FALL 2013 – 1

FPStandard FALL 2013

ISSUE 8

IDEAS THOUGHTS AND TRENDS IN THE F INANCIAL PLANNING PROFESSION

P 3

On My Mind: Recognition of Financial Planning as a Profession

P 4

Developing and Enforcing Standards

P 8

FPSC® and IQPF Declare 5th Annual

Financial Planning Week November 17 – 23, 2013

P 12

Expanded Continuing Education Categories for

CFP® Professionals

WWW.FPSC.CA

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902-375 University Avenue Toronto, Ontario M5G 2J5

Telephone: 416 593 8587 Toll-Free: 1 800 305 9886

Email: inform@fpsc.ca Website: www.fpsc.ca

Twitter: www.twitter.com/FPSC_Canada Facebook: www.facebook.com/ FPSC.Canada LinkedIn: www.linkedin.com/company/ Financial-Planning-Standards-Council YouTube: www.youtube.com/user/ FPVision2020

CFP®, CERTIFIED FINANCIAL PLANNER® and are certification trademarks owned outside the U.S. by Financial Planning Standards Board Ltd. (FPSB). Financial Planning Standards Council is the marks licensing authority for the CFP marks in Canada, through agreement with FPSB. All other ® are registered trademarks of FPSC, unless indicated. © 2013 Financial Planning Standards Council. All rights reserved.

BY THE NUMBERS

PROFILE OF FPSC® REGISTERED CANDIDATES THE FPSC REGISTERED CANDIDATE (RC) PROGRAM WAS DESIGNED

TO RECOGNIZE KEY MILESTONES ALONG THE PATH TO BECOMING

A Certified finanCial Planner® PROFESSIONAL. BECOMING AN RC,

AND MAINTAINING THIS STATUS THROUGH AN ANNUAL RENEWAL,

IS MANDATORY FOR INDIVIDUALS SEEKING CFP® CERTIFICATION.

36 THE AVERAGE AGE OF A FPSC REGISTERED CANDIDATE

50 % THE NUMBER OF FPSC REGISTERED CANDIDATES UNDER 34 YEARS OF AGE

37 % THE PERCENTAGE OF FEMALE FPSC REGISTERED CANDIDATES

2 THE NUMBER OF FPSC REGISTERED CANDIDATES LIVING IN THE NORTHWEST TERRITORIES

18 % THE PERCENTAGE OF FPSC REGISTERED CANDIDATES WHO SPEAK CANTONESE OR MANDARIN

55 % THE NUMBER OF FPSC REGISTERED CANDIDATES WHO LIVE IN ONTARIO; 22% ARE FROM BC; 14% ARE FROM ALBERTA

FALL 2013 – 3

ON MY MIND

RECOGNITION OF FINANCIAL PLANNING AS A PROFESSION FORMAL RECOGNITION OF FINANCIAL PLANNING AS A PROFESSION IS ON THE

HORIZON. IT’S NOT BY CHANCE. MANY OF US HAVE SPENT THE PAST TWO

DECADES ADVOCATING FOR THE NOTION THAT FINANCIAL PLANNING MUST

BE RECOGNIZED AS A UNIQUE, CLEARLY DEFINED AND NECESSARY SERVICE –

ONE THAT IS ESSENTIAL TO SECURING CANADIANS’ FINANCIAL FUTURES; THAT IS, FINANCIAL PLANNING MUST BE RECOGNIZED AS A PROFESSION.

I believe that the time has never been better for acknowledging the legitimacy of financial planning as a profession, and I say “it’s about time”.

However, there is still much work to be done before such recognition can occur. The foundation for the financial planning profession must be built on the solidification of an appropriately high and universally accepted minimum set of standards of practice, ethics and competence against which those claiming to offer financial planning must be held, from coast to coast to coast. Unified and consistent standards that ensure appropriate levels of competence, ethics and professional practice, along with the corresponding disciplinary review structures, will ensure that Canadians receive the high quality, unbiased financial planning advice they need and deserve.

Through recognition of financial planning as a legitimate profession, Canadian consumers will win because they will be able to more definitively understand what they should come to expect from a financial planner and a financial plan. The industry will win because it will no longer have to play in a market that allows for unqualified competitors who falsely claim to offer financial planning services. Capital markets and insurance regulators and SROs will win because many of the issues that they have been grappling with over the last few years will be resolved through clear distinction between, yet complementary nature of, financial

planning advice and product-related advice. CERTIFIED FINANCIAL PLANNER® professionals will win because, through the rigour of their designation, they have already achieved the highest standard of the profession and can therefore set themselves apart from their competitors through formal recognition in law.

The environment has never been so ripe for the formal recognition of financial planning as a profession. The topic is becoming much more top of mind for product regulators, policymakers, consumer representatives and the industry alike. There is no shortage of opinions on how best to approach the issue; however, an appropriate, thoughtful and consumer-driven, public interest solution that accounts for and recognizes the needs of all stakeholders will take some time to develop. It will take meaningful consultation, debate and deliberations. And it must be driven by those whose interests are based on what’s best for the public and society as a whole. After all, that’s what being a profession is about.

