Business people shaking hands

A new association for financial planners, the Financial Planning Association of Canada (FPAC), launched nationwide on Tuesday.

The association promises to raise “the standards of financial planning for the benefit of all Canadians,” according to a release.

“The existing financial planning industry in Canada is conflict-ridden and, due to low barriers to entry, means that Canadians are not getting objective, expert advice that’s geared to their best interests,” the FPAC stated in its release, adding, “with the launch of FPAC, we believe all of this will now change.”

All FPAC members must hold the Certified Financial Planner (CFP), Registered Financial Planner (R.F.P.), or Financial Planner (F.Pl.) designation, and continue to meet the ongoing standards for their designation.

In order to receive membership status, a planner must adhere to principles laid out in the FPAC’s charter, which include committing to fee transparency, utilizing evidence-based approaches in the practice of financial planning and operating as a fiduciary to clients.

More than 100 members are currently registered with the association.