Handing out financial advice in this province now requires some training.
It may sound funny that this might be news but the province has enacted legislation requiring those who use the titles Financial Planner or Financial Adviser to have actually secured a professional designation. Basically, it means those who hold themselves out to be financial planners or advisers must have successfully completed some accredited training.
Saskatchewan joins Ontario in putting some rules in place to keep people with no experience or professional expertise from hanging out a shingle. And, national industry associations not only welcome the decision, they see it as a step towards harmonizing rules nationally since Saskatchewan’s legislation matches up with the Ontario bill.
As the head of one national body put it, the legislation will give Saskatchewan investors added assurance and confidence as they work on developing their portfolios in a time of market uncertainty, volatility triggered by the COVID pandemic and subsequent lockdown.