New rules force financial planners to be qualified by 2026

Ontario is phasing in new regulations for financial planners. While that might seem pretty basic, investors who currently retain advisors could be shocked to learn that just about anyone could call themselves an advisor.

You need a licence to drive a car or earn money as an electrician, a plumber and even a mortician.

Now the province of Ontario - home to bulk of the nation’s finance industry - says you must have a licence to make a living as a financial advisor or planner.

Actually, not now. After decades of heel dragging and consulting, the province will phase in title requirements over a period of two years for financial advisors and four years for financial planners who were in the business before 2020.

Those who have hung out their financial advisor shingles since then are required to obtain their credentials immediately.

Quebec and Saskatchewan are currently the only provinces with title regulation in place.

The new rules require wannabe advisors to meet minimum standards of education, and abide by a code of conduct. While that might seem pretty basic, investors who currently retain advisors could be shocked to learn that just about anyone could call themselves advisors.