Financial planners face many new challenges in the year to come, according to the chairman of the organization formed to support the CFP designation.

Speaking at the Canadian Institute of Financial Planners second annual national conference in Ottawa Monday, John Charette said the obstacles will present opportunities for planners to strengthen their relationships with clients.

Charette pointed to a changing political landscape, a crop of new financial products, corporate governance issues that “leave a bad taste in clients’ mouths,” and defined benefit pension plans that are underfunded as examples of those challenges.

On the positive side, Charette said, these issues all underline the need for competent financial advice. Further, he said, the Bank of Canada has identified a shortage of financial planners in the country.

The conference, which has attracted 200 attendees, including 160 delegates, runs until Wednesday, with a full schedule of continuing education sessions. The group’s annual general meeting takes place Tuesday, at which elections for board of director will take place. Charette has been nominated for re-election.

The CIFPs has 1,400 members across Canada.