FPStandard 2021 SPRING - FP Canada
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FPStandard
SPRING
2021
ISSUE 21
Ideas, thoughts and trends in the Financial Planning Profession
The Future Has Never Looked Brighter 1
FP Canada Editorial 3
Meet Our New President & CEO 4
Snapshot of a QAFP Professional 7
Tale of Two Pandemics 8
Skills for the Next Generation
10
of Financial Planners
Reports on Disciplinary Actions 16
By the Numbers
Profile of
the Profession
Here’s a snapshot of the financial
planning profession in Canada, Number of CFP® Number of QAFPTM
based on FP Canada™ data as at Professionals Professionals
December 31, 2020.
16,422 3,643
Gender Male Female Male Female
68% 31% 54% 43%
Other 1% Other 3%
Annual Income
> $ 200k 26% > $ 200k 7%
> $ 100k 55% > $ 100k 41%
Age
On My Mind
The Future Has Never
Looked Brighter
There’s been a lot of water under the bridge since FP Canada’s predecessor
organization was established more than 25 years ago. While the organization’s
founders could not have imagined that 25 years on, we’d still be debating
restricting who can hold out as a financial planner, much has also been
accomplished in furthering our goal of professionalization of financial planning.
Cary List, CFP
Retiring President & CEO As I reflect on our progress, I am 1. In a decade, the “best interest”
of FP Canada reminded of our very first Financial debate of the 2010s will
Planning Week symposium, back sound absurd
in 2009. What stands out most to
me about what’s changed this past The days of consumers accepting
decade is reflected in my memory advice of any sort based on
“ Financial Planning of a debate that took place on the anything less than an expectation
stage that day, on the relative merits that those providing advice are
is Life Planning.” of whether financial planners should always acting with an appropriate
be held to a “client interest first” duty of care and loyalty to their
- Cary List standard. In fact, I remember well clients are, thankfully, rapidly
the words of a senior executive of a coming to an end.
large financial services provider at Consumers are becoming more
the time, who sat on stage and told demanding, and more savvy.
the audience “let’s face it, we’re a The next generation of clients
sales organization first.” How times, are generally less trusting of
and attitudes, have changed! While “professionals” and less likely
much progress has been made in to blindly trust their “advisor”.
professionalizing financial planning, Advisors (and firms that employ
we still have some ways to go. With them) who cannot fully embrace
the onset of new disruption brought this reality will not survive.
on this past year by the global
COVID-19 pandemic, the industry and
the profession remain at a crossroads.
As I pass the torch on to the next 2. Technology and artificial
President & CEO of FP Canada, rather intelligence will live
than reflect on the past, I’d like to leave symbiotically with
you with four thoughts on the future of human advisors
financial planning, particularly in light of
all the disruption facing the profession: Human financial advice in its
traditional form will not survive
the onslaught of fintech tools and
artificial intelligence (AI).
F P S TA N D A R D • S P R I N G 2 0 2 1 • I S S U E 2 1 1
But as robo-advice platforms
“The future of all professions and AI continue to develop, it’s 4. It all adds up to a future of
lies in the services that technology become clear that tech without financial advice that lies in
can’t supplant, and financial humans is also unlikely to survive. 3H Financial Planning
planning is no different.” At the end of the day, humans
without tech and tech without If my first three predictions come
humans both lead to inferior true, this fourth one becomes
advice. It’s the symbiosis of the a foregone conclusion. Without
two that will truly change the a paradigm shift in thinking of
game for the betterment of all. what the financial advice industry
needs to be, there is no future
for human advice. If, however,
3. A shift to financial planning financial advice becomes
as a social science synonymous with a professional
service based on 3H financial
It’s taken 30 years, but there is planning–that is, advice that sees
finally an awakening happening. clients through a holistic lens,
Without a direct link of financial that delivers on the human side
goals to life goals, money is of the equation by employing
only as valuable as the paper empathy and utilizing principles
it’s printed on. Most people of behavioural economics
don’t just want to make more to produce the right client
money, they want to figure out outcomes, and that provides
their lives, and they want the honest, ethical professional
financial wherewithal to live life service, always putting the
confidently. Financial planning is client’s interest ahead of all other
life planning. As a result of this interests–financial planning will
paradigm shift in thinking, in the finally be recognized by society as
decades ahead we’ll see financial a true profession.
planning education shift from
solely focused on math, finance As I watch these ideas and ideals
and business to include, and already being embraced, this is how
in many cases be driven by, an I know financial planning will finally
understanding of—and empathy become a profession, and that the
for—people. future has never looked brighter.
After 15 years as President & Chief Executive Officer of FP Canada,
Cary List will be retiring from FP Canada on June 30, 2021.
2 F P S TA N D A R D • S P R I N G 2 0 2 1 • I S S U E 2 1
FP Canada Editorial
Renewing Canada’s National Strategy
for Financial Literacy
The Financial Consumer Agency of Canada’s well-timed consultation on renewing the National Strategy for Financial
Literacy presents an opportunity to take stock of past efforts and think big about the future.
