Two associations in the financial planning industry, which manage to both be rivals and complement each another, have elected new chairs as they move forward with national membership drives.

Roger McMillan, a member since 1972 of the 12,000-strong Advocis and its precursors, takes the chairman’s role during the second year of the association’s search for 8,500 new colleagues.

Marion Weisgerber, head of wealth management at Advantage Credit Union in Watson, Sask., was elected chairwoman of the Canadian Institute of Financial Planners, which has set a target to double its 2,500-member roster within three years.

McMillan, who runs McMillan Financial, specializing in group insurance for small businesses in Toronto, says the association will continue to concentrate on advocacy, leaning heavily on the lobbying efforts of the Conference for Advanced Life Underwriting, which pushes the association’s agenda to both the Ministry of Finance and Canada Revenue Agency in Ottawa.

“Members of Parliament understand that we speak with some authority because of the size of our membership and because of the client relationships that our membership have,” says McMillan, who has a bachelor of arts degree in economics in addition to his CFA and industry licences.

The financial services industry is very competitive on every level, including in the realm of industry associations, which are always staking claim to licensing, lobbying turf and membership.

McMillan, who is married with three children, one of whom works with him, says Advocis has argued before politicians in Ottawa that Canada needs a single financial services regulator. The association recognizes provincial jurisdiction in such areas today, but a more powerful national regulator could help Canadians seek financial redress when they get poor advice, he says.

Advocis, which offers errors and omissions insurance through the Advocis Protective Association, has a history in the life insurance side of the industry.

Although Advocis has recently sought to establish itself as a broader financial planning association, it has come to the defence of its traditional membership — the independent life insurance sales rep — arguing that retail banks should stay out of insurance sales, a regulatory right for which the banks are currently lobbying.

McMillan says Advocis will continue to push for an “even playing field” for its membership, striking a cautionary note about what happened to the brokerage industry when the banks were allowed to get involved. “I know some people would argue with me,” he says.

Advocis will also continue to focus on its 48 chapters to both deliver services and bring member and client concerns to national attention, he adds.

The CIFPs, which also offers E&O insurance to its members, takes a different approach to providing value, focusing on the value of the certified financial planner designation which its members must hold.

About 450 CIFPs members attending the national conference in Vancouver in May elected Weisberger, who was born and raised on a farm near Quill Lake in southern Saskatchewan, as chairwoman.

Weisgerber, a practising financial planner for retail clients, says one of the main priorities is to have the CIFPs “recognized as the professional body in Canada, like other recognized professions such as the accounting profession.”

Weisgerber, who received her CFP in 2000, says the industry would like to have the CFP certification described as the best practice for firms involved in financial planning and wealth accumulation, including investment advice and product sales.

“I think this is very important,” adds Weisgerber, who works with two securities-licensed investment advisors, two insurance reps and several support people.

“We will also be working to ensure that the CFP is distinguished as the highest standard compared with the new ISO standards being introduced into the Canadian marketplace,” says Weisgerber, who maintains that CIFPs president Keith Costello is the key spokesman for the association.

The Geneva-based International Organization for Standardization, which Canadian consumers will recognize for establishing ISO manufacturing standards, released a set of draft standards for international financial planning last summer. IE