Over the next year the members of the Coalition for Professional Standards for Financial Planners will continue working down this path. The group, whose members include the Canadian Institute of Financial Planners (CIFPs), Financial Planning Standards Council (FPSC®), the Institute of Advanced Financial Planners (IAFP), and the Institut québécois de planification (IQPF), has already published a joint statement of principles that will form the

Cary List CA, CPA, CFP®

President & CEO, FPSC®

Cary oversees CFP certification and has spent most of the past decade evaluating the standards of the designation and working for recognition of financial planning as a distinct profession.

foundation for the creation of a framework for the official recognition of financial planning as a profession. The Coalition is now well underway with a more detailed and robust framework for how such a profession might unfold.

As Chair, I look forward to working with my Coalition partners as we engage with consumers, governments, industry, regulators and SROs and other stakeholders regarding the formulation of a “made-in-Canada” solution that will address the need for an officially recognized financial planning profession – one that will benefit all Canadians and, by so doing will also benefit all of the professional financial planners who serve them.

A financial planning profession. An idea whose time has come.

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DEVELOPING AND ENFORCING STANDARDS

BY LEONA TRANTER, CFP®

DIRECTOR, STANDARDS & ENFORCEMENT, FPSC®

CANADIANS MUST BE ABLE TO TRUST THAT THEIR FINANCIAL PLANNERS ARE WORKING IN THE CLIENT’S BEST INTERESTS AT ALL TIMES. SAFEGUARDING THE INTEGRITY OF THE FINANCIAL PLANNING PROFESSION IS AMONG FPSC’S HIGHEST PRIORITIES.AS SUCH, WE ESTABLISH, MAINTAIN AND ENFORCE RIGOROUS STANDARDS FOR CFP PROFESSIONALS AND FPSC® REGISTERED CANDIDATES.

Standards and Enforcement

The Standards of Professional Responsibility for CFP® Professionals and FPSC® Registered Candidates (“Standards of Professional Responsibility”) represent the compilation of four sets of standards: FPSC Code of Ethics (the Code), FPSC Rules of Conduct (the Rules), FPSC Fitness Standards, and FPSC Financial Planning Practice Standards (the Practice Standards). It is our job to monitor and enforce these standards, and sanction those who don’t comply with them. We have a duty to investigate all allegations of misconduct regarding CFP professionals or FPSC Registrants, and any matters that may come to our attention indicating misconduct.

FPSC Code of Ethics

A strong Code is first and foremost about serving the public. It is the CFP professional’s pledge to their clients and establishes a professional level of service that clients can expect. Each principle of the Code is designed to guide CFP professionals in their practice and serves as a primary reference for FPSC when investigating complaints. The “client first” principle of the Code explicitly states that regardless of the relationship between the client and a CFP professional, the CFP professional must always put their client's interests ahead of his or her own.

FPSC Rules of Conduct

The FPSC Rules of Conduct accompany the Code and provide specific guidance to CFP professionals and FPSC Registered Candidates on expected practices. The Rules reflect the specific standards of conduct that CFP professionals must demand of themselves and their peers.

FPSC Fitness Standards

The Fitness Standards outline the character expectations that we have for CFP professionals and FPSC Registered Candidates. They outline what conduct is considered unacceptable and will bar an individual from becoming or remaining certified as well as specifying activities that require disclosure on a CFP professional’s certification and renewal applications.

FPSC Financial Planning Practice Standards

The Practice Standards outline the process that must be followed in any client engagement where any level of complexity of financial planning services are being offered, establishing the level of practice expected in the delivery of planning services; the norms of professional practice to promote consistency across the profession; the respective roles and responsibilities of the planner and the client in the engagement; and the level of service.

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Where CFP professionals have been found to have breached the standards as described in the preceding article, FPSC imposes disciplinary actions ranging from a letter of admonishment to permanent revocation of the right to use the CFP marks. FPSC makes all final disciplinary actions public, in part, by publishing a report on our website. For FPSC Registered Candidates, disciplinary actions can range from a letter of admonishment to expulsion from the Registered Candidate program (thereby preventing them from obtaining CFP certification).

The following individual has recently received admonishment:

• Joly, Christine (Mississauga, Ontario)

Details of Hearing Results

On May 24, 2013, the Disciplinary Hearing Panel of the Enforcement Policy Committee found that Ms. Joly had breached Rules 201, 701, and 702 of the FPSC® Code of Ethics (“the Code”) by making unsuitable leveraged investments for clients over the age of 75, and by failing to secure written evidence and confirmation of all sources of income from clients.

The Disciplinary Hearing Panel’s decision was made in accordance with a Settlement Agreement reached between Ms. Joly and the Director of Standards & Enforcement prior to the hearing.

Pursuant to the terms of the agreement, Ms. Joly was issued a Letter of Admonishment, and ordered to complete a course on leveraged investing as well as an Ethics course, approved by FPSC in advance, to be completed within a year of the date of the decision.

The Disciplinary Hearing Panel determined that Ms. Joly’s conduct contravened the above provisions of the Code, finding that all CFP professionals should adhere to a higher standard of ethics and act diligently in providing financial planning, which the Panel concluded Ms. Joly failed to meet in this instance.

