Read more: Saskatchewan’s FA title proposal the right path forward, says veteran advisor
“It is an amorphous term used to refer to all forms of financial advice, that could be insurance, estate planning, tax planning, investment planning, or anything else,” Pereira says. “Trying to protect that title makes little sense unless you’re going to reflect how it’s actually distributed, which is through different individual channels.”
If the province decides to move forward with protecting the FA title, he argues, it should make sure consumers have a clear and explicit understanding that the individual advisor they’re dealing with specializes in a specific domain.
“We do agree that an FA should have an understanding of the entire planning landscape and how decisions in their area can affect a client’s entire planning picture,” he says. “But they’re saying a financial advisor should have identical competencies as a financial planner, except that FPs have the capability to generate a financial plan. How does that make sense in any way, shape, or form?”
While some organizations have weighed in to express support for the province’s enhanced expectations for financial advisors, Pereira argues they may also have a vested interest to do so if they offer designations that could become required credentials for financial advisors in Saskatchewan.
