By Susan Yellin
(October 4 – 09:30 ET) As of January 1, the Canadian Association of Insurance and Financial Advisors will not accept any new members who do not have either their CLU or CFP designations, or who are at least working towards one of them.
CAIFA must transform itself from merely a trade association to a professional association, says Jim Rogers, the new chairman of CAIFA. He made the remark yesterday in Vancouver at the opening session of the group’s annual conference. That would give CAIFA “teeth” as well as more credibility with the public and regulator, he said.
About 4,500 CAIFA members already have one of the two designations. About the same number may be taking a course in one or the other, suggested Rogers. That leaves about 8,000 to 9,000 who must make the transition to designation.
At present the CAIFA board can not suspend a member – even one facing a criminal charge, says Rogers. He wants CAIFA’s board have some say in who can remain a member. “That’s embarassing,” he said.
CAIFA lost just over $3 million in its last fiscal year. CAIFA is undergoing a re-organization and is putting together a business plan.