This winter, the Financial Consumer The renewed strategy sets out a The strategy must prioritize
Agency of Canada (FCAC) wrapped number of ambitious new goals Canada’s youth. While it is important
up public consultations on renewing including encouraging Canadians to to improve financial behaviours in
Canada’s National Strategy for focus on and plan for their futures, adults, there is long-term value in
Financial Literacy for the next five helping them protect themselves, prioritizing youth in financial literacy
years. The FCAC launched Canada’s boosting understanding of financial outreach, to instil positive habits and
first national strategy, called Count products and services, increasing behaviours early, before bad ones are
me in, Canada, for financial literacy savings, and decreasing debt habits. formed. The strategy must lean into
back in 2015. The strategy was The strategy also outlines action the notion of a future focus. It must
launched with a vision to strengthen items for the public, private and help Canadians to gain a clear-eyed
the financial well-being of Canadians non-profit sectors. view of their financial situations,
and their families. It sought to understand how they spend money
mobilize and engage public, private, today and enable them to chart a
Strategic focus areas
and non-profit sectors to empower course for their futures.
Canadians to achieve three key goals: The success of the overall strategy,
The FCAC’s finalized strategy is set
and its positive impact, will depend
to be unveiled this spring. FP Canada
1. to manage money and debt wisely, in large part on three things. The
will continue to support the FCAC’s
strategy must treat self-efficacy
financial literacy efforts and work
2. to plan and save for the future, and as fundamental. While financial
closely with other stakeholders in
knowledge is critical, emerging
support of the strategy’s vision to
3. to prevent and protect against behavioural research suggests
increase the financial literacy and
fraud and financial abuse. knowledge alone may not necessarily
financial well-being of all Canadians.
lead to positive financial decision-
making or outcomes. Rather, higher
self-efficacy (the belief in one’s own
Consumers need confidence
ability to succeed) drives action. The
While these goals continue to be strategy must endeavor to instil this
important, the development of a self-efficacy and self-confidence in
renewed financial literacy strategy is all Canadians.
well-timed. Canadians’ financial lives
are complicated in the best of times.
The financial challenges caused by
the pandemic have reinforced the
importance of ensuring Canadians FINANCIAL
LITERACY
have the financial knowledge and
confidence they need to succeed.
F P S TA N D A R D • S P R I N G 2 0 2 1 • I S S U E 2 1 3
Introducing
Meet Our New President & CEO:
Q&A With Tashia Batstone
We sat down with Tashia Batstone, FP Canada’s new President
& Chief Executive Officer to talk about her career and her interests.
Tashia Batstone, MBA, FCPA, FCA
Incoming President & CEO Congratulations and welcome to my sense of curiosity that led me to
FP Canada. Tell us about your initiate a multi-stakeholder strategic
foresight initiative to explore the
career, and factors that shaped it.
future of the accounting profession.
My career always had a strong focus Understanding the impact of drivers
on professional education and learning. of change including technological,
“ I have always had a deep I began my career in academia and
spent the first 15 years as a university
environmental, and societal issues is
something all professions, including
admiration for FP Canada. lecturer, teaching accounting and financial planning, must consider. I
Financial planning has finance. I loved teaching but as believe all these experiences have
someone who is an avid learner with enriched me and prepared me for my
matured over the years and new role at FP Canada.
a curious mind, I realized in 2007 that
FP Canada has played an I wanted to try something different.
important role in shaping This led me to accept the CEO role at
“As someone who is an avid
this advancement. ” the Institute of Chartered Accountants
of Newfoundland and Labrador. learner with a curious mind,
- Tashia Batstone
But my interest in education and
I love a challenge and
love being challenged.”
learning continued and in 2012,
during the unification of the
accounting profession I accepted Why did you decide to join
the role as Vice-President of
FP Canada?
Education at CPA Canada. In
this role I had the opportunity to After a very successful tenure at
lead the development of the new CPA Canada, I was ready for a change,
CPA Certification program. After and I wanted to lead a purpose driven
successfully launching the new organization. I have always had a
program, in 2016 I was promoted deep admiration for FP Canada.
to the role of Senior Vice-President Financial planning has matured over
where, in addition to pre-certification the years and FP Canada has played
education, my portfolio expanded an important role in shaping this
to include member services, financial advancement, which is a testament
literacy and research. I think it was to the strategic vision and exceptional
4 F P S TA N D A R D • S P R I N G 2 0 2 1 • I S S U E 2 1
leadership of the team at FP Canada. curiosity, empathy, decision making leader it is important to be strategic,
In particular, FP Canada’s vision for and team building, have very much to always look at the big picture first
the future, IMAGINE 2030 really shaped the leader I am today. To me, and then manage the details.
resonated with me. All Canadians it is an obligation—and a privilege—
who strive to build a better life to give back to an organization that Finally, as a woman, I think one of the
deserve the opportunity to have has had such a deep impact on my challenges we all face is trying to
access to a trusted professional own personal development. balance family life and a successful
financial planner. I am excited to now career. What gets lost sometimes
lead a purpose driven organization is finding time to take care of
You are a strong advocate for yourself–I struggle with this every
with such high aspirations for the
diversity and inclusion. How do day. To be at our best at work and in
prosperity of all Canadians.
