PFA: Frequently Asked Questions

Q1. THE DEADLINE DESCRIBED IN THE ADVANCED LAUNCH OF THE PFA IS FAST APPROACHING. I AM NOT SURE IF I WILL BE ABLE TO COMPLETE THE DESIGNATION BEFORE THE DEADLINE. WHAT HAPPENS IF I DON’T COMPLETE ALL THE SEGMENTS BY DECEMBER 31ST, 2019

The December 31st 2019 deadline to complete the coursework for the PFA has been extended to the 29th of February 2020 and the deadline to write the PFA final comprehensive exam has been extended to the 31st of March 2020.

Q2. I’M WAY BEHIND ON THE SEGMENTS – WHAT RESOURCES ARE THERE TO HELP ME COMPLETE THE ADVANCED LAUNCH OF THE PFA BY THE NEW DEADLINES?

Each of the webinars hosted in the Advanced Launch PFA program were recorded. You will find recorded webinars for each of the Practice Development, Compliance & Regulatory Topics for Financial Advisors, and Technical Knowledge modules on the learning environment here (please ensure you are logged into the Advocis Learning Environment to access the recorded webinars).

Virtual mentoring appointments with the Advocis Corporate Trainer are available on a one-to-one basis. Please email: pfatraining@advocis.ca to schedule. Our Corporate Trainer can help you navigate the learning environment, locate resources on the learning environment, and answer any questions you may have on the course content from the Advanced Launch PFA.

Finally, we have scheduled live facilitated study webinars to help you. They will focus on the material that you find challenging and want reviewed.

Please email pfatraining@advocis.ca no later than one week before the scheduled webinar with the topics you’d like reviewed from Practice Development, Compliance & Regulatory Topics for Financial Advisors, or Technical Knowledge. See the schedule here.

Q3. IF I STILL DON’T COMPLETE THE COURSE WORK FOR ALL SEGMENTS BY FEBRUARY 29TH, 2020, WHAT OPTIONS DO I HAVE? That depends on how much you have completed.

If you have successfully completed Segment 3 of the Advanced Launch PFA program by the 29th of February 2020, you will have the option to continue with Segments 4 and 5 on a self-study basis. Recorded webinars of the Practice Development Modules that make up these Segments will be available on the learning environment. One PFA final comprehensive exam sitting will be available on the 30th of June 2020 for candidates who select this option.

If you have successfully completed Segments 1 and/or 2 of the Advanced Launch PFA program by the 29th of February 2020, you will be offered the opportunity to elect to transfer into the full PFA program (see FAQ on the differences you can expect in the full PFA program). Segment Exam marks for Segments 1 and 2 will transfer to your student record in the full PFA program. You will be required to resubmit the Practice Development activities that you completed in the Advanced Launch PFA program. Please ensure you download any submitted activities in the Advanced Launch PFA program for this purpose.

Please note that due to FP Canada’s introduction of the Body of Knowledge curriculum (effective January 1st 2020), we are unable to offer you any equivalencies after December 31st 2019 for the Technical Knowledge (TK) modules you completed within Segments 1 and 2. Please see IMPORTANT INFORMATION below concerning PFA Technical Knowledge modules. If you have successfully completed Segment 1 of the Advanced Launch PFA program, you will be welcomed into the 2nd semester of the full PFA program on the 1st of October 2020. If you have successfully completed Segment 2 of the Advanced Launch PFA program, you will be welcomed into the 1st semester of the full PFA program on the 1st of April 2021. Please see the schedule of semesters below.

IMPORTANT INFORMATION concerning PFA Technical Knowledge modules:

FP Canada introduced their Body of Knowledge curriculum for Level 1 candidates (new QAFP certificants) and CFP certificants in 2018. The new curriculum comes into effect the 1st of January 2020 and represents a significant increase to the curriculum of the QAFP and CFP. As a result, Advocis has made substantial additions to the content of our textbooks and reorganized our CFP certification program. The current Advocis CFP Certification program will not be offered after December 31st, 2019. To accommodate the move from our existing CFP certification program to the new program, we have developed migration pathways.

For candidates who successfully completed Segment 3 in the Advanced Launch PFA program by the 29th of February 2020, there is a small window of opportunity to finish the course work within the current Advocis CFP Certification program. This window of opportunity closes on the 31st of December 2020.

All other candidates will be required to take the new Technical Knowledge modules with the Body of Knowledge curriculum. For Advanced Launch PFA candidates who elect to transfer to the full PFA they will be required to complete the following:

The Advocis Core Curriculum Program for QAFP and CFP Certification will be available beginning January of 2020. Please see the web-site for more details.

Q4. IF I ELECT TO TRANSFER INTO THE FULL PFA PROGRAM FROM THE ADVANCED LAUNCH PROGRAM, WHAT DIFFERENCES CAN I EXPECT?

Key differences:

The main difference between the Advanced Launch PFA program and the full PFA program is found in the Technical Knowledge modules. The full PFA program launching April of 2020 will contain the newly developed modules (FP Canada’s Body of Knowledge curriculum). The Advanced Launch PFA program used modules from the current CFP Certification Program for the Technical Knowledge modules. This will be discontinued beginning the 1st of January 2020. Please see www.fpcanada.ca for details on QAFP and CFP certification and information on the Body of Knowledge.
An important distinction within the full launch of the PFA is that all Technical Knowledge modules must be passed in order to complete a Segment and be eligible to write the Segment exam. In the Advanced Launch of the PFA, candidates are not required to achieve a passing grade on the Technical Knowledge modules; they are required only to attempt the Module Quiz.
More Practice Development activities may be included in the full launch of the PFA program.

Q5. WHAT IS THE BENEFIT OF PASSING THE TECHNICAL KNOWLEDGE (TK) MODULES IN THE ADVANCED LAUNCH PROGRAM?

The benefit is that you can transfer your grades on the TK modules to the Advocis CFP Certification program if you have successfully completed Segment 3 in the Advanced Launch PFA by the 29th of February 2020.

This matters only if you are considering pursuing QAFP or CFP certification in the near future. The opportunity to transfer the grades on the TK modules to the Advocis CFP Certification program is available for only a very short time (December 31st 2019). Considering the required course work and course exams, you must register for the Advocis CFP Certification program after completing the Segment 3 exam no later than February 29th 2020. If you successfully complete Segment 3 of the Advanced Launch PFA by February 29th, 2020, you will have until the 31st of December 2020 to complete the remaining course work and course exams for FP 241, FP 242, and FP 243 within the Advocis CFP Certification Program. Please see the excerpt from the migration pathways above.

Q6. I HAVE COMPLETED SEGMENT 3 AND HAVE ELECTED TO COMPLETE SEGMENTS 4 AND 5 ON A SELF-STUDY BASIS BY JUNE 30TH. WHAT IF I AM UNABLE TO PASS THE COMPREHENSIVE EXAM BY JUNE 30TH 2020?

The next opportunity to write a comprehensive exam is in 2 years. See Schedule of Semesters below.

Schedule of Semesters: