Ontario to restrict use of planner and advisor titles

Legislation will protect the use of financial planner and advisor titles and include a proficiency requirement

Andrew Willis 12 April, 2019 | 5:00PM

The Ontario government says it will move to restrict the use of "financial planner" and "financial advisor" titles, requiring individuals to meet criteria yet to be announced. The plan is part of a series of initiatives on a stated mission to improve investor confidence in provincial capital markets.

“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,” Ontario finance minister Vic Fedeli’s budget reads. The budget was tabled after the stock market closed yesterday.

Currently, there is no legislated standard in place for those who claim to offer financial planning or advice. Except for Quebec, no other province requires people who use the title 'financial planner' to obtain any credentials, FP Canada pointed out in a press release welcoming the decision. 

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Andrew Willis

Andrew Willis  Andrew Willis is a content editor for Morningstar.ca.