Change is inevitable and sometimes happens at a dizzying pace. That’s certainly been the case for the financial planning profession, which has had to adapt to myriad cultural, technological and legislative developments — all within the span of a few short years.
Since 2021, I’ve had the privilege of acting as president and CEO of FP Canada, and I’ve witnessed significant changes to the financial planning landscape.
To start with, many Canadians have faced significant economic uncertainty. Financial planners have been there to help them grapple with issues such as unprecedented inflation and high interest rates, providing informed, clear-headed guidance when it’s been needed most. It hasn’t always been easy.
When I started in my role, it was as a remote professional during the pandemic. I watched as financial planners across the country struggled to determine how best to deliver value to clients while respecting government mandates.
The result was a pivot to digital solutions such as virtual meeting platforms and apps that enabled socially distanced document signing. While the pandemic was a challenging time, the adoption of digital technologies across the profession accelerated.
It was a big step in the right direction, since many Canadians, especially those of younger generations, tend to prefer the convenience of these solutions. Digital technologies also make financial planning services more accessible to seniors, who can meet with planners from the comfort of home, and clients who prefer to work with professionals from diverse backgrounds, which may not have previously been an option in every community. Needless to say, it’s important for planners to embrace tech, and the changes we’ve seen so far are encouraging.
Having said that, there’s still a long way to go.
Another tremendous shift during my time at FP Canada is the continued evolution of fintech, from robo advising, where algorithms offer automated investment solutions, to more advanced uses of artificial intelligence (AI), which can power comprehensive financial planning tools. Today, AI enhances not only portfolio management but also client communication, risk analysis and personalized financial advice, allowing for deeper insights and more tailored solutions.
And by automating routine financial planning tasks, this increasingly sophisticated technology can free professionals to truly connect with their clients — and achieve advanced insight into what they need. Put simply, planners must continue to embrace new fintech while providing a critical human touch, leading to deeper and more meaningful client engagement.
Another trend that has continued to shape financial services in the last three years is the shift from a product-driven approach to a more holistic model that prioritizes comprehensive financial advice. Rather than focusing solely on selling financial products like investments or insurance, advisors are increasingly emphasizing long-term financial wellness that encompasses all aspects of a client’s financial life — from cash flow and debt management to retirement planning, tax strategies and estate planning.
This holistic approach builds deeper, more trust-based relationships with clients, as it addresses their unique financial goals and challenges. It also aligns with the growing consumer demand for more transparent, unbiased advice that prioritizes their overall well-being over transactions. Financial planners, with their expertise in providing holistic and goals-based advice to their clients, are uniquely positioned to leverage these opportunities.
Of course, one of the biggest recent developments for the financial planning profession in several Canadian provinces has had to do with who has the right to call themselves a financial planner. In 2022, Ontario proclaimed the Financial Professionals Title Protection Act into force. By creating minimum standards for who can use the financial planner and financial advisor titles in the province, this legislation has been a step forward in the profession’s efforts to grow consumer confidence.
At the same time, there’s still plenty of work to be done. FP Canada and other organizations have advocated to strengthen financial planning standards and ensure that all Ontarians who seek advice work with highly qualified professionals. The momentum that title protection has achieved — which has included significant progress in New Brunswick, Saskatchewan and Manitoba as well as Ontario — is undeniable. We must stay the course and work together to create and improve title protection legislation across the country.
Last but certainly not least, it’s been encouraging to see the steps the profession has taken toward increased diversity, equity and inclusion. In the last several years, many financial services firms have advanced from holding early discussions about creating more diverse, equitable and inclusive environments to taking action. I look forward to the day when these principles are embedded in the foundation of every organization in the sector. It matters.
We know that all Canadians — including women and gender-diverse individuals, racialized Canadians, Indigenous peoples, members of the LGBTQ+ community, and those with disabilities, among others — deserve to see themselves reflected in the financial planning profession. Making that happen has the potential to greatly increase confidence and trust in the services planners provide. It’s something FP Canada will remain deeply committed to — a commitment that’s reflected in our Imagine 2030 vision of financial wellness for all Canadians and our new 2025–2030 strategic plan, to be released later this fall.
There’s no doubt that the changes of the past few years will significantly shape the future of the financial planning profession. To avoid falling behind, planners and financial services organizations must stay up to date on new fintech and find opportunities to leverage it for greater efficiency. They must embrace the role of planners as partners in their clients’ financial well-being and show support for the expansion and continual improvement of title protection legislation. And, of course, they must take steps to grow their understanding of the financial challenges that Canadians from diverse backgrounds face — and promote diversity, equity and inclusion at all levels within their work.
The pace of change shows no signs of slowing down. By staying abreast of new developments and working collaboratively toward solutions, the financial planning profession can help ensure that it’s always providing Canadians with the high-quality financial advice they deserve.
Tashia Batstone is president and CEO of FP Canada.