you see organizations responding our personal lives we need to take
over the next five to 10 years? time to rejuvenate–whether that is
“Working with girls, watching through exercise, mindfulness or
Diversity programs in the work- just enjoying time with friends I think
them grow and develop into place focus on the organization’s its important to find what gives you
confident young women is one of demographic blend and it’s important energy. Finally, I would say no one
the most rewarding experiences to be aware of this in our recruitment can do it all alone–you need
I’ve ever had.” and hiring practices. Inclusion is about champions and supporters both in
ensuring everyone feels a part of the your personal and professional lives
team, which means they are treated so proactively cultivating strong
What is your leadership style? fairly, have equal opportunities and networks is really important.
resources, and can bring their whole
I am a strong believer in teamwork. selves to work regardless of race,
I like to work with collaborative What does your day look like
age, gender or background. Over the
teams to bring about real change. next five years I think organizations when you’re not working?
I attribute much of my success to are going to have to change their
working in high-performing teams, Life can be very busy these days
recruitment models to move away
where the whole is always greater and work can become all consuming
from traditional networks and
than the sum of parts. As a leader I be more deliberate in how they but to be a good leader I very
have always supported open, honest source diverse talent. Organizations much believe we all need time to
communication and fostered an must develop a focused strategy decompress and recharge. As a native
inclusive environment where people that targets diverse populations Newfoundlander, I grew up enjoying
feel empowered to speak openly and with objectives around diversity the ocean and the outdoors. In my
challenge the status quo. and inclusion initiatives that are spare time I really appreciate just
actionable and measurable. getting back to nature. For me that
There has been a very strong vein is usually hiking, skiing, kayaking or
of volunteering in your career. scuba diving. I often say to people
You are the Vice-Chair of World “I am excited to now lead a that I am happiest when I am either
Association of Girl Guides and Girl purpose driven organization on, or under the water. My days start
with such high aspirations for early as I often love to go for a run
Scouts. Can you tell us more?
the prosperity of all Canadians.” or, if the weather is good, for a kayak
I have always been a strong advocate before starting work.
for girls and women, both as a leader
and as a mother. Over the years, I You are the first woman President
have volunteered with girl guides as & CEO of FP Canada. As a
IMAGINE2030
a unit guider and in governance roles seasoned leader, what advice
at the provincial, national, and now do you have for other women
international level. Working with girls, aspiring for leadership positions?
watching them grow and develop into To learn more, visit
confident young women is one of the I would start with finding passion and
most rewarding experiences I’ve ever purpose. If you truly love what you fpcanada.ca/
had. I have been a Girl Guide since I do, your abilities will shine through
was six and the skills I learned within and people see will you as a natural
about/imagine2030
the guiding movement including leader. I would also suggest that as a
F P S TA N D A R D • S P R I N G 2 0 2 1 • I S S U E 2 1 5
FP Canada’s CE Search Tool contains nearly 2,000
approved CE activities from well over 100 providers
• Absolute Engagement • CE-Credits.ca • Industrial Alliance Insurance • One Art Nation
• Academy of Financial • Chartered Professional and Financial services • Ontario Securities Commision
Divorce Specialists Accountants of Ontario • Inside ETFs Canada • Pascal Financial Options Inc.
• Accelerate Financial • CI Global Asset Management • Institute for Divorce Financial • Payments Canada
Technologies Inc. • CI Investments Inc. Analysts • PEAK Financial Group
• ADB Insights • CIBC Asset Management Inc • Institute of Advanced • PFM Capital Inc.
• Advice2Advisors • CLIFE Inc. Financial Planners
• PIMCO Canada
• Advisor Practice • Comfort Keepers • Invesco
• Private Capital Markets
Management • Comfort Keepers BC • Invesco Canada Ltd. Association of Canada
• Advisor.ca • Comfort Keepers Victoria • Investments & Wealth • ProDio Audio Learning Inc.
• Advocis Institute (formerly IMCA)
• Community First - YNCU • Pro-Seminars Ltd.
• Age-Friendly Business • Investors Group
• Concentra Financial Services Securities Inc. • Quality Mental Health
• AGF Investments Inc. Association Interventions Training and
• Bank of Montreal Private • Kingdom Advisors Consulting
• Concentra Trust
Banking • KMI Publishing and Events • Radius Financial Education
• Conference For Advanced Ltd. / Wealth Professional
• BMO - Bank of Montreal Life Underwriting (CALU) • RBC Dominion Securities Inc
Canada
• BMO Financial Group • Corporate Finance Institute • RBC DS Financial Services Inc.
• Knowledge Bureau
• BMO Global Asset • Credit Canada Debt • RBC Global Asset
Management Inc. • Langley Memorial Hospital
Solutions Foundation Management Inc.
• BMO Institute for Learning • Credit Counselling Society • RBC Royal Bank
• Learnedly
• BMO Trust Company • CUSO Wealth Strategies Inc. • ReSolve Asset Management
• Learning Partner
• BMO Wealth Management • Dynamic Funds • Responsible Investment
• Legacy Capitals LLC
• Bridgehouse Asset Managers • Empire Life Insurance Association
• Lesniewski Moore Consulting
• Bruce Etherington & Company Group • SEI Investments Canada
Associates • ETFGI Company
• Life Centered Partners
• Business Career College Corp. • Ethics Audit • Skillsoft Corporation
• Life Transitions by Dr. Amy
• CacheFlo Inc. • Family Enterprise Xchange • SmartBe Wealth Inc
• Louis Jolicoeur
• Canada Life • Fidelity Investments • Spring Planning Inc.
