What to know before working with a Financial Planner or Financial Advisor | Financial Services Regulatory Authority of Ontario

For too long in Ontario, the use of Financial Planner and Financial Advisor titles have not been regulated. In fact, anyone could assume those titles, and you wouldn’t be able to identify an unqualified operator. Thankfully, the situation has changed for the better.

In March 2022, legislation came into force to limit the use of Financial Planner and Financial Advisor titles to those who have earned an approved credential from a FSRA-approved organization. These organizations, referred to as credentialing bodies, grant the use of Financial Planner and/or Financial Advisor titles to individuals who:

meet specific education and examination standards
abide by a code of conduct that requires them to put the client’s interest first and ensures the fair treatment of consumers

Your role as a consumer

Verify your Financial Planner or Financial Advisor’s credential

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financial planners.jpg

Financial Planners and Financial Advisors

Your role as a consumer

Verify your Financial Planner or Financial Advisor’s credential

View recent news >

What’s the value to you? Like so many other Ontarians, you may – or could one day – be working with a financial professional to plan for various financial milestones. Having an established minimum standard in place for those using the Financial Planner and Financial Advisor titles can give you greater confidence that the individual you are dealing with has a minimum standard of education, is being actively supervised by a FSRA-approved credentialing body and is subject to a complaints and discipline process.

These changes are long overdue and offer something Ontarians have been asking for: clarity and confidence when working with their financial professional.

Questions you may have about Financial Planner / Financial Advisor title protection in Ontario

1. What is the difference between a Financial Planner and a Financial Advisor?

FSRA differentiates between Financial Planner and Financial Advisor title users by establishing different minimum levels of technical knowledge, professional skills and competencies that would be reasonably expected of each title user.

Financial Planners should have the breadth and depth of knowledge to develop integrated financial plans for clients. These financial plans would include a holistic analysis of a client’s financial circumstances. Financial planners are expected to be proficient in all of the core personal finance areas, which include estate planning, tax planning, retirement planning, investment planning and alternatives, finance management, and insurance/risk management.

Financial Advisors should have technical knowledge about at least one common investment product, as well as the necessary expertise and experience to develop suitable financial and investment recommendations for retail clients, based on their specific type of licence or designation.

2. Why should I be concerned about the title my financial services professional is using?

Deciding how to invest your money is complicated and emotional, and requires expertise and good judgement. It’s important to feel confident that the financial services professional you are entrusting is qualified and knowledgeable.

Ontario’s Financial Professionals Title Protection Framework is a step forward in protecting your interests and financial goals as a consumer.

Regulating Financial Planner and Financial Advisor titles in Ontario helps promote consistency and professionalism, while minimizing the confusion about the wide array of titles and credentials used by individuals in Ontario’s financial services marketplace.

If you decide to work with a Financial Planner or Financial Advisor, you will have greater confidence knowing that the individual you are dealing with has a minimum standard of education, is being actively supervised by an approved credentialing body and is subject to a complaints and discipline process.

3. The financial services professional I’m working with doesn’t seem to have an approved credential, or they’re using a different title. Are they still “qualified” to provide financial planning and advisory services?

Not all financial services professionals are required to have a credential from a FSRA-approved credentialing body. Also, financial services professionals are not required to use the Financial Planner or Financial Advisor titles in order to provide financial planning / advisory services.

The financial services professional you are working with may be registered/licensed with one or more regulatory bodies, who are responsible for setting rigorous conduct and proficiency standards.

Ask if they are registered or licensed with a regulatory body.

You may also contact the employer(s) of the financial services professional you are working with and inquire about their qualifications.

If you are working with a Financial Planner or Financial Advisor, they must hold an approved credential from a FSRA-approved credentialing body to use the title. If you believe they are using the title without an approved credential and do not qualify for the transition period, please submit a complaint to FSRA

4. The financial services professional I’m working with uses a title that is very similar to Financial Planner or Financial Advisor. Does title protection apply to them?

Individuals using a Financial Planner or Financial Advisor title, or a similar title, must have an approved credential from a FSRA-approved credentialing body. Similar titles include abbreviations, equivalents in another language, and titles that “could reasonably be confused with” Financial Planner or Financial Advisor titles. This includes variations of the two titles – please refer to the following for examples:

Examples of titles that could reasonably be confused with the Financial Planner title

________ Financial Planner (e.g. Senior Financial Planner, Qualified Financial Planner, etc.)
Financial ________Planner (e.g. Financial Wealth Planner, Financial Investments Planner, etc.)
Financial Planner _________ (e.g. Financial Planner Investments)
Financial Planning _________ (Advisor, Adviser, Coach, Consultant, Counsellor, Guru, Manager, etc.)

Examples of titles that could reasonably be confused with the Financial Advisor title

________ Financial Advisor (e.g. Senior Financial Advisor, Qualified Financial Advisor, etc.)
Financial ________Advisor/Adviser (e.g. Financial Wealth Advisor/Adviser, Financial Investments Advisor/Adviser, etc.)
Financial Advisor _________ (e.g. Financial Advisor Investments)
Financial Advising ________ (Coach, Consultant, Counsellor, Guru, Manager, etc.)

To ensure ongoing consumer protection, FSRA will continue to monitor the market for any changes in title use and communicate additional information to the industry as needed.

5. My Financial Planner or Financial Advisor doesn’t seem to be familiar with this new title protection framework. What should I do?

A transition period is in place to allow sufficient time for current Financial Planners and Financial Advisors to either:

determine whether their existing credential has been approved by FSRA
obtain the necessary credentials from a FSRA-approved credentialing body if they would like to continue using the Financial Planner or Financial Advisor title in Ontario

For more information about the implementation of Financial Planner and Financial Advisor title protection in Ontario, visit FSRA’s Industry page.

As the consumer (client), do your research to determine if the financial services professional you are working with is best suited to help you meet your financial goals. Remember to:

put your interests first
always ask questions
keep in mind that some financial services professionals may qualify for the transition period, and/or may be registered/licensed with one or more regulatory bodies

FSRA’s Responsibilities:

establish minimum standards for credentialing bodies and Financial Planner and Financial Advisor credentials
approve credentialing bodies and Financial Planner and Financial Advisor credentials
supervise approved credentialing bodies
investigate complaints against:
approved credentialing bodies
organizations carrying on business as an approved credentialing body or claiming to offer an approved credential without FSRA’s approval
individuals who use the Financial Planner or Financial Advisor title, or a title that could be confused with Financial Planner or Financial Advisor, without an approved credential
take enforcement action for breaches of the Financial Professionals Title Protection Act, 2019

What FSRA cannot do:

oversee the conduct of individuals who use the Financial Planner or Financial Advisor title
investigate complaints about the conduct of individuals who hold an approved credential from an approved credentialing body

Enforcement and monitoring

We take our responsibilities to protect you from misconduct or non-compliance very seriously. View our most recent enforcement and monitoring information for this sector.

Engagement and consultation

We work with a Consumer Advisory Panel that provides a consumer perspective on proposed FSRA policy changes. View our engagement and consultation information.