FP Canada™ and the Institute of Financial Planning Release Report on Phase One of Joint Fintellect Initiative
TORONTO and VERDUN, QC, Feb. 22, 2024 /CNW/ - FP Canada and the Institute of Financial Planning (formerly IQPF) have released a new report detailing progress toward the goals of the organizations' joint Fintellect initiative.
Fintellect is dedicated to exploring the impact of technology on professional financial planning. The initiative brings together a task force of stakeholders in roles across the financial planning profession, including planners, regulators, educators, industry representatives, and consumer advocates.
During phase one, the task force, along with select stakeholders, explored the ramifications of continued development of technology on the delivery of financial planning advice. The objective was to reach consensus on the major areas of opportunity and concern that are most likely to impact the financial well-being of Canadians.
"Fintellect is about leveraging technology in ways that will make the financial planning profession more relevant, inclusive, and accessible to all Canadians," says Christopher Dewdney, CFP® and Chair of the Fintellect Task Force. "The discussions we've had so far have left me feeling incredibly confident that we're on the right path."
As part of phase one, FP Canada and the Institute of Financial Planning employed a series of interactive workshops with the Fintellect Task Force.
Dozens of additional stakeholders were also consulted for each workshop, including independent financial planners and academics in finance research, along with representatives from financial institutions, technology companies, consumer protection groups, regulators, and associations.
The workshops generated three key outcomes to work toward:
- Outcome one: Technology can and must improve access to financial planning. Leveraging it can reduce the barriers and cost of financial planning for Canadians and help planners provide services across demographics, including among those that are under-served.
- Outcome two: FP Canada and the Institute have a role to play in influencing the impact of new and emerging technologies and the resulting implications for consumer protection, including access to Canadian's personal data.
- Outcome three: Financial planners must continually adapt and learn. That means embracing new and evolving technologies and finding ways to use technology to reduce, automate, or eliminate routine tasks so planners can focus on the human dimension of financial planning.
Based on phase one discussions, there are some concrete steps that FP Canada and the Institute can take to work towards key outcomes. These include but aren't limited to supporting the development of reliable advice channels, delivering the training planners need to leverage technology, and championing the development of appropriate regulatory frameworks.
In the months ahead, FP Canada and the Institute will launch a series of research initiatives that will allow both organizations to further explore the identified key outcomes. A detailed research plan is under development to guide and prioritize the activities of phase two (investigation), which we'll follow up with our third and final stage (implementation).
Visit the Fintellect website to learn more about the Initiative to discover the emerging research themes that Fintellect will pursue.
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.
For almost 35 years, the Institute has been a leader in the promotion and development of financial planning in Quebec. It has made its mark on the North American scene by setting the highest standards in training. The Institute has made financial planners the experts sought by all those concerned with preserving and increasing their wealth.
As the leader in developing and promoting personal financial planning, the Institute's mission is to ensure that today's and tomorrow's financial services professionals have the knowledge, the know-how and the social skills required to contribute to the financial well-being of people, families, and communities. The Institute has nearly 5,000 affiliates (financial planners in Quebec).
SOURCE FP Canada
Contact for media inquiries: Lee Reisch, Manager, Communications, FP Canada, [email protected]
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