• MD Management
• Canada Life Assurance Canada Ltd. • Steadyhand Investment
Company • Meridian Credit Union Funds Inc.
• Financial Planning
• Canadian Association of Association of Canada • Mindpath Corp. • STEP Canada
Farm Advisors (CAFA) Inc. • Foran Financial Institute • Mindset Consulting • Strategy Institute
• Canadian Association of Gift • FP Canada • Monkey Credits Inc. • Sunshine Coast Community
Planners (CAGP) • Morrison Mortgage Team Foundation
• FP Canada Institute™
• Canadian Compliance & • MRD Training • The Legacy Companies, LLC
• Gen-Connect Training
Regulatory Law & Consulting Inc. • The Personal Coach
• Global X Management
• Canadian ETF Association • MY-CPE LLC Program Inc.
Company LLC
• Canadian Institute of • Neurose Corporation • Transcontinental Media. G.P.
• Harbourfront Wealth
Certified Executor Advisors • New School of Finance • Vancouver Foundation
Management
• Canadian Institute of • Newcom Media Inc • Vision Systems Corp.
Financial Planning (CIFP) • Home Trust Company
• iA Clarington • Ninepoint Partners LP • XTRAcredits
• Canadian Securities Institute
(CSI) • IFSE Institute
• Capital International Asset • ILS Learning Corporation For more information, visit
Management • Independent Financial fpcanada.ca/cesearchtool
fpcanada.ca/researchtool
• CDSPI Advisory Services Inc. Brokers of Canada
6 F P S TA N D A R D • S P R I N G 2 0 2 1 • I S S U E 2 1
Professional Certification
Making a Difference to Clients’ Lives:
Snapshot of a QAFP Professional
Wendy Brookhouse knows about time. “That process took her from
money. The 15-year veteran of someone scared and worried about
financial services has an Executive money, to someone who feels in control
MBA, among other credentials, and super confident.” Brookhouse also
and serves a few hundred clients lauds the course’s analytical approach
at Black Star Wealth, the firm she to managing client behaviours. “I’ve
founded in Halifax in 2013. But it always believed that the behavioural
was not until she recently received economics piece was key to the
her Qualified Associate Financial success of our clients,” she says.
Wendy Brookhouse, QAFP Planner certification that she became How people manage their money has
Financial Advisor & Money Coach, fully confident about using her a profound impact on their lives but
Founder of Black Star Wealth accumulated knowledge to craft making those decisions can be hard.
financial plans for clients. With QAFP certification under her belt,
In her practice, Brookhouse says Brookhouse says she now has a deeper
she takes a “holistic,” approach; that appreciation of people’s priorities and
includes counselling her clients, diverse needs and offers advice that
“ I was a skeptic before who include physicians and business
owners as well as individuals with
supports their goals. “That’s where
confidence begins,” she says.
taking it,” but “I got to
every day financial planning needs,
appreciate the nuances about everything from spending
and the technical aspects to debt reduction, to investing. “I consider myself
Brookhouse says a lot of people
and the background that worry about money, and often don’t
a friction point remover.”
I really didn’t understand know whom to turn to or where to
start. She uses what she calls a
or know; it has really “one-number” solution, that helps Ongoing learning
upped my game. ” clients take the pain out of dealing
with their money, and frees them up
Brookhouse also believes that
- Wendy Brookhouse all advisors should pursue QAFP
to focus on the rest of their lives. certification as part of their
continuous professional development.
Elevating your knowledge That’s partly because of the changes
in the financial advice industry
Brookhouse says she wasn’t at first
that are occurring faster than ever,
certain but after pursuing the QAFP
both with respect to products and
designation, she now believes everyone
regulation. She also notes that
who meets with clients should add the
technology is evolving rapidly,
QAFP certification to their toolkit.
which will change the nature of the
As an example, she recalls recently profession. “That means to remain
helping a nervous client understand relevant we have to change what we
that she could afford to retire at any do for our clients,” she says.
F P S TA N D A R D • S P R I N G 2 0 2 1 • I S S U E 2 1 7
Research
Helping Canadians Emerge in
Strong Financial Shape After COVID-19
The COVID-19 pandemic has presented many Canadians across the country
with major financial challenges. Yet still too few are turning to professional
financial planners to help them manage their money and chart a roadmap
towards long-lasting financial well-being. This historic crisis has shown how
financial planners can step up to the challenge by tailoring their expertise to
meet this urgent need.
