FP Canada™ demonstrates progress towards three-year Strategic Plan

Press Release

2023 Strategic Plan Progress Report details key steps FP Canada has taken toward meeting its IMAGINE 2030 vision of financial wellness for all Canadians

– Toronto, ON – FP Canada today announces the release of its 2023 Strategic Plan Progress Report, outlining key achievements in the past year towards its 2022-2025 Strategic Plan, as well as the release of its update on IMAGINE 2030, the organization’s vision for the future where all Canadians have financial confidence and well-being by the year 2030. IMAGINE 2030’s goals form the backbone of FP Canada’s Strategic Plan.

IMAGINE 2030 aims to ensure all Canadians have access to professional financial planning that supports their diverse needs, and that financial planning is a unified profession, recognized in statute and deemed essential by society. As part of those efforts, IMAGINE 2030’s annual research regularly measures Canadians’ sense of financial well-being.

2023 Strategic Plan Progress Report

FP Canada’s Strategic Plan outlines specific steps FP Canada is taking between 2022 and 2025 toward achieving those IMAGINE 2030 goals. The progress report outlines how the organization has fared during the first year (the fiscal year ending March 31, 2023) of the Strategic Plan.

Here are a few examples of achievements from the last year:

• FP Canada laid the groundwork for its reimagined QAFP^® certification program, including making the path to certification more streamlined and accessible.
• To ensure FP Canada’s certifications continue to reflect the competencies that Canadians require of professional financial planners, FP Canada reviewed and validated the Financial Planning Body of Knowledge and the FP Canada Standards Council™ Competency Profile. These updates formed the foundation for the subsequent reimagined QAFP Certification.
• The organization engaged with federal policymakers on the financial resilience challenges facing Canadians and explored potential solutions for improving the accessibility of financial planning advice.
• FP Canada took steps to grow the profession in the public interest through the launch of a microsite and other new resources to promote financial planning as a career to post-secondary students.
• Public-facing campaigns and initiatives such as the 2022 Financial Stress Index helped to educate Canadians on the benefits of working with a professional financial planner.
• FP Canada supported the evolution of the profession by launching the Fintellect initiative with the Institut québécois de planification financière (IQPF). This initiative examines the impact of technology on the profession, with a focus on the consumer.

“In the last year, FP Canada has tirelessly worked to raise awareness about the critical role professional financial planning plays in advancing the financial resilience of all Canadians—and we’ve taken steps to increase access to advice,” says Tashia Batstone, FP Canada President and CEO. “We’ve made important progress toward our Strategic Plan goals, and I look forward to building on this momentum in the year ahead.”

Read the 2023 Strategic Plan Progress Report to learn more.

New Research: IMAGINE 2030 Progress Report

A year after releasing the IMAGINE 2030 Benchmark Report, FP Canada has published the first IMAGINE 2030 Progress Report, highlighting results from this year’s follow-up survey on Canadians’ financial health.

The report looks closely at Canadians’ financial well-being, financial confidence, access to professional financial advice, and trust in financial professionals—the four indices introduced in last year’s benchmark report. This year, FP Canada also looked into financial vulnerability.

The research indicates that Canadians from all financial backgrounds can experience financial vulnerability – and that 39% are very or somewhat vulnerable. In addition, certain groups–such as Indigenous peoples, the 2SLGBTQ1 community, and individuals with disabilities–are more likely than average to be among the financially vulnerable segments.

There’s also some encouraging news. The research shows that 72% of those who work with a financial planner are not very vulnerable or vulnerable at all (compared to 53% of those who don’t).

“Clearly, when it comes to helping all Canadians secure long-term financial security, the financial planning profession has an important role to play,” says Ms. Batstone. “I’m optimistic about the difference we can make by working together, for the benefit of all Canadians.”

For more information, read the full IMAGINE 2030 Progress Report.

FP Canada’s 2023 Financial Report

FP Canada has also published its 2022-23 Financial Report, including Summary Financial Statements. Read the report on our website.

About FP Canada

Established in 1995, FP Canada is a national not-for-profit education, certification and professional oversight organization working in the public interest. FP Canada is dedicated to championing better financial wellness for all Canadians by leading the advancement of professional financial planning in Canada.

Contact for media inquiries:
Lee-Anne Goodman
FP Canada
Lee-Anne.Goodman@fpcanada.ca

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