Enforcement Practices and Activities

As the organization that establishes and enforces CFP professional standards of competency, practice and ethics, FPSC vigilantly guards the trust Canadians have placed in CFP professionals and FPSC Registered Candidates. FPSC actively addresses all concerns that come to our attention, and thoroughly investigates all allegations of misconduct by CFP professionals and FPSC Registered Candidates.

In accordance with FPSC’s Disciplinary Rules and Procedures, all complaints made against CFP professionals are investigated by our Enforcement Counsel, and where appropriate, referred to the Enforcement Policy Committee for a formal hearing and adjudication.

In each case, a Hearing Panel, comprised of a member of the Enforcement Policy Committee and two additional volunteers from the CFP professional community, is formed to hear the case and to make a determination of whether or not there has been a breach of the Standards of Professional Responsibility. The objective of this process is to protect the public and the reputation of the profession.

Further, as financial professionals often hold more than one credential, FPSC works with other credentialing, licensing, and law enforcement agencies and organizations, when appropriate, in their enforcement initiatives.

Cautions

The issuance of Cautions are intended to address those situations in which a finding of misconduct is unlikely, but a warning is nonetheless warranted. They allow FPSC to provide guidance in accordance with the terms and spirit of the FPSC® Code of Ethics as found in the Standards of Professional Responsibility, with the aim of potentially averting future complaints against the CFP professional. As a private, not public censure, the Caution is only reported to the CFP professional.

REPORTS ON DISCIPLINARY ACTIONS

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MAINTAINING ACCREDITATION TO THE INTERNATIONAL ORGANIZATION FOR STANDARDIZATION (ISO) 17024 STANDARD

In November 2009, FPSC® was one of the first certification bodies in Canada to receive accreditation to the ISO 17024 standard from the Standards Council of Canada (SCC), Canada’s national ISO accreditation body. The accreditation recognizes our commitment to quality standards and best practices. The international standard

to which we are held accountable, ISO 17024, has been developed with the objective of achieving and promoting a globally accepted benchmark for organizations providing certification. In order to maintain our accreditation, we must continue to adhere to the

The FPSC Foundation is a charitable organization whose mission is to develop and promote financial planning research for the benefit of financial and allied professionals, education providers and the Canadian public.

The Foundation’s research priorities include the development and dissemination of technical research that examines best practices in financial planning decision making, behavioural research that examines the impact of human behaviour on effective financial planning and societal research that examines the benefits of financial planning on society as a whole.

Learn more about how you can support financial planning research in Canada

The Foundation recently launched an exclusive giving program designed for individuals who are passionate about supporting research into financial planning in Canada – The Founders Club. For as little as $33.00 per month, you can become a member of this important group. Your commitment will build a strong foundation of the latest innovative research for the benefit of financial professionals, education providers and the Canadian public.

Visit www.fpscfoundation.ca to find out more about the exclusive benefits available to you as a Founders Club member. For questions about the FPSC Foundation, please contact me at: slinton@fpscfoundation.ca

STEFANIE LINTON ExECUTIVE DIRECTOR, FPSC FOUNDATION

standards in ISO 17024 and be audited annually in all areas of our certification program.

The results of our SCC audits thus far have been very positive. ISO accreditation has provided FPSC with the tools to identify opportunities for continuous improvement. Just as we believe in promoting best practices in the financial planning profession, accreditation to ISO standards demonstrates FPSC's commitment to a “best practices” approach internally as a certifying body.

THE FPSC FOUNDATION LAUNCHES THE FOUNDERS CLUB

FALL 2013 – 7

It’s obvious that you have a passion for the profession and the CFP® designation; can you tell us about that?

My entire professional career has been around financial planning and I think it has never been more important, especially given today’s economic environment. My passion for the CFP designation comes from a deep understanding of what consumers need, what CFP certification represents and the intersection of the two. This includes the most rigorous certification process in Canada (competence), Standards of Professional Responsibility (ethics and practice) and enforcement (accountability). These together embody the hallmarks of a true profession.

What do you feel is the main focus for the Board over the next 12 months?

Today, there are many forces at play that I believe will forever change the landscape of the financial services industry and the financial planning profession. FPSC is well positioned to capitalize on opportunities that this change may bring. The organization has a well thought out strategic plan, one of the best I’ve ever seen. As a result, the Board’s focus will be to stay the course with respect to the organization’s strategic objectives and to provide the support necessary to the President and CEO to execute on that plan.

MAINTAINING ACCREDITATION TO THE INTERNATIONAL ORGANIZATION FOR STANDARDIZATION (ISO) 17024 STANDARD

NEW BOARD CHAIR APPOINTED TO FPSC®

LISA PFLIEGER WAS RECENTLY ELECTED CHAIR OF THE FPSC BOARD OF DIRECTORS. LISA HAS OVER 25 YEARS OF ExPERIENCE IN THE FINANCIAL SERVICES INDUSTRY, FOCUSED ON TAx, ESTATE AND FINANCIAL PLANNING SERVICES. SHE HAS SERVED ON THE FPSC BOARD OF DIRECTORS SINCE 2006.

