Financial Planning Week

The well-being of Canadians hinges on sage advice from a true professional


Getting professional financial planning advice can help Canadians navigate the decade ahead with confidence

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By Cary List, CFP,
President and CEO,
FP Canada  

It’s fair to say that health and well-being continue to be top of mind for all Canadians, as we continue to navigate through a global health crisis unlike anything we’ve experienced in generations. In addition to the significant impacts it’s had on the physical and mental health of many Canadians, the COVID-19 pandemic has also impacted nearly every other aspect of our lives, from work and school to our social lives and, unquestionably, to our financial well-being and confidence.

Financial wellness is a core component of overall well-being. Given the many financial hurdles Canadians have faced in 2020, including job loss or salary cuts, and growing levels of debt, this year has served as a vital reminder of the important role sound financial planning and sage advice play in achieving financial wellness. 


Financial Planning Week is always a welcome reminder of just how important financial planning is, and in light of the unexpected challenges that this year has thrust upon us, the benefits of working with a professional financial planner are clearer than ever.

Financial planning can mean the difference between achieving all of one’s long-term aspirations and failing to make any progress at all. It’s the difference between being well prepared and resilient in the face of financial crisis, and being caught completely off guard by unexpected hurdles like the ones Canadians have faced this year. Ultimately, sound financial planning is a key to living life confidently. 

When it comes to financial planning, getting personal guidance and counsel from the right person is more critical than ever. Not just anyone can provide the kind of expert advice needed to help Canadians achieve the financial well-being they seek. 

First, it’s essential to choose a true professional – one who has proven knowledge, skills, experience and ethics to give the personalized advice Canadians need, while always putting the clients’ interests first.

But knowing how to choose the right adviser isn’t always easy. In fact, in most provinces, it’s hard to even know who is qualified to provide what type of financial advice, since, outside of Quebec, there are currently no restrictions on who can call themselves a financial planner.

While recent legislation passed in Ontario and Saskatchewan will bring long-overdue clarity for consumers in those provinces, and other provinces are likely to follow, until the regulations are finalized and these restrictions become a reality for all Canadians, it’s important for consumers to do their due diligence when choosing a financial planner. 

By working with a true professional – one who holds Certified Financial Planner (CFP) certification or Qualified Associate Financial Planner (QAFP)  certification, Canadians can have confidence in knowing their adviser has met the rigorous standards of competence expected of a true financial planner, is obligated to put their clients’ interests first, and is accountable for their professional and ethical conduct. There are nearly 21,000 CFP professionals and QAFP professionals across the country, and Canadians can quickly find one in their area by visiting findyourplanner.ca. 

Unlike other types of financial advisers, CFP professionals and QAFP professionals are specially trained to look at their clients’ entire picture – not just single components in isolation. That means even when advising on retirement planning or insurance matters, for example, they’ll give meaningful advice that takes into account the entirety of their clients’ financial puzzle. 

Considering the clear link between financial health and overall well-being, financial planning is too important to be handled with a do-it-yourself approach or by someone without the appropriate qualifications. Canadians deserve professional advice, from a true professional.

Financial Planning Week is always a welcome reminder of just how important financial planning is, and in light of the unexpected challenges that this year has thrust upon us, the benefits of working with a professional financial planner are clearer than ever. Although this decade is off to a challenging start, taking charge of one’s financial wellness with the help of a true professional financial planner can help Canadians navigate the decade ahead with confidence. 


Choosing Your Financial Planner With Confidence

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Did you know that in most Canadian provinces, anyone can call themselves a financial planner? While Ontario and Saskatchewan have recently introduced title protection legislation to ensure only those who are appropriately qualified can call themselves financial planners, in most other provinces, anyone can call themselves a financial planner, regardless of their qualifications. It is important to work with someone who holds a CFP certification or QAFP certification, so you can be confident in the knowledge that your financial future is in the hands of a professional who is qualified, ethical and works in your best interest. 

Visit financialplanningforcanadians.ca to learn more about how you can choose a right financial planner for you.

For more stories from this feature, visit globeandmail.com