Registered Financial Planner
Registered financial planners are some of the highest-rated financial planners who assess client portfolios and optimize their potential long-term returns.
The Registered Financial Planner (R.F.P.) designation is bestowed upon members accepted into the professional—and internationally recognized—association the Institute of Advanced Financial Planners (IAFP) who, through their accreditation process, maintain the professional standards of the discipline.
The IAFP is an organization, with over 20,000 members, created in 2002 in response to the merger of the Canadian Association of Financial Planners and Canadian Associaton of Insurance and Financial Advisors. Additionally, they offer a mentorship program across Canada to new members, and experienced members partner up with less-experience members and act as their mentors.
The R.F.P. designation, according to their brochure, is accessible to people with over 3 years of financial experience and a post-secondary degree in finances. Unlike most designations, access to this designation is based primarily on a letter of engagement (evidence of work experience), 3 referrals from established financial planners, the submittal of a financial plan, and passing two exams. The two exams are the Ethics exam and Technical Competency & Practical Exam. The entire process costs CAD 600 for the registration ($325) and the exams ($300). However, members are expected to educate themselves continually in their industry in order to improve themselves and the industry standards.
The simple process is advantageous to people with a background in finances and very cost-effective for a designation. According to their website, obtaining this designation gives members exposure on the site’s professional listing which in turn will help increase their clientbase and professional reputation. Additionally, members gain access to expert symposiums and additional educational opportunities they would not have access to outside of the IAFP.