As we pass the one-year anniversary with one-in-six Canadians, and nearly
of the World Health Organization one-in-five women, forced out of the
declaring COVID-19 a pandemic, the labour force entirely.
crisis continues to wreak personal and The survey also found that Canadians
financial havoc on many Canadians. were experiencing two vastly
While millions of us continue to work different pandemics. Half of workers
from home, many Canadians still find in Western Canada said the pandemic
themselves displaced. FP Canada’s impacted their work life, compared
Tale of Two Pandemics survey took to just over a third (34%) of workers
the pulse of Canadians’ feelings about in Eastern Canada. Canadians who
their financial situation via a series of worked with a professional financial
questions about the past year. planner were almost 25% less likely
The survey found that nearly two-in- to say household expenses rose (28%)
five Canadians (39%) working at the during the pandemic compared to
outset of the crisis have either lost those who did not (37%) work with
their jobs, taken a pay cut or had their a planner.
hours decreased over the past year—
Critical information for
financial planners
The survey results contain valuable
information for financial planners in
every region of the country.
“Now more than ever, Canadians
across the country need our help —
yet too few of them are reaching out
to us,” says Stacy Whytewood, a
Qualified Associate Financial Planner
professional in Moncton, N.B. “It’s
important for people to take a hard
look at their finances and expenses
and put together a sound financial plan
to help them weather any storm, but
most importantly, reach their goals.”
8 F P S TA N D A R D • S P R I N G 2 0 2 1 • I S S U E 2 1Nationally, the survey found only The value of financial planners on Eastern versus Western Canada,
three-in-ten Canadians are working The survey also contains insight into with a figurative line drawn along the
with a professional financial planner. potentially beneficial marketing and Manitoba-Ontario border.
outreach efforts of financial planners: 49% of Western Canadians who
• Many of the 30% of Canadians who were working as the pandemic began
“It’s important for people to take say their professional lives have
a hard look at their finances and say they work with a professional
financial planner report they’re been negatively impacted by the
expenses and put together a sound better able to control their spending. crisis, compared to 34% of Eastern
financial plan to help them weather Canadians. Workers in Western
any storm, but most importantly,
• More Canadians who don’t work Canada, already hurting due to the oil
with a planner reported an increase price collapse, were also 50% more
reach their goals.” in expenses (37%) during the likely to have been forced from the
- Stacy Whytewood, pandemic compared to those who labour market (21%) or experienced a
QAFP professional do (28%). pay cut (19%) than Eastern Canadians
• In fact, those who work with a (14% and 13%, respectively).
While most Canadians are not planner were 50% more likely to say What’s more, nearly two-in-five
currently using a financial planner, their expenses decreased during the (37%) Western Canadians say their
the survey reveals an additional 12% pandemic, in part due to having the household expenses have increased
would like to, particularly Canadians know-how and guidance to budget during the pandemic, compared to
aged 18 to 34 (22%). and prepare for an emergency. 32% of Eastern Canadians.
“It’s crystal-clear what this data Amid a historic crisis, Canadians
is telling us,” says Kevin Cork, The East-West divide everywhere can greatly benefit
a Certified Financial Planner Regional differences in the data from the unique expertise offered by
professional at Calgary-based the highlight the need for financial professional financial planners who
Absolute Group/FundEX Investments planners in Western Canada in step up to the challenge by tailoring
Inc. “Canadians everywhere, especially particular. The survey showed a clear their expertise to meet these urgent
younger Canadians, want and need difference in the pandemic’s impact and unique needs.
help. But it must be specific to their
individual challenges as they navigate
the pandemic and take into account
For a more detailed look at the research,
their preferences, as digital natives—
25-year-olds, for example— will
visit the Updates and Insights section at
demand a digital-first approach to fpcanada.ca/news
a financial plan.”
F P S TA N D A R D • S P R I N G 2 0 2 1 • I S S U E 2 1 9The FP Canada Institute
Skills For the Next Generation
of Financial Planners
Financial planning is undergoing a dramatic transformation, driven by
technological advancements, and shifting consumer needs. To stay at the
leading edge of the profession, financial planners of the future will need strong
Advanced Certificate holistic financial planning skills, a deep understanding of human behaviour and
in 3H Financial Planning
TM
an enduring commitment to honesty and ethics.
The FP Canada Institute recently The feedback from participants has
introduced the Advanced Certificate already been exceptional.
in 3H Financial PlanningTM, a program
specifically designed for CFP The flexibility of choice
professionals’ continuous professional
development. Developed after extensive The program comprises 15 interactive
surveys and consultations with CFP courses that participants can take
professionals and employers, the at their own pace. To receive the
program goes beyond technical skills, Advanced Certificate in 3H Financial
and offers hands-on learning in the Planning, participants must complete
areas of Holistic Financial Planning, all 15 courses. However, students may
Human Behaviour and Honesty choose a set of courses packaged into
and Ethics (3H). The program was “concentrations”, or select individual
developed after in-depth research into courses according to their preference.
how technology and automation are CFP professionals said the program
reshaping the role of a financial planner offers in-depth insights into how the
and an analysis into the skills financial 3H concepts apply to all stages of the
planners will need for effective client financial planning process, from the
engagement to drive stronger client initial discovery conversation all the
outcomes, today and in the future. way to reviewing and supporting
client actions.
“There’s a lot of technical
content out there that explains
the ‘what’, but this program does
a great job of focusing on ‘the
how’ through the use of tools and
examples. It has really changed
the way I approach interviews.”
