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on any investment recommendation. Many Life Insurance Agents hold themselves out as 'Financial Advisors' after taking a single course on insurance. Banks promote some of their people as 'Financial Advisors', when in fact they have taken a simple course in Mutual Funds and have in most cases no experience beyond that bank's products. There are some very good and well qualified people in all of these professions and financial institutions. But, the point is, how do you tell the difference?
Shortly after the incident with the Judge, I joined the Canadian Association of Financial Planners (CAFP). As a member I was required to subscribe to their code of ethics and answer to their disciplinary committee. In this way my clients would know that I had attained a certain level of competence and that they could report me to the Association if I did something wrong. The Association grants the RFP (Registered Financial Planner) degree. To maintain that degree I must be a Regular member of the CAFP and have at least one Academic degree (such as CFP, CLU, CA. etc) in one of the disciplines. 1 must then have at least two years experience with a firm and have passed a six hour competency exam, which covers all areas of financial planning. In addition, I must produce proof of at least $1,000,000.00 of Errors & Omissions Insurance, subscribe to the Code of Ethics and adhere to the “Six Step Process”. Each year I must prove that I have kept up to date with new developments through their requirements for continuing education.
Ten years ago there was no industry as it emerged because the average investor required someone to guide them through the complexity of the tax regulations and investment choices. I think the growth of the industry is due in no small part to the growth in service industries. As everything in our daily lives becomes so specialized we need to turn ever more to people who specialize in areas we need help in. Today the association is recognized as the national organization for the regulation and development of in Canada. It is possible to phone in any major city in Canada to Inquire if someone is a regular member, an associate member in good standing, or is even a member at all. In British Columbia the Association is called the British Columbia Association of Financial Planners. The phone number is (604) 684-8843.
Last month I was honored to be elected President of the British Columbia Association of Financial Planners. Bring on that disbarred lawyer!
Copyright 2004 – www.money-software.com
Peter F. Baigent CFP, CLU, CHFC, RFP. is a Past President of the Canadian Association of Financial Planners for British Columbia, a former Director of the Canadian Association of Financial Planners. He has spoken across Canada on financial planning matters and has taught courses for the Chartered Financial Consultants & Certified Financial Planners degrees. He is the founder of Money Minders Software which produces financial planning software.
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