knowledge topics

Financial Planning Profession

KNOWLEDGE EXPECTED OF: Both CFP^® Professionals and QAFP^TM Professionals

Explain key trends impacting the financial planning profession, such as:
- Definition of family
- Definition of retirement
- Aging population
- Longevity
- Move from DB to DC pension plans
- Savings rates
- Debt levels
- Financial services industry regulation
Identify the oversight organizations for the financial planning profession in Canada.
- FP Canada™
- Institut québécois de planification financière (IQPF)
Explain the role of FP Canada¹ and IQPF.^2,3
Explain the purpose of personal financial planning.
Define financial planning, financial planner and financial plan as outlined in the Canadian Financial Planning Definitions, Standards & Competencies.⁴
Explain FP Canada Standards Council™’s Standards of Professional Responsibility ^5,6, including:
- Standards Council Code of Ethics
- Standards Council Fitness Standards
- Standards Council Financial Planning Practice Standards
Explain the financial planning practice expectations of QAFP professionals™ and CFP^® Professionals, as outlined in the Guidance to the Standards Council Financial Planning Practice Standards.⁷
Define a fiduciary.
Identify factors that may be considered by the courts when determining whether a financial service representative may have a fiduciary relationship with a client,^8† such as:
- Vulnerability
- Trust
- Reliance
- Discretion
Explain the Competency Framework for QAFP professionals, CFP professionals, and F. Pl. designation holders, as outlined in the Canadian Financial Planning Definitions, Standards & Competencies.
Explain the purpose of the FP Canada/IQPF Projection Assumption Guidelines.⁹
Explain the financial planning assumptions as outlined in the unified set of FP Canada/IQPF Projection Assumption Guidelines.¹⁰
Identify FP Canada’s model financial plan structure that reflects the integrated nature of financial planning.
Explain the integrated nature of financial planning.
Identify that a complaints process¹¹ exists for potential breaches of FP Canada Standards Council’s Standards of Professional Responsibility for CFP Professionals and QAFP professionals.
Identify that financial planners are regulated in Quebec where no individual may use the title of financial planner or purport to offer financial planning services without holding the appropriate certificate issued by the Autorité des marchés financiers (AMF).

Glossary of Verbs (mouse over to see definition)

Define

To state exactly the meaning of
Identify

To be aware of / to recognize and correctly name / to locate an appropriate resource
Explain

To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
Compare

To note the similarities and differences between two or more things
Estimate

To determine an approximate value for
Calculate

To find the value using mathematics
Convert

To change from one form or purpose to another
Evaluate

To reach a conclusion or make a judgement through careful study
Interpret

To give the meaning of / to construe or understand / to translate orally

Financial Planning Body of Knowledge

knowledge topics

Financial Planning Profession

KNOWLEDGE EXPECTED OF: Both CFP® Professionals and QAFPTM Professionals

Glossary of Verbs (mouse over to see definition)

RELEVANT CASE STUDIES

REFERENCES

KNOWLEDGE EXPECTED OF: Both CFP^® Professionals and QAFP^TM Professionals