CAIFA and CAFP Members Approve Merger

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OTTAWA, Sept. 28, 2002 – Canadians can now look to a single association of professional insurance and financial planners to help them secure their financial future. Today, delegates and members of CAIFA and CAFP, Canada’s two organizations representing insurance and financial advisory professionals, voted overwhelmingly in favour of merging together to form a single association to represent their interests and the interests of their clients.

“Choosing a financial advisor got a lot simpler today,” said Brian Mallard, chair of CAIFA’s merger task force and the newly elected chair of the merged organization. “Canadians can now look to a single organization of professional insurance advisors and financial planners who have made a commitment to a code of professional conduct and education, as well as continuing education requirements. This is an association of advisors, run by
advisors for advisors and we’re working in the consumer interest,” he added.

“CAFP values its planning culture. CAIFA values its insurance heritage. Together, we form the largest and strongest organization of financial services advisors in the country,” said Brian Davis, chair of CAFP.

All members of the new group are required to earn either a Certified Financial Planner (CFP) designation or the Chartered Life Underwriter (CLU), an advanced insurance and estate planning designation, as a requirement of membership.

The organization will be known as CAIFA/CAFP until a new name is chosen later this fall. The vote took place in Ottawa during CAIFA’s 2002 Annual General Meeting and National Conference. Over 1,000 advisors have gathered in Ottawa this week for the conference, which provides professional development and networking opportunities for CAIFA members. The merger will take effect in
January 2003. The vote is a culmination of over two years of formal discussions and many years of conceptual talks between the two groups.

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.

The Canadian Association of Financial Planners is the membership organization for Canada’s practicing financial planning professionals. Its 2,750 members have the ethics, the education, the experience, and the expertise to help Canadians make the best financial decisions.

For more information about CAIFA or CAFP, please visit our Web sites at and