Who can be a financial planner in Canada? You may be shocked to find out.

Did you know that anyone in Canada, outside of Quebec can call themselves a financial planner?  No wonder thieves like Earl Jones, who scammed over 158 investors, and mostly seniors, out of over 50 million dollars, can exist for so long before being caught.  When the news broke, Canadian’s were shocked that anyone can hang their hat out as a professional and set up shop giving financial advice.  The lack of regulation has led to market confusion.

The industry needs to change this and Cary List from the Financial Planning Standards Council (FPSC) are leading the charge.  Cary also serves with myself and 13 others on the Steering Committee for Financial Literacy.  In a recent conversation, Cary and I were lamenting about how the industry’s regulation or lack thereof is confusing for those of us in the industry – what about the public?  How are you supposed to know how to shop around for financial advice, check if someone is licensed to sell financial services products or give qualified advice?

I’ll be watching the FPSC to see what changes they’re able to have enacted in Canada’s financial industry.  If you’d like to learn more about their efforts, you can view their latest press release here.