- Daniel Dessureault, CFP,
Vice-President, Advanced Sales, Ontario,
PPI Advisory in Toronto, ON
10 F P S TA N D A R D • S P R I N G 2 0 2 1 • I S S U E 2 1Real-life case studies
“There aren’t too many opportunities to study ethics in the financial
The Advanced Certificate program in planning space. It’s great to be able to go directly to the licencing
3H Financial Planning also contains body and understand how they interpret the Code of Ethics in real-life
real-life case studies and other tools
that financial planners can readily scenarios. It really doesn’t get much better than that.”
implement to help them better serve - Tracey Britt, CFP, professor, George Brown College, Toronto, ON
their clients. Candidates who took
the Honesty and Ethics concentration
found great value in how the program
helped reinforce the Standards of
Professional Responsibility, cutting
through the jargon to walk them
through concepts that are applicable
to the work they do.
“I just love how the course focuses
on one topic and the worksheets
at the end are like ‘now let’s apply
this to real life situations’. 3H Financial Planning
That’s really powerful and it has
given me the confidence to ask those At its heart, the concept of 3H is about looking at people’s lives as a
whole and the ability to see clients’ needs through this holistic lens.
deeper questions with clients.”
In fact, 3H financial planning—planning that is human, holistic, and
- Shane Schneider, CFP, honest—is the foundation of the FP Canada Institute’s approach to
Senior Financial Advisor, education for the profession.
ATB Securities, Lloydminster, AB
Beyond just the technical skills, 3H financial planning places a strong
emphasis on behavioural and relationship skills so that financial
planners can better connect with their clients on a human level,
and communicate more empathetically. Financial planners will also
benefit from a deeper understanding of how factors that drive client
decisions, and how behavioural economics and client psychology
Learn more about the influence financial decisions. Above all, 3H also emphasizes the need
for financial planners to always put their clients’ interest ahead of all
Advanced Certificate in
other interests.
3H Financial Planning at
As the financial planning profession continues to evolve and adapt to
fpcanada.ca/planners/ the changing times, the FP Canada Institute will fulfil its mandate of
continuous-professional elevating professional financial planning practice by helping planners
enhance their knowledge and skills, and by equipping them with the
-development tools they need to serve their clients as fully and as effectively as possible.
F P S TA N D A R D • S P R I N G 2 0 2 1 • I S S U E 2 1 11Volunteers
Giving Back to the Profession
FP Canada fulfils its mandate What’s involved with
through the support of its many volunteering with the Media
volunteers. Each year, more than
250 professional financial planners
Ambassador Program?
and other stakeholders generously
volunteer their time and expertise to
Jackie:
a range of important activities. We One of the reasons I volunteered
asked two volunteers what it was with FP Canada is because I deal
like volunteering with FP Canada: with the media so much in my
Jackie Porter, CFP professional life. My role as a Media
• Jackie Porter, CFP, and founder
Ambassador involves sharing with
of Team Jackie Porter, a division
Canadians messages on the benefits
within Carte Wealth Management
of financial literacy and why it’s so
Inc., Mississauga, Ontario. Jackie is
important for every Canadian to have
a volunteer Media Ambassador
a financial plan, irrespective of their
• Robert An, CFP, a financial age or wealth. I do interviews with
“ Volunteering with FP Canada planning specialist with CIBC and
works closely with the firm’s Wood
TV, print and radio outlets, discussing
economic trends, consumer surveys
means you are working with Gundy clients. Robert is a member that FP Canada publishes and other
an organization that’s of the CFP exam panel trends that impact the personal
finances of Canadians. FP Canada
supporting you, supporting offers intensive media training to
Describe your FP Canada
your efforts, and helping volunteering experience
all Media Ambassadors, which has
helped me enhance my knowledge
you grow professionally. It’s and skills and engage with the news
important for planners to Jackie:
media as a personal finance expert.
”
give back to that. It has been a really positive
experience. One of the reasons I
What’s involved with
- Jackie Porter volunteered with FP Canada is that
I’m really passionate about promoting volunteering on the FP Canada’s
financial literacy. I am just grateful CFP Exam Panel?
for the opportunity to do that. It’s a
win-win. Robert:
In a broader sense, we review
Robert: questions [that will be asked on the
I can’t say enough about the good job FP Canada certification exams].
the FP Canada team is doing. They’re Typically, the work involved is five
very courteous, professional, and very months on and one month off.
prepared in terms of onboarding new So, in the five-month period, we
volunteers and explaining the processes look at two sets of different
and expectations. questions–one multiple choice and
the other is constructed response.
12 F P S TA N D A R D • S P R I N G 2 0 2 1 • I S S U E 2 1The constructed response questions your efforts, and helping you grow
are tied to a case study. professionally. It’s important for
We spend quite a bit of time with planners to give back to that.
constructed response questions, I’ve found in my experience of
which require different expertise. My volunteering that it always comes
tax background complements skills back in a positive way, whether it is
of other volunteers on the panel, who enhanced skills and knowledge that I
may have a stronger estate planning can take back to my clients or by way
or insurance background, for example. of referrals.
We work collaboratively to examine Your clients also recognize that you’re
how the questions are written and giving back to an organization that
then refine them further. I have also regulates you.
been a volunteer marking the CFP
exam on a few occasions.
