President & CEO’s Message

2018 was a pivotal year for Advocis, as it marked the beginning of our New Strategic Plan. We announced our new membership requirements and launched a new designation, two pillars of our professions model goal of making financial advice a true profession.

The Advanced Launch of the new Professional Financial Advisor (PFA) designation opened for registration in the fourth quarter. The results far exceeded our expectations: 352 members registered - 181% more than our target of 200. Moreover, our new membership requirements were finalized and announced. Through these and related initiatives, Advocis has positioned itself at the forefront of the drive toward industry professionalization.

This was also a year of major regulatory wins. In February, Scott Moe, Premier of Saskatchewan, repealed the PST on insurance premiums, reflecting the success of our advocacy efforts to that end. Further evidence of our advocacy effectiveness came in June, when the CSA released its long-awaited direction on the embedded commissions and targeted reform files. Critically, the CSA heard Advocis’ message loud and clear by deciding to preserve choice with respect to how consumers pay for financial advice. That is a huge win for Canadians, particularly those with less wealth, as it continues to provide a mechanism for these individuals to access financial advice.

Greg Pollock, CFP, M.Ed., L.L.M., C.Dir.
President and CEO, Advocis, The Financial Advisors Association of Canada

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