STEFANIE LINTON ExECUTIVE DIRECTOR, FPSC FOUNDATION

LISA PFLIEGER, CGA, CFP®, TEPCHAIR, FPSC BOARD OF DIRECTORS

The Board of Directors at FPSC ensures that the organization’s activities conform to its purpose and mandate. The Board is made up of the following seats:

• Six Certified finanCial Planner®

professionals

• Three Public Directors

• One licensed financial planner (Pl. Fin.) from the Province of Quebec

• Past Chair (ex-officio, non-voting)

• President (ex-officio, non-voting)

We sat down with Lisa in a recent interview to discover a little more about what drives her dedication to the financial planning profession. Below is an excerpt from that conversation.

When did you get your CFP® designation and why?

It’s been some time but I obtained my CFP® designation in 1988 when I was an investment advisor. I was dealing with clients who were making investment and financial decisions every day. I observed that very few people had financial goals. Additionally, it became apparent early on that many financial decisions were interrelated and could significantly impact an individual’s overall financial well-being. I wanted to learn more about these interrelationships so I could provide the best possible guidance to my clients when it came to making financial decisions.

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FPSC® AND IQPF DECLARE 5TH ANNUAL FINANCIAL PLANNING WEEK NOVEMBER 17 – 23, 2013 ANNUAL AWARENESS WEEK AIMS TO MAKE FINANCIAL PLANNING A FUNDAMENTAL ASPECT OF CANADIANS’ LIVES

In its 5th year, Financial Planning Week (FPW) has become an integral part of Financial Literacy Month in Canada. FPW is part of an ongoing effort by Financial Planning Standards Council (FPSC) and the Institut québécois de planification financière (IQPF) in Quebec to promote financial planning as fundamental to the financial well-being of Canadians and a call-to-action to the financial services industry to collaborate and enact meaningful change for the benefit of all Canadians.

• Values financial planning; • Shares and assumes responsibility to ensure

the financial planning needs of Canadians are well served; and

• Has a viable financial planning profession that ensures broad access to competent, ethical financial planners.

FPSC is raising consumer awareness of CFP® professionals through a CBC television advertising campaign that will run from November 4 through 24. The thirty second commercial spot will be placed 311 times over the course of the campaign, reaching close to 6.5 million Canadians between the ages of 35 – 64. Watch for the ads during The National, evening and late news, the Lang & O’Leary Exchange, Dragons’ Den, Sunday documentaries and more. We have partnered with The Institut québécois de planification financière (IQPF) in Quebec to run the same commercials on French television promoting the Pl. Fin.

Celebration of the Profession Reception & Dinner: November 19

This year’s FPSC Celebration of the Profession Reception and Dinner will take place at The Old Mill in Toronto, Ontario from 6pm – 9pm. This event attracts a large cross-section of high profile decision makers in the financial services industry, along with representatives from all levels of government. Preet Banerjee, host of the OWN Network’s Million Dollar Neighborhood, will be our MC during this entertaining and celebratory event. The dinner will include an address from former NHL hockey legend, Stew Gavin, who after leaving a 15 year professional hockey career, obtained his CFP® designation and now runs a Toronto-based financial planning practice specifically serving professional athletes.

Certified finanCial Planner® professionals will be teamed up with local charters of Junior Achievement of Canada (JA) across the country to deliver their Dollars with Sense program to young people. Every CFP® professional who volunteers their expertise will be entered into a draw and the winner will present a cheque of $5,000 to their local JA Charter. The Challenge will run across the country from November 4 to 23.

CFP® Professional Symposium: November 20

To learn more about Financial Planning Week activities or to register for events, visit www.financialplanningweek.ca.

Public Awareness Television Campaign: November 4 - 24

CFP® Professional Community Challenge: November 4 - 23

Beyond the Numbers, this year’s CFP professional symposium will be held at the Old Mill in Toronto, Ontario (8:30 am – 4:15 pm). There is clear evidence that Canadians are increasingly challenged around their financial futures. The majority of Canadians are not getting the financial planning help they need. The value of planning is that it addresses the whole person – which means a need for high technical know-how and high emotional intelligence to relate to clients and to regulate ourselves. With this in mind, we have created an agenda which features a stimulating lineup of provocative presentations from leading experts across North America. This full day of interactive learning will earn CFP professionals a total of 5.25 FPSC-approved Continuing Education Credits (4.5 Financial Planning Credits and 0.75 Practice Management Credits).

FPSC will be hosting a number of activities over the course of the week to celebrate the importance of financial planning.

