FP Canada changes certification programsBy The IJ Staff | October 01 2019 09:48AM
FP Canada is announcing some key changes to its certification programs, introducing new mandatory education programs, a new designation and a new path or schedule of examinations for those interested in sitting for their Certified Financial Planner (CFP) designation.
The organization says it will introduce new education programs that will become mandatory for certification candidates in 2020. The programs will focus on holistic financial planning, interpersonal and communications skills, behavioural economics, client psychology and ethics. Registration for the new courses opens October 1. Its new designation meanwhile, the Qualified Associate Financial Planner (QAFP) certification will replace the FPSC Level 1 certification, effective January 2020.
“The new QAFP is really designed to enable more advisors to get into financial planning in order to serve the mass market’s needs,” says FP Canada’s president and CEO, Cary List. “Not everybody needs to be served by the highest level of knowledge and skill of a CFP. The QAFP is created in the image of the CFP but for Canadians with less complex financial needs.”
FP Canada is also changing the path candidates take to CFP certification, by introducing a direct path where candidates will no longer be required to earn an initial certification (FPSC Level 1 or QAFP certification) to be eligible for CFP certification.
“All of this is really part of the re-creation of the FPSC (Financial Planning Standards Council) into FP Canada. This was not just a name change, this was a fundamental move forward,” List adds. “We announced the changes really to make sure that financial planning continues to develop as a profession that serves the needs of Canadians.”
Candidates have until the end of October to register for the November sittings of the CFP exam and the last sitting of the FPSC Level 1 exam before the changes are implemented.