Robert:
It’s fulfilling in the sense that we Robert An, CFP
Why should others consider
are able to shape the future of the
volunteering with FP Canada? financial planning industry. That part
is really rewarding. By volunteering
Jackie: directly with an organization that
Volunteering with FP Canada means issues designations, you also
you are working with an organization connect with the latest industry
that’s supporting you, supporting developments. “ There are opportunities for
professional development
credit hours and networking.
FP Canada Volunteer Opportunities It’s nice to get to talk to
people from around the
FP Canada FP Canada Institute country who do similar
• Board of Directors • Professional Education things as you but with
• Career Recruitment Ambassadors Program Assignment and
Assessment Marker different companies.”
• Media Ambassadors
• Public Policy Ambassadors
• Part-time Faculty for
Professional Education Programs
- Robert An
FP Canada Standards Council FP Canada
• Certification Exam Item Writer Research Foundation
• Certification Mock Exam Writers • Board of Directors
• Certification Exam Marker • Research Committee
• Standards Panel
• Conduct Review Panel
• Disciplinary Hearing Panel Roster
• Certification Exam Panels
F P S TA N D A R D • S P R I N G 2 0 2 1 • I S S U E 2 1 13Recognition
President’s List, QAFP Exam Award of Merit Candidates
FP Canada President’s List and the newly instituted QAFP Exam Award of Merit recognize students who achieved the
highest scores on the CFP Exam and the QAFP Exam. FP Canada congratulates these individuals for their exceptional
performance on the November 2020 administration.
Rory Drennen Jarrett Holmes
President’s List President’s List
1st place 2nd place
RBC Ironshield Financial
Ottawa, ON Planning
Winnipeg, MB
As financial markets become increasingly sophisticated, My decision to become a financial planner stems from my
the need to develop comprehensive financial plans for desire to help people take a proactive approach towards
clients and help them make the right decision is more planning their future. By helping clients align their financial
important than ever. Building relationships with clients and affairs with their larger life goals, I believe clients experience
helping them achieve their financial goals is a gratifying increased fulfillment and are able to live their lives more
process–and also the reason I chose to be in the financial confidently. I recently started my virtual financial planning
planning industry. I am excited to be named to the President’s practice and just began accepting clients. My long-term
List. The CFP certification has given me the skills necessary career goal is to be a trusted advisor to my clients. I would
to advise clients on how to allocate resources in the most eventually like to become a mentor to young planners
efficient way and help them achieve their personal goals. who are starting out.
Thinking of retirement?
Retiring doesn’t have to mean losing all connection with the profession.
The FP Retired status preserves your recognitions, helps you to stay connected
and give back to the profession.
To learn more
With the FP Retired status, you will: or apply, visit
• Continue to be listed on FP Canada’s Find Your Planner tool, as a retired professional
fpcanada.ca/
• Be eligible to volunteer with FP Canada’s board and panels planners/fp-retired
• Receive newsletters, other relevant information from FP Canada and much more
14 F P S TA N D A R D • S P R I N G 2 0 2 1 • I S S U E 2 1Kristopher Kibler Nicole Robyn
President’s List QAFP Exam
3rd place Award of Merit
Flight Path Financial RBC
Planning Hamilton, ON
Calgary, AB
I started my professional career at a Big Four accounting I am honoured to be a recipient of the first QAFP Exam
firm, where I earned my Chartered Professional Accountant Award of Merit. I chose financial planning as a career as
designation and developed the knowledge for financial I have a deep passion to work with and help people make
literacy. Through conversations with a friend who worked the right decisions. Many Canadians today are looking for
as a financial planner, I realized my real passion—working reliable, trustworthy financial planners to help them make
directly with people—and I chose to become a Certified complex financial decisions and navigate significant life
Financial Planner professional. I am humbled to be events. As a QAFP professional, I can confidently provide
named to the President’s List. This recognition gives me clients the advice and guidance they need, and I look forward
further motivation to continue on the path of professional to helping individuals and families achieve their goals, plan
development in the field of financial planning. for the future and deepen my knowledge along with way.
Nominations Open
for FP Canada Fellow distinction and
Donald J. Johnston Lifetime Achievement Award!
Know someone who’s had an outsized impact on the financial planning profession?
Nominate them for Nominate them for
the FP Canada Fellow distinction at the DJJ Award at
fpcanada.ca/about/fp-canada-fellow fpcanada.ca/about/djj-award
F P S TA N D A R D • S P R I N G 2 0 2 1 • I S S U E 2 1 15Enforcement
Reports on Disciplinary Actions
Where CFP professionals or QAFP professionals have been found by a
Hearing Panel of the FP Canada Standards CouncilTM (the “Standards
Council”) to have engaged in conduct that breaches FP Canada Standards
Council Standards of Professional Responsibility, the Hearing Panel may
impose disciplinary sanctions ranging from a letter of admonishment to
permanent revocation of certification.
The Standards Council publishes all Hearing Panel decisions in accordance
with the provisions of the FP Canada Standards Council Disciplinary Rules
and Procedures. Discipline Reports and Hearing Panel Decisions can be
accessed at: fpcanada.ca/canadian-public/disciplinary-actions
Allen, Barbara (Windsor, ON) November 2020
• Ms. Allen was certified by FP CanadaTM as a CFP® professional in April 1998
and was a member in good standing at the time of the disciplinary hearing.
