Creating a True Profession

BY GREG POLLOCK

As the summer ends and autumn begins, I think a familiar habit of preparing for the winter ahead comes into focus for all of us. It might be the back-to-school atmosphere that we either play a role in as parents or remember from our own youth, but I believe this time of year always brings out a spirit of looking ahead in our work and personal lives.

For financial professionals, there is much to look forward to. In Ontario, the end of March 2024 will solidify the first part of title protection legislation in the province as the deadline for holding a recognized credential to use the title of “Financial Advisor” is crossed. The same deadline for holding a recognized credential to use the title of “Financial Planner” comes into effect two years following. Nevertheless, the best time to start getting ready is now. Your clients, colleagues, and profession deserve it.

Beyond Ontario, title protection also continues to evolve as both Saskatchewan and New Brunswick have now passed legislation to implement requirements for both the “Financial Advisor” and “Financial Planner” titles. With these regulations taking root in every part of the country, the writing on the wall is clear: jurisdictions that don’t yet require rigorous professional standards for the dispensation of financial advice will soon witness the clear and undeniable benefits and consumer protections of those that do. With the value shown in action, I believe strongly that the speed of adoption in more provinces across Canada will accelerate quickly. As your association, we are enthusiastic about this and more than prepared to continue offering our support — and thank you as always to our grassroots advocacy volunteers who are leading the way.

Advocis also continues to support title protection and raising the professional bar through education. Our Professional Financial Advisor (PFA) designation program is a recognized credential for the “Financial Advisor” title in Ontario, and our newest credential — the Life Insurance Professional Certificate (LIPC) — is on the horizon as I write this. Oriented toward professionals who currently hold the Life Licence Qualification Program (LLQP) as their only qualification, the LIPC offers a comprehensive roundingout of LLQP skills that will give these professionals the tools and skills they need to be recognized as a “Financial Advisor” as well. As many professionals in our industry undertake the LLQP as their first credential, we are very excited about the potential of the LIPC to attract many talented individuals to a more comprehensive career in financial advice — one in which the LIPC will equip them to help their clients achieve even greater financial security.

Meanwhile, these efforts continue to intersect with other regulatory efforts underway at Advocis to protect the broader public in both the insurance and investment space. Issues such as the Fair Treatment of Customers (FTC), Total Cost Reporting (TCR), and many others have made 2023 a very busy year for advocacy work, and we are proud to be the voice of your profession — one that understands how evolving this professionalism will be crucial to navigating a regulatory environment that is increasingly complex.

Ultimately, this is at the heart of what it means to build financial advice into a true profession — to understand that it is a task that is never truly done, but that always exists with an attitude of being prepared to face new challenges and opportunities. The past few years have shown us we will have to support our clients and colleagues through unpredictable conditions. They have shown us in equal measure that there is much we can do to raise the professional bar and make ourselves ready for whatever may come.

Together, I know we will accomplish much.