Top Mutual Fund and Insurance Companies Stepping Up in Support of CAIFA’s Commitment to Standards

Toronto (September 18, 2002) Members of Canada’s financial services sector are stepping up to support CAIFA members in their commitment to voluntary professionalism through a commitment to education and standards. Eleven insurance and mutual fund companies have signed on as corporate partners in a bid to associate themselves with Canada’s largest, voluntary network of professional advisors.

CAIFA’s Code of Professional Conduct sets out a clear list of principles that members must abide by when advising their clients, and while conducting business with the suppliers of insurance and financial products.

Partnering with CAIFA allows a company to align itself with a voluntary, professional organization that sets and maintains a rigorous code of conduct for its advisor members, in addition to education and continuing education requirements. Corporate partners also have access to customized training and coaching services for CAIFA’s CFP and CLU designation programs.

“The reason the partnership works is because everybody — members, clients, regulators, and companies — benefit by their connection with the professional association committed to high standards,” said Steve Howard. “Clients benefit by working with an advisor with a high standard of practice. Members benefit through the support and services that CAIFA offers. Regulators are satisfied that standards are being set in the consumer interest. And companies benefit by having a network of trained professionals to deliver their products.”

CAIFA is also working with the Canadian Association of Independent Life Brokerage Agencies (CAILBA) to implement the program at the managing general agent (MGA) level to extend benefits out to MGAs.

CAIFA’s corporate partners will be announced at the Association’s upcoming national conference, taking place September 28 through October 1, 2002, in Ottawa.

The Canadian Association of Insurance and Financial Advisors (CAIFA) is a voluntary, not-for-profit professional association whose members, gathered in 50 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.

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