The heart of Financial Planning Week is “Vision 2020”. The vision is that by the year 2020, Canada will be shaped by a nation of people, organizations and a regulatory environment that:

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ANNUAL AWARENESS WEEK AIMS TO MAKE FINANCIAL PLANNING A FUNDAMENTAL ASPECT OF CANADIANS’ LIVES

DIAMOND SPONSOR

BRONZE SPONSORS

MEDIA SPONSOR

PLATINUM SPONSORS

GOLD SPONSORS

SILVER SPONSOR

Thank You to This Year's CFP® Professional Symposium Sponsors

Canada

FALL 2013 – 10

BUILDING EXAMINATIONS THAT MATTER (PART 2) BY DEREK DEDMAN, CFP®, CFA TECHNICAL CONTENT ExPERT, FPSC®

IN OUR LAST ISSUE OF THE FP STANDARD WE OFFERED PART 1 OF A SERIES ON “BUILDING ExAMINATIONS THAT MATTER”, WHICH INTRODUCED THE PROCESS THAT FPSC® USES WHEN DEVELOPING ExAMINATION QUESTIONS - THE INITIAL STEP IN THE ExAMINATION CYCLE. THROUGH FPSC EMPLOYEE FACILITATED QUESTION DEVELOPMENT WORKSHOPS, WE BRING TOGETHER GROUPS OF CFP® PROFESSIONAL VOLUNTEERS WHO UTILIZE THEIR PRACTICAL ExPERIENCE TO DEVELOP REALISTIC AND VALID ExAMINATION QUESTIONS.

PART 2 OF THIS SERIES WALKS YOU THROUGH THE JOURNEY FROM POST-QUESTION DEVELOPMENT TO THE FINALIZATION OF THE ExAM WHERE IT IS READY FOR ADMINISTRATION.

The Journey to the Exam

From the development workshops comes the first draft of the exam questions. FPSC technical content staff then carries out a thorough review of each submission to further check for completeness and accuracy through the lens of requirements established in best practice testing methodology. Questions are then added to the "question bank" where they are categorized and await potential selection.

There are two exams along the path to CFP certification in Canada (FPE1® and FPE2®). The content of both are governed by their respective exam blueprints which specify the weighting between competency coverage that must be included in the examination and various other identified parameters.

Questions that represent the full blueprint coverage for FPE1 and FPE2 are then selected from the bank for review by a Panel of Examiners (POE). A POE is appointed for each of the two exams. The POE is an independent committee of CFP professional volunteers tasked with the review and approval of all content that is utilized on each exam. The two panels are comprised of practicing CFP professionals with various areas of financial planning expertise, supplemented by additional credentials such as tax and estate lawyers, insurance specialists, CFA Charter holders, and Chartered Accountants. The independence, expertise, and practical experience of the

panels goes a long way to ensuring accurate, valid, and representative examinations are consistently created for each administration.

Selected questions are sent to the respective POE for a first review. Each member of the panel independently reviews the content of each question and uses their specific expertise to make comments or suggestions for change. The POE then meets as a full team to go through each question, deliberating necessary changes to accommodate any concerns they have regarding structure or content. FPSC examination staff then incorporates the revisions as directed by the POE. Once the edits have been made, the full content is sent back to the POE members for a second round of in-depth review. The process is repeated one more time and a final set of questions is established for each exam administration. With a fully vetted and approved set of examination questions in hand, FPSC staff are then charged with the task of administering the examination to the hundreds of candidates across Canada who are working toward their CFP designation.

In the next edition of the FP Standard we will take an in-depth look at all that goes into successfully administering the gold standard in financial planning examinations.

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Stew will be giving an address at this year’s FPSC Celebration of the Profession Dinner on November 19, 2013 at the Old Mill in Toronto. To meet Stew and learn more about his journey in the profession, register at www.financialplanningweek.ca.

SPOTLIGHT ON A CFP® PROFESSIONAL R. STEWART GAVIN, CFP® PRESIDENT, GAVIN MANAGEMENT GROUP INC.

DURING A 15-YEAR PROFESSIONAL HOCKEY CAREER, INCLUDING MORE THAN 800 NHL GAMES

PLAYED WITH TORONTO, HARTFORD, AND MINNESOTA, STEW RECOGNIZED THE NEED FOR A

PROGRAM THAT WOULD ENSURE THAT AN ATHLETE’S BUSINESS AFFAIRS WERE COMPLETELY

ORGANIZED AND THAT THEIR INTERESTS WERE PROTECTED. THEREFORE, IN RETIREMENT,

STEW UNDERTOOK THE CHALLENGE TO DEVELOP THIS MUCH NEEDED PROGRAM. AFTER

GAINING VALUABLE ExPERIENCE AT A BAY STREET FIRM AND ACHIEVING THE Certified finanCial Planner® DESIGNATION, STEW FOUNDED GAVIN MANAGEMENT GROUP IN 2003. NOW WITH MORE THAN 15 YEARS OF PRACTICE IN FINANCIAL MANAGEMENT, INSURANCE AND TAx PLANNING, STEW’S ELITE ROSTER OF CLIENTS INCLUDES PROFESSIONAL ATHLETES AND LEADERS IN THE CORPORATE COMMUNITY.

What inspired you to obtain your CFP®

designation and then launch your firm and practice specifically targeted at professional athletes?

I have always prepared for success – whether on the ice or in the conference room. Obtaining the CFP® designation was part of my training to become a professional advisor.

Many young players are not prepared for, nor equipped to handle, the stress that comes with sudden wealth. Nor do they anticipate how quickly they can go through that money if it is not managed and planned for in an appropriate manner – or how short-lived the lifestyle can be when confronted with injury or other circumstances that often abruptly end a professional athlete’s career.

