Financial Planning Standards Council is a not-for-profit organization that develops, promotes and enforces professional standards in financial planning through Certified Financial Planner® (CFP) certification.
FPSC is dedicated to driving value and instilling confidence in financial planning. As a standards-setting and certification body, FPSC ensures CFP® professionals and FPSC Level 1® Certificants in Financial Planning meet appropriate standards of competence and professionalism through rigorous requirements of education, examination, experience and ethics.
CFP® designation: The standard
Long considered the standard for financial planning in Canada, the CFP designation provides assurance to Canadians that the design of their financial future rests with an appropriately qualified professional who will put their clients’ interests ahead of their own.
There are approximately 17,000 Certified Financial Planner professionals across Canada, part of an international network of more than 160,000 CFP professionals in 26 territories around the world.
FPSC ensures that CFP professionals and FPSC Level 1 certificants meet appropriately high standards of knowledge, skills, abilities and ethics through rigorous requirements for education, examinations and experience. To obtain the CFP designation, candidates must complete a rigorous education program, pass two national exams and have three years of qualifying work experience. To maintain certification, every year they complete new professional education courses and agree to adhere to the Standards of Professional Responsibility for CFP Professionals and FPSC Level 1 Certificants in Financial Planning.
CFP® professionals have an obligation to ensure that their knowledge and competence remains current. To renew CFP certification, CFP professionals must attest to completing 25 hours of Continuing Education (CE) activities each year. FPSC Level 1® Certificants in Financial Planning must complete 12 hours each year.
Why? CE requirements help maintain the integrity and reputation of the certification and of those who hold it, ensuring that the knowledge and competence of CFP professionals and FPSC Level 1 certificants remains current and continues to expand.
What types of continuing education qualify?
Financial Planning CE activities that fall within the Financial Planning category must be related to one or more aspects of the CFP Professional Competency Profile, the foundation of certification requirements leading to CFP certification. CE in this category may relate to one or more of the financial planning areas, professional skills and technical knowledge.
Professional Responsibility Qualifying CE requires the application of the standards, principles and rules outlined in FPSC’s Standards of Professional Responsibility for CFP Professionals and FPSC Level 1 Certificants in Financial Planning. CE that focuses on direct knowledge of the Standards of Professional Responsibility rather than their practical application will not qualify. Application-oriented CE may commonly be delivered by such means as discussion, debate, storytelling, case studies and role-plays with the purpose of guiding CFP professionals and FPSC Level 1 certificants in the face of what may be difficult ethical decisions or challenges of practice.
Product Knowledge Qualifying CE includes the product knowledge that planners may use to advise on and sell products or comment on products held by their clients. CE in this category may be focused on any financial planning product, including investment, insurance or debt. Ideally, CE should present a balanced view of the product that includes features and benefits as well as client suitability, risks and costs. The content of CE should help you make product recommendations based on the fit of the product with your client’s situation rather than on the product’s returns, which you don’t control.
Practice Management Qualifying CE includes the knowledge and skills used in building professional relationships and growing a professional practice. CE in this category may include activities focused on prospecting skills, business development behaviours, actions and/or processes, business planning skills, networking skills and sales skills.
Giving Back Qualifying CE includes the knowledge and skills gained from volunteering with community organizations, industry associations, charitable groups or others to help Canadians understand the importance of financial planning and enhance their financial well-being. CE in this category may include involvement in pro bono teaching or development of education programs, community involvement, development of published financial planning research, or involvement in financial planning-related committees, task forces, or focus groups. Non-approved activities may still meet annual CE requirements, although these activities are subject to audit by FPSC.
CFP’s use the FPSC-Approved CE Search Tool to find CE activities approved. Choosing FPSC-Approved activities provides assurance that the CE activity you take is application-based and specific to the standards, principles and rules outlined in the FPSC® Code of Ethics, FPSC® Rules of Conduct or FPSC® Financial Planning Practice Standards found in the Standards of Professional Responsibility for CFP Professionals and FPSC Level 1 Certificants in Financial Planning. If the course is not FPSC-approved, CFPs are responsible for assessing whether it meets the requirement.
CFPs can be audited each year. FPSC will audit a percentage of CFP professionals and FPSC Level 1 certificants are chosen randomly for CE audit to ensure that they are compliant with CE requirements. XTRAcredits.com is an approved CE provider and has met all the criteria under the FPSC Continuing Education Guidelines. CFPs can access a growing list of courses that are webinar based or in the classroom courses or on demand online continuing education courses available anytime and anywhere at www.XTRAcreditsVT.com.
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XTRAcredits is a full service boutique that provides continuing education led by top performance leaders from across the globe. The yellow pages for everything continuing professional development credit related.
More about FPSC. Committed to maintaining its own quality standards, FPSC is one of only six certification bodies in Canada to have received ISO 17024 accreditation from the Standards Council of Canada for meeting globally recognized standards for certification bodies. Based on internationally recognized criteria and procedures, this accreditation assesses and recognizes the credibility, impartiality and technical competence of FPSC’s certification services.
Contact: Caroline Horcher
Manager, Public Affairs
416.593.8587 or 1.800.305.9886, ext. 232
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