Manitoba is the latest province to consult on regulation of the “financial planner” and “financial advisor” titles.
“Manitobans needing financial advice should expect to be guided by certified financial professionals with proven qualifications and expertise,” Cliff Cullen, the province’s finance minister, said in a release.
Manitoba is the fifth province to put the wheels of title protection in motion. Quebec’s title protection regime, in effect since 1998, regulates “financial planner” and restricts all other titles; Ontario began regulating both financial planner and financial advisor in 2022; and Saskatchewan and New Brunswick are in the process of implementing similar legislation as in Ontario, with some key differences.
For example, Saskatchewan’s proposed regime includes education requirements for financial advisors related to planning. Investor advocates and other stakeholders have criticized Ontario’s regime when it comes to the advisor title, saying that those using the title should be able to provide comprehensive financial advice, not just sell mutual funds.
Also, both Saskatchewan and New Brunswick are considering prohibiting other titles, and both provinces’ title protection legislation provides for greater enforcement power than Ontario’s.
In its consultation, Manitoba notes such differences and the importance of harmonization across provinces, asking for feedback about how it should proceed.
The consultation runs to Sept. 30.