I launched my firm because I wanted to be part of an organization that is aligned with the interests of its clients. This is why we developed the membership concept in my firm. I have only ever wanted to practice in a firm whose values were based on full disclosure and transparency. I’ve never wanted to be associated with an organization that exploited its clients through hidden fees or in firms that were more concerned with their bottom line than their clients’ goals and objectives. In order to guarantee this environment, I built my own.

What unique issues do athletes face that your firm has expertise to address?

I can relate to our clients because I’ve walked in their shoes. Our experience and narrow target market provide a unique understanding of a player’s cash flow needs, the lessons they need to learn and the events they need to avoid.

We’re focused on three principles: cash flow management, education and protection. We devote significant resources to each pillar to ensure that our members achieve their objectives.

How has your hockey career influenced your leadership style?

Winning teams require a variety of specialized skills. The third liner won’t necessarily be on the power play and the top scorer can’t necessarily play a shutdown role. My teammates understand their strengths and weaknesses and I’ve placed them in roles where they can succeed. You won’t find “half-milers” (those who are unwilling to make the necessary effort to win) on my team. To be successful here you need to love your job and possess a genuine passion for the financial services industry.

Do you have a favourite moment as a hockey player? As a financial planner?

The Stanley Cup final against the Penguins was simultaneously the favourite and the worst moment in my hockey career. Playing in the finals was an incredible achievement – almost surreal in nature, but losing that series was devastating.

Today I get satisfaction from seeing a plan realized. I am gratified when a client understands that by following our plan they will transition from the game and begin a new life phase without financial anxiety.

I’ve heard through the grapevine that you had a bit of a reputation as a “scrapper” when you were playing in the NHL – how does that translate in your relationship with your clients?

I wouldn’t characterize myself as a scrapper on the ice. I think I was dependable and someone that my teammates could rely on for an honest effort. I am an understanding advisor. I know the trials and temptations that confront an athlete, so I am forgiving when it comes to mistakes and regretful decisions. However, I have no patience or tolerance for those that attempt to take advantage or exploit an athlete’s trusting nature. The “scrapper” comes out in me when I’m protecting a player’s best interests against the many vultures who only want a piece of their wealth.

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New CE Categories

Financial Planning: Qualifying CE must be related to one or more aspects of the CFP® Professional Competency Profile, including the financial planning components, professional skills, and technical knowledge.

Practice Management: Qualifying CE includes the knowledge and skills used in building professional relationships and growing a professional practice (e.g. prospecting, networking, business planning, business building activities, etc.).

Product Knowledge: Qualifying CE includes the product knowledge that you would use, if appropriately licensed, to advise on and sell products or comment on products held by your clients.

Giving Back: Qualifying CE includes the knowledge and skills that comes from volunteering with community organizations, industry associations, charitable groups or others in a way that helps Canadians understand the importance of financial planning and enhances their financial well-being. Qualifying CE may also be derived from using your skills as a financial planner on a volunteer basis for the benefit of an organization, such as a foundation or charity. CE in this category may include involvement in pro bono teaching or development of education programs, community involvement, development of published financial planning research, and involvement in financial planning-related committees, task forces, or focus groups.

EXPANDED CONTINUING EDUCATION CATEGORIES FOR CFP® PROFESSIONALS

BY JOAN YUDELSON MBA, CFP®

VP, PROFESSIONAL PRACTICE, FPSC®

AT FPSC®, WE UNDERSTAND THAT BEING A Certified finanCial Planner® PROFESSIONAL IS ABOUT MORE THAN BEING TECHNICALLY COMPETENT – IT’S ABOUT BEING A WELL-ROUNDED INDIVIDUAL WITH THE SKILLS REQUIRED TO SERVE CONSUMERS’ NEEDS. THAT’S WHY – EFFECTIVE IMMEDIATELY – WE’VE ExPANDED WHAT QUALIFIES AS CONTINUING EDUCATION (CE) TO INCLUDE ACTIVITIES FOCUSED ON DEVELOPING PRACTICE MANAGEMENT SKILLS, ACQUIRING RELEVANT PRODUCT KNOWLEDGE, AND GIVING BACK.

These new categories recognize the holistic skills and knowledge it takes to be a CFP® professional.

That said, CE that maps back to the CFP® Professional Competency Profile remains the cornerstone for providing solid financial planning advice. With this in mind, effective January 2014, the annual CE requirement will be 25 Verifiable credits, consisting of a minimum of 10 credits linked to the Competency Profile and a maximum of 5 credits in each of the new categories. Also effective 2014, the non-Verifiable CE requirement will be removed, reducing the total annual CE requirement from 30 to 25 credits. For 2013, the CE requirement remains 20 Verifiable credits and 10 non-Verifiable credits. Please refer to the chart on the next page for all the details and effective dates.

We encourage CFP professionals to take advantage of FPSC-approved CE activities to be assured that the activity will count towards the annual CE requirement. CFP professionals should be sure to check their FPSC Online Dashboard often, as credits in all categories are being approved and added every week. For details on current providers, see the list of approved providers following this article.

