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

Like so many other Ontarians, you may want to work with a financial professional to plan for various financial goals. Knowing who to talk to when seeking financial planning or advisory services can be hard. To give you confidence when seeking advice from anyone using a Financial Planner or Financial Advisor, or similar, title in Ontario, FSRA requires these individuals meet a minimum standard of education and be supervised by a FSRA-approved credentialing body. This means:

they must meet specific education and examination standards
they must abide by a code of conduct that requires them to put the client’s interest first
they may lose the ability to use these titles if they do not follow the rules

Check Credentials Tool

Who can use the title and as of when

Filing a complaint

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Financial Planners and Financial Advisors

Check Credentials Tool

Who can use the title and as of when

Filing a complaint

View announcements >

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.

Financial Planner

Should have the breadth and depth of knowledge to develop integrated financial plans for clients. Financial planners are expected to be proficient in all the core personal finance areas, including:

Estate planning
Tax planning
Retirement planning
Investment planning
Finance management
Insurance/risk management

Financial Advisor

Should have technical knowledge about at least one common investment product, including:

Mutual Funds
Stocks
Bonds
Exchange-Traded Funds (ETFs)

They should also have the necessary expertise and experience to develop suitable financial and investment recommendations for clients.

Common questions

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

Regulating Financial Planner and Financial Advisor titles in Ontario helps promote consistency and professionalism.

If you decide to work with an individual using the Financial Planner or Financial Advisor titles, you will have greater confidence knowing 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 complaints and discipline process. Check if your Financial Planner or Financial Advisor is credentialed.

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?

Financial services professionals are not required to use the Financial Planner or Financial Advisor titles to provide financial advice.

However, individuals using the Financial Planner or Financial Advisor titles must hold an approved credential from a FSRA-approved credentialing body. If you believe an individual is using the title without an approved credential and does not qualify for the transition period please submit a complaint to FSRA.

My financial services professional is not on the Check Credentials Tool, what should I do?

FSRA’s search tool only lists those individuals who are credentialed to use the Financial Planner and/or Financial Advisor titles in Ontario. There are 3 reasons why an individual might not show up on the search tool:

They are using the titles without an approved credential. You can submit a complaint to FSRA.
They are using the titles but are currently within the transition period and will need to be credentialed in the future. Ask them if this is the case.
They are not using either the Financial Planner and/or Financial Advisor title. This does not mean they are not qualified to provide you with financial planning or advisory services. Ask them about their qualifications, education, experience, and the services they provide.

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

My financial planner or financial advisor doesn't seem to be familiar with the requirements to use these titles. What should I do?

You can direct them to the requirements for these titles and to information about the transition period. As a consumer, it’s important to do your research to determine what kind of financial services professional is best suited to help you meet your short- and/or long-term financial goals.

Ask Questions!

Here are some questions that might be helpful to ask when determining who to work with:

what is your financial services education, background, or training?
how long have you been providing the services you’re currently offering?
what credential(s) / licence(s) do you have?
what are you licensed to sell?
who is the issuing credentialing / licensing body?
are you bound by a code of conduct, if so, what is it?
are you within the transition period and if so, when do you plan to get your credentials?

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.

Financial Planners and Financial Advisors