• Ms. Allen admitted that she failed to act with integrity and engaged in conduct
involving dishonesty, fraud, deceit or misrepresentation by advising her client
to sign her estranged husband’s name on two Registered Education Savings
Plan (RESP) withdrawal forms and by signing her own name in the agent
section despite knowing she was not the agent on record.
• The Hearing Panel ordered that Ms. Allen receive a Letter of Reprimand,
complete three hours of Continuing Education (CE) in the category of Practice
Management in addition to the existing annual CE requirement and pay costs
to the Standards Council in the amount of $1,200.
• As of December 3, 2020, Ms. Allen has complied with the cost requirement.
Majeed, Michael (Markham, ON) January 2021
• Mr. Majeed was certified by FP CanadaTM as a CFP® professional in January
2005. His certification was suspended by FP Canada on an exceptional interim
basis, in November 2014.
• Mr. Majeed admitted that he is presumptively barred from reinstating his
certification with FP Canada as a result of being convicted of a number of
criminal offences in two separate cases.
• Mr. Majeed was convicted, in June 2015, under the Criminal Code of
Canada of obtaining credit by false pretences and causing a mortgage
broker to act upon fraudulent rental agreements.
• In October 2017, Mr. Majeed was convicted of, among other things, a total of
18 counts of fraud, attempted fraud and money laundering. The conviction
was the result of Mr. Majeed’s involvement in a fraudulent scheme involving
26 fraudulent credit applications made by fictitious businesses to institutional
lenders to obtain loans and lines of credit in excess of $4.2 million dollars.
16 F P S TA N D A R D • S P R I N G 2 0 2 1 • I S S U E 2 1Enforcement
• On December 3, 2020, the Hearing Panel found that Mr. Majeed engaged in
professional misconduct.
• Following receipt of written submissions from counsel to the Standards Panel
and Mr. Majeed, the Hearing Panel convened to deliberate on Penalty on April 13,
2021. In accordance with Article 8.3 of the Disciplinary Rules and Procedure, the
decision on Penalty is expected within thirty (30) days from that date.
Hucul, David (Coquitlam, BC) January 2021
• Mr. Hucul was certified by FP Canada™ as CFP® professional in August 1999
and was a member in good standing at the time of the disciplinary hearing.
• Mr. Hucul admits that he failed to act with diligence and failed to exercise
reasonable and prudent professional judgment, by processing a $500,000
redemption in a client’s account based on email instructions from a third party
who had gained unlawful access, unbeknownst to Mr. Hucul, to the client’s
email account. By the time the fraudulent conduct was discovered, $100,000
had been misappropriated from the client’s account.
• The Hearing Panel ordered that Mr. Hucul’s CFP certification and entitlement
to use the CFP marks be suspended for a period of six (6) months (from
January 8, 2021 to July 8, 2021). Prior to reinstatement, Mr. Hucul must
successfully complete the FP Canada Institute™ Introduction to Professional
Ethics program. Mr. Hucul was also ordered to pay costs to the Standards
Council in the amount of $1,500.
Note: an earlier version of the disciplinary action summary of Mr. Hucul incorrectly
stated that Mr. Hucul admitted that he failed to act with integrity. Mr. Hucul did not
admit this allegation and the FP Canada Standards Council Discipline Hearing Panel
accepted that removal of the allegation was appropriate, given the facts of the case.
FP Canada apologizes to Mr. Hucul for the error.
Movassaghi, Mo (Vancouver, BC) March 2021
• Mr. Movassaghi was certified by FP CanadaTM as a CFP® professional between
February 2015 and March 2017 when his certification lapsed due to voluntary
non-renewal.
• The Hearing Panel found that Mr. Movassaghi engaged in professional
misconduct by, among other things, engaging in conduct involving dishonesty
when he forged his client’s signature on account documents including trading
documents and account transfer documents; and that he failed to disclose
the conflict of interest to his client arising from the fact that he was both her
landlord and her financial planner, and failed to obtain her written consent to
continue managing her investments.
• The Hearing Panel reconvened to deliberate on Penalty on March 10, 2021.
• On March 23, 2021, the Hearing Panel ordered that, effective immediately,
Mr. Movassaghi is permanently banned from seeking renewal or reinstatement
of his CFP certification or any other certification with FP Canada, and from using
the CFP certification marks and/or holding himself out as a CFP certificant.
The Hearing Panel also ordered Mr. Movassaghi to pay costs in the amount
of $15,000 by May 24, 2021.
F P S TA N D A R D • S P R I N G 2 0 2 1 • I S S U E 2 1 17PW 2021
F ual!
is virt matter
s no
Join u re you’re
whe ated.
loc
Save the date
Join us at the Financial Planning Conference
from November 23 to November 25
during Financial Planning Week, where you can
Connect, Grow, Achieve
fpcanada.ca
902-375 University Ave. Toronto, ON M5G 2J5 • info@fpcanada.ca • 416-593-8587 • Toll Free: 1-800-305-9886
CFP®, Certified Financial Planner® and CFP logo are trademarks owned by Financial Planning Standards Board Ltd. (FPSB) and used under license.
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