FALL 2013 – 13

Prior to September 1, 2013 Effective September 1, 2013 Effective January 1, 2014

Total Credits Required 30 30 25

Verifiable Credits Required 20 20 25

Non-Verifiable Credits Required 10 10 0

Credits Required

Carryover Allowed

Credits Required

Carryover Allowed

Credits Required

Carryover Allowed

Category: Financial Planning minimum 20 maximum 20 minimum 10 maximum 20 minimum 10 maximum 25

Category: Practice Management

n/a n/a maximum 5 no maximum 5 no

Category: Product Knowledge n/a n/a maximum 5 no maximum 5 no

Category: Giving Back

n/a n/a maximum 5 no maximum 5 no

Note: All Credits specified in the chart above are required on an annual basis.

LooK FoR ThiS SyMBoL

ASSESSED. APPROVED. ASSURED.

CFP professionals can read more about all of the changes at www.fpsc.ca/continuing-education.

For more information visit:fpsc.ca/ce-approval-program-2

CE Credit Requirements

Approved Providers as at October 6, 2013

Academy of Financial Divorce Specialists

Age-Friendly Business

AGF Investments Inc.

Bridgehouse Asset Managers

Business Career College Corp

Business Families Foundation

Canadian Institute of Certified Executor Advisors

CE Network Inc.

Centre for Employee Benefits

CGA Canada PD Net

CLIFE Inc.

Dalhousie University - MBA (Financial Services)

DYNAMIC FUNDS

ERAssure - Estate Risk Protection Plan Inc.

ES Computer Training

First Canadian Title

Foran Financial Institute

Gobeil & Associates

Independent Financial Brokers of Canada

Institute for Divorce Financial Analysts

Invesco Canada Ltd

Knowledge Bureau

Learning Partner

Mackenzie Investments

Manulife

My Money Mindset

National Exempt Market Association

Oliver’s Learning

Parley Consulting

PHOENIx COACHINGWORKS INC.

Radius Financial Education

Rogers Publishing Ltd.

Seminar Partners

STEP Canada

Tabuchi Law Offices

TEN STAR Financial Services

The Canadian Institute of Financial Planners

Wardell

Worldsource Wealth Management

as Assurance of FPSC®-Approved CE Activities and CE Credits.

FALL 2013 – 14

FPSC® IS PLEASED TO ANNOUNCE THIS YEAR’S FellOW Of FPSC RECIPIENTS — INDIVIDUALS WHO HAVE SELFLESSLY CONTRIBUTED TIME AND ENERGY TO FPSC AND THE FINANCIAL PLANNING PROFESSION.

WHAT’S HAPPENING @ FPSC_CANADA

5TH ANNUAL FINANCIAL PLANNING WEEK: NOVEMBER 17 TO 23, 2013

Financial Planning Week is part of an ongoing effort by FPSC and the Institut québécois de planifi cation fi nancière (IQPF) to promote fi nancial planning as fundamental to the fi nancial well-being of Canadians. This week is an integral part of Financial Literacy Month in Canada.

FPE1® AND FPE2® ExAMINATIONS

The next sitting of Financial Planning Examination Level 1 (FPE1®) and Financial Planning Examination Level 2 (FPE2®) will be Saturday, November 30, 2013 at computer-based testing centres across Canada. For more information, visit www.fpsc.ca.

JUNE 2013 ExAMINATION PRESIDENT’S LIST

Following each Financial Planning Examination Level 2 (FPE2®) sitting, FPSC recognizes the top three successful candidates as members of the President’s List. Congratulations to the following individuals for their top performance on the June 2013 FPE2® Examination:

• Candace Lynn Gibson, Delta, BC (1st place)

• Blake William Martindale, Cranbrook, BC (2nd place)

• Matthew K. Williams, Taber, AB (3rd place)

FPSC will be hosting a number of activities over the course of the week to celebrate the importance of fi nancial planning. See pages 8 & 9 of this issue of the FP Standard for more details and check out our dedicated website at www.fi nancialplanningweek.ca

• CBC Television Campaign November 4 through November 24, 2013 across Canada

• CFP® Professional Community Challenge November 4 to 23, 2013 across Canada

• Celebration of the Profession Reception & Dinner November 19, 2013 The Old Mill, Toronto Ontario 6:00 pm – 9:00 pm

• CFP® Professional Symposium November 20, 2013 The Old Mill, Toronto, Ontario 8:30 am – 4:15 pm

Register for these events at www.fi nancialplanningweek.ca

Fellow of FPSC™ RECIPIENTS ANNOUNCED

British Columbia Carla Norris, CFP® Sally Rycroft

Manitoba David Christianson, CFP® Jack Courtney, CFP®

Ontario Lynn Biscott, CFP® Lawrence Lynch, CFP® Wade Byron Van Bostelen, CFP® Christine Watson, CFP®

FALL 2013 – 15

THE CANADIAN HELP SHAPE YOU CAN

GIVE TODAY! BECOME A FOUNDERS CLUB MEMBER TODAY! WWW.FPSCFOUNDATION.CA WWW.FPSCFOUNDATION.CA

ThE FPSC FoUnDATIon IS A ChArITABLE orgA-nIzATIon ThAT IS CommITTED To DEVELoPIng AnD PromoTIng FInAnCIAL PLAnnIng rESEArCh AnD EDUCATIon For ThE BEnEFIT oF FInAnCIAL AnD ALLIED ProFESSIonALS, EDUCATIon Pro-VIDErS And the CAnAdiAn PUBLiC.

