The Institute of Advanced Financial Planners is introducing benchmark Professional Standards of Practice for the Registered Financial Planner professional designation.
“We are extremely pleased and proud to release the new Professional Standards of Practice for R.F.P.s at this critical time in the history of the profession and our organization. R.F.P.s have always been committed to increasing the level of integrity, expertise and professionalism in financial planning. The Standards are a tangible expression of those commitments,” said IAFP President Lynne Triffon, in a news release.
The IAFP says unique aspects of the standards include:
- Requirement for full disclosure of sources and amounts of compensation from the implementation of financial planning recommendations;
- Standards of Analysis that are expected for each element of the process; and
- The introduction of peer review and practice audits to ensure uniform quality among all planners who have achieved the R.F.P. designation.
“We believe these Professional Standards of Practice for R.F.P.s are the most comprehensive practice standards for financial planners in North America and will become the benchmark for a truly professional financial planner in the future,” added David Christianson, chair of the Ethics and Standards Committee of the Institute of Advanced Financial planners, and also a member of the Financial Planners Association in the U.S.
The standards are being launched in conjunction with the Institute of Advanced Financial Planners Symposium in Toronto on October 26 and 27, at the Toronto Congress Centre.
The standards are voluntary during a period of review, and become effective Jan. 1, 2004. Along with the Code of Professional Ethics, they will form the basis for practice audits for R.F.P.s in 2005, a first in Canada.