institute of Financial Planners officially opened Thursday with a firm mandate and unknown membership numbers, heating up the rivalry for advisors’ membership cheques and professional loyalties.

First unveiled by the Canadian Institute of Financial Planning last spring, CIFPs announced the opening one month before the upcoming merger vote between the Canadian Association of Insurance and Financial Advisors and the Canadian Association of Financial Planners.

Approval of the merger of CAIFA and CAFP would mean that the new entity debuts Jan. 1, 2003, while CIFPs plans a formal December 2002 launch.

CIFP Managing Director Keith Costello denies that the CAIFA-CAFP move triggered the launch CIFPs. Costello says CIFPs has a formula for winning members, although he declines to indicate a membership target or estimate of advisors committed to CIFPs.

CIFPs defines its mandate as advocating the Certified Financial Planner program, arguing that it will champion the CFP more effectively than CAIFA, the CAFP or a merged version of the two organizations.

Looking to build credibility and attract members, CIFPs recruited high-powered sector players as Founding Directors, including advisors, mutual fund decision-makers, educators and former executives of the Canadian Institute of Financial Planning and CAIFA. “The reality is that legislation is pending now for licensing of financial planners” explains that Gerald Bissett, recently retired as a CAIFA vice-president and now president of the Business Career College in Alberta. “Once regulation comes in, it will be doubly necessary for planners to have an organization that really focuses on them.”