RE: CE requirement for mutual fund reps closer to reality, by Jade Hemeon, Investmentexecutive.com, June 23, 2015
In reference to the article on additional CE requirements for mutual fund representatives, I think the need is exaggerated and really not necessary. The majority of licensed mutual fund dealers are also licensed as life and A&S insurance Agents. Insurance licensing already has CE requirements that cover a wide range of financial planning topics related to mutual fund sales. In addition, mutual funds reps are often offered incentives and encouraged to obtain their CFP certification as a matter of course. That certificate also has CE credit requirements. Mutual fund reps that are newly licensed and have not achieved the CFP designation are already engaged in extensive ongoing training with their companies to a level that far exceeds typical CE credit requirements. My opinion is that such requirements are not necessary and likely will be perceived as a cash grab.
In addition, to offer value to clients, a mutual fund rep needs to keep up with changes that will affect their clients. If they are not already doing this, they will not be competitive in the industry. Their livelihood depends on them keeping up with these changes. Their companies will often already do a lot to support them in this regard.
I recently did some online CE credit courses to renew my insurance licenses. One of the courses was extensive but had obsolete information and tax rules that dated from more than seven years ago. It seemed like a bit of a joke, but I paid my money, took the course and renewed the licenses.
James Robertson, CFP
Senior Financial Consultant
Investors Group Financial Services Inc.
Calgary