Financial Planning Body of Knowledge

About the Financial Planning Body of Knowledge

Version 1.4.0, Updated 20200331

The Financial Planning Body of Knowledge (FP-BoK)—the first of its kind internationally—builds on the Canadian Financial Planning Definitions, Standards & Competencies to define the scope and holistic nature of financial planning.

The FP-BoK clearly distinguishes the knowledge expectations of QAFP professionals and CFP professionals in all financial planning areas.

The FP-BoK provides the underpinning for the FP Canada Standards Council Competency Profile—it is essential to the demonstration of competence in the fundamental financial planning practices, financial planning areas, and professional skills.

Audiences

The FP-BoK is intended to serve as a resource to a number of groups. Examples of potential uses include:

Development Process

The FP-BoK was developed by over 80 practicing CFP professionals from across Canada and a variety of subject matter specialists in the various topic areas. As practitioners and experts in the technical knowledge topics, the volunteers developed technical knowledge statements and illustrative case studies that reflect the level of knowledge required for effective financial planning practice.

The rigorous review process involved input by the following key groups to ensure its relevance, clarity, comprehensiveness, and currency:

• CFP professionals with in-depth experience providing financial planning advice to small business owners reviewed each topic area to help ensure the inclusion of appropriate technical knowledge.
• Educators provided feedback on the depth, breadth, and clarity of the FP-BoK and practicality of the case studies for teaching purposes. 
• A Professional Practice Working Group of CFP professionals and educators provided oversight and approval of the FP-BoK through an extensive review of the technical knowledge statements and case studies.

The FP-BoK will change as the financial planning profession evolves. The currency of the FP-BoK will be maintained with input from CFP professionals.

FP Canada sincerely thanks the many pioneers who contributed to this initial publication.

Knowledge Expectations

While both QAFP professionals and CFP professionals draw from the same Body of Knowledge, the knowledge expectations of CFP professionals are broader, given that they must provide objective financial planning advice at the highest level of complexity required of the profession. Specifically, CFP professionals are expected to have a greater depth of knowledge in areas including registered retirement plans, registered education, and disability plans, taxation, insurance, and estate planning and legal aspects.

It is the complexity of the client situation that influences the depth of technical knowledge required for each designation. Since CFP professionals are expected to capably provide financial planning advice at higher levels of complexity, they require knowledge that goes above and beyond the expectations of QAFP professionals.

The FP-BoK sets the minimum expectation for the level of knowledge required of QAFP professionals and CFP professionals, but it is not intended to limit the scope of practice of any individual. QAFP professionals and CFP professionals may possess greater levels of knowledge based on their backgrounds and experience.

As set out in the Code of Ethics, financial planning professionals must seek the counsel of qualified individuals and/or refer clients to such parties when they do not possess the appropriate knowledge or are not sufficiently competent in any particular area or scenario.

The following chart provides an overview of the areas where QAFP professionals and CFP professionals are expected to have a greater depth of knowledge: