Advocis, The Financial Advisors Association of Canada, announced on Feb. 18 the launch of the Professional Financial Advisor designation (PFA), which it calls “the new benchmark credential for Canadian financial advisors.”

“Sound financial advice is needed now more than ever, and governments are moving forward to protect consumers with regulations that require all financial advisors to hold a valid credential,” says Advocis President and CEO Greg Pollock. “The PFA designation will help ensure the quality of advice available to Canadians and close the credentials gap, as three quarters of licensed or registered advisors do not currently hold a professional designation of any kind.”

The development of the PFA program was informed by a pilot program initiated last year, which attracted more than 350 participants.

“The PFA curriculum is grounded in the fundamental technical knowledge required to assess the best solutions for clients to achieve their financial goals, including financial planning foundations, taxation and investment planning, and retirement income planning,” says Advocis.

PFA candidates also learn practice-management skills to build and grow a successful financial advisory practice, including sustaining client relationships, prospecting and marketing and business planning, says Advocis, adding that the program also puts a strong emphasis on compliance and ethical practices, from the legal and regulatory framework to professional standards and conduct.

Advocis says it is possible for participants to work full time and complete the PFA program in 24 months. Upon completion, PFA designation holders receive advanced standing for nine of the 12 core curriculum modules within the Advocis Core Curriculum Program for QAFP™ and CFP® Certification, and the CLU® designation program.

Applications for the PFA program are open through March 31, with courses beginning April 1. For more information about the PFA designation and to apply online, visit: advocis.ca/pfa.