Professional Financial Advisor
The Professional Financial Advisor (PFA™) designation is designed around the everyday demands of financial advisors. The program is balanced between technical knowledge, as well as practice-based training. The PFA designation is approved for use of the title Financial Advisor in Ontario.
In Canada, becoming a financial advisor involves education, certification, working experience, and registration. In addition to the PFA designation, financial advisors often complete licensing exams allowing them to offer and advise on specific products or further their area of expertise.
- Canadian Securities Course (CSC) 1 & 2
- Conduct and Practices Handbook Course (CPH)
- Life Licence Qualification Program (LLQP)
- Certified Financial Planner (CFP)
- Registered Financial and Retirement Advisor (RRC)
History
The program was launched in 2020. The program was created in response to the increasing need for standardized regulatory expectations within financial professionals. The program originally required up to 24 months. More recently the program has been streamlined for candidates roughly complete the program in a year.
Regulatory recognition
The Professional Financial Advisor (PFA™) designation is recognized by the Financial Services Regulatory Authority of Ontario (FSRA) as an approved credential for the use of title Financial Advisor, a regulated title. The Institute for Advanced Financial Education (IAFE), a subsidiary of Advocis is approved by FSRA to act as a credentialing body for Financial Advisory and Financial Planning designations. The Professional Financial Advisor (PFA™) is one of various designations offered within the discipline. Other designations often referenced include the Chartered Life Underwriter (CLU®), Personal Financial Planner (PFP®), Registered Retirement Consultant® (RRC®), and the Registered Retirement Analyst® (RRA®).
Program Curriculum and Requirements
The PFA program, offered through Advocis, explores fundamental technical knowledge, including financial planning foundations, taxation and investment planning, and retirement income planning. The program also places an emphasis on compliance and ethical standards, within a legal and regulatory construct.
Candidates must complete all four core courses, including application based quizzes and assignments along the ways, as well as passing all four course exams. Once completed, candidates must also complete the Comprehensive PFA Exam, which is offered twice a year (once in the fall and once in the winter).
Core Course 1: Business Elements
Core Course 2: Enhancing Client Connections
Core Course 3: Building Client Value
Core Course 4: Fine Tuning Your Practice and The Value of Advice
Continuing Education and Renewal
Designation holders must fulfill annual renewal requirements to keep their designation in active status. Requirements include, annual licensing fees, completion of continuing education, and adherence to other code of professional conduct.
PFA designation holders receive advanced standing for nine of the 12 core curriculum modules within the Advocis Core Curriculum Program for QAFP™ and CFP® Certification, and the CLU® designation program.
Role and scope of practice
Professional Financial Advisors may provide a range of advisory services, including:
- Assessing client financial situations
- Assessing Investment and Insurance Solutions
- Managing and advising on investment accounts
- Advising on tax strategies, budgeting, and retirement strategies
- Collaborating with other industry professionals
- Offering products, services, and referrals, as needed for overall financial situation
PFA holders must comply with applicable regulatory requirements, including securities licensing, insurance licensing, and registration obligations depending on their practice area.
See also
- Certified Financial Planner
- Canadian Securities Institute
- Life Licence Qualification Program
- Financial Services Regulatory Authority of Ontario
- Qualified Associate Financial Planner
- Chartered Life Underwriter
- Registered Financial and Retirement Advisor
- Financial planning in Canada