FALL 2013 – ISSUE 8 – 14

WHAT’S HAPPENING @ FPSC_CANADA

5TH ANNUAL FINANCIAL PLANNING WEEK: NOVEMBER 17 TO 23, 2013

Financial Planning Week is part of an ongoing effort by FPSC and the Institut québécois de planification financière (IQPF) to promote financial planning as fundamental to the financial well-being of Canadians. This week is an integral part of Financial Literacy Month in Canada. FPSC will be hosting a number of activities over the course of the week to celebrate the importance of financial planning. See pages 8 & 9 of this issue of the FP Standard for more details and check out our dedicated website at www.financialplanningweek.ca

• CBC Television Campaign November 4through November 24, 2013 across Canada

• CFP Professional Community ChallengeNovember 4 to 23, 2013 across Canada

• Celebration of the Profession Reception& Dinner November 19, 2013The Old Mill, Toronto Ontario 6pm – 9pm

• CFP® Professional Symposium November 20, 2013 The Old Mill, Toronto, Ontario 8:30 am – 4:15 pm

FPE1® AND FPE2® EXAMINATIONS

The next sitting of Financial Planning Examination Level 1 (FPE1®) and Financial Planning Examination Level 2 (FPE2®) will be Saturday, November 30, 2013 at computer-based testing centres across Canada. For more information, visit www.fpsc.ca.

JUNE 2013 EXAMINATION PRESIDENT’S LIST

Following each Financial Planning Examination Level 2 (FPE2®) sitting, FPSC recognizes the top three successful candidates as members of the President’s List. Congratulations to the following individuals for their top performance on the June 2013 FPE2® Examination:

• Candace Lynn Gibson, Delta, BC (1st place)

• Blake William Martindale, Cranbrook, BC (2nd place)

• Matthew K. Williams, Taber, AB(3rd place)

FELLOW OF FPSC™ RECIPIENTS ANNOUNCED

FPSC is pleased to announce this year’s FELLOW OF FPSC recipients — individuals who have selflessly contributed time and energy to FPSC and the financial planning profession.

British Columbia Carla Norris, CFPSally Rycroft

ManitobaDavid Christianson, CFP Jack Courtney, CFP

OntarioLynn Biscott, CFP Lawrence Lynch, CFPWade Byron Van Bostelen, CFPChristine Watson, CFP

yoU CAn hELP ShAPE ThE CAnADIAn FInAnCIAL PLAnnIng LAnDSCAPE

GIVe today! www.fPScfouNdatIoN.ca

ThE FPSC FoUnDATIon IS A ChArITABLE orgAnIzATIon ThAT IS CommITTED To DEVELoPIng AnD PromoTIng FInAnCIAL PLAnnIng rESEArCh AnD EDUCATIon For ThE BEnEFIT oF FInAnCIAL AnD ALLIED ProFESSIonALS, EDUCATIon ProVIDErS And the CAnAdiAn PUBLiC.

BECOME A FOUNDERS CLUB MEMBER TODAY!WWW.FPSCFOUNDATION.CA

THE FPSC FOUNDATION IS A CHARITABLEORGANIZATION THAT IS COMMITTED TODEVELOPING AND PROMOTING FINANCIALPLANNING RESEARCH AND EDUCATION FORTHE BENEFIT OF THE FINANCIAL AND ALLIEDPROFESSIONALS, EDUCATION PROVIDERSAND THE CANADIAN PUBLIC.

YOU CAN HELP SHAPETHE CANADIANFINANCIALPLANNINGLANDSCAPE

BECOME A FOUNDERS CLUBMEMBER TODAY!WWW.FPSCFOUNDATION.CA

FALL 2013 – 15

Become aCertified Necessity. TM

Helping people plan for their future financially is not just a way to make a living. It’s a way to make a difference. When you become a CERTIFIED FINANCIAL PLANNER® professional you have the opportunity to give clients peace of mind. Research shows that Canadians who work with a CFP®

professional feel their financial goals and retirement plans are more on track, their ability to save has improved, and they’re more confident they can handle the inevitable bumps in life.

Learn how to earn the CFP designation. It’s the industry gold standard in financial planning—don’t settle for less.

To learn more about CFP certification visit fpsc.ca/certifiednecessity

CFP®, CERTIFIED FINANCIAL PLANNER® and are certification trademarks owned outside the U.S. by Financial Planning Standards Board Ltd. (FPSB). Financial Planning Standards Council is the marks licensing authority for the CFP marks in Canada, through agreement with FPSB. All other ® are registered trademarks of FPSC, unless indicated. ©2013 Financial Planning Standards Council. All rights reserved.