The board of directors of the Institute of Advanced Financial Planners will begin working on a detailed review of the Investment Industry Regulatory Organization of Canada’s proposed financial planning rule.

Directors of the IAFP are seeking input and additional commentary from registered financial planners on the scope and impact of the proposed rule. The IAFP finds that the IIROC definition of the personal financial planning process is far too narrow and feels that it is fundamentally wrong to exempt any planning “directed at making investment recommendations” from the definition, practitioner qualifications, as well as the associated oversights and controls of financial planning.

They say that it is dangerous to attempt to characterize financial planning services as either a service to be provided only through a dealer member or exempt and, as such, disrupt the relationship among the client, dealer, and financial planner/advisor.

Further direct comments and findings will be submitted to the IIROC.