Toronto (November 30, 2001) The proposal to create a single
organization to represent professional financial advisors in Canada appears to be gaining
momentum. The majority of CAFP members who responded to CAIFA’s October 9, 2001, proposal
enthusiastically support the creation of a new organization that would see both CAIFA
(Canadian Association of Insurance and Financial Advisors) and CAFP (Canadian Association
of Financial Planners) folded into its structure. For the first time, all comments
provided by CAFP members have been posted on CAIFA’s website at
CAIFA met with CAFP’s leadership earlier today to pass along the comments and to
discuss next steps.
“Clearly, there appears to be wide spread support for
the creation of a single organization,” said Brian Mallard, the member of CAIFA’s
board of directors who is leading the negotiations with CAFP leadership. “It is time
that the members of both organizations were given the chance to play a significant role in
deciding their future.”
CAIFA has also proposed a “Call to Action” for
the leadership of both organizations. CAIFA has suggested that the leadership teams of
both CAFP and CAIFA dedicate themselves to coming up with a clearly worded,
straightforward question on whether to proceed with the creation of a single organization.
Both leadership teams should commit to negotiating in good faith the final wording of that question.
CAIFA’s leadership was given the green light to pursue the creation of a combined
CAIFA/CAFP organization in January 2000 following consultation with its membership.
The Canadian Association of Insurance and Financial
Advisors (CAIFA) is a voluntary, not-for-profit professional association whose members,
gathered in 51 chapters, are represented in most major cities and towns across the
country. CAIFA is a founding member of the Financial Planners Standards Council (FPSC),
the body that grants the CFP designation. CAIFA members provide financial advice, and
market and sell financial products to over nine million Canadians.
To read the comments by CAFP members and the full Call to Action, click on the link
below to be taken to the “Proposal for Advisors” page on CAIFA’s website:
Links to the comments and the call to action appear at the bottom of the page.