In Ontario today, there is no title protection for financial planners and financial advisors. Families risk receiving financial planning and advisory services from individuals who may not be appropriately qualified to help them save for the future. Lack of title protection undermines professionalism and confidence in those offering financial planning and advisory services.

The government is moving forward with proposed legislation to protect titles for financial planners and financial advisors in Ontario. The proposed new framework is being developed for the financial services industry to require that individuals using the financial planner and financial advisor titles have an appropriate credential. Financial planners and financial advisors would benefit from the knowledge that professionals in their space would be held to a higher standard. Families would be able to reach their financial goals with the confidence that they are dealing with someone who has adequate training and expertise. The new title protection framework will take a measured approach to enhance consumer protection without introducing unnecessary regulatory burden, and will be mindful of the current regulatory oversight of licensees and registrants.

At E.E.S., all our planning consultants must hold, at minimum, the CFP designation.  As Canada’s oldest “fee only” financial planners, we welcome the new legislation preventing anyone from qualifying themselves as a financial planner.