Minister of Justice Don Morgan spoke about the legislation Thursday. (File Photo/650 CKOM)

By Michael Joel-Hansen

Professional Regulation

Financial planners will be under provincial regulation

Jul 9, 2020 | 3:59 PM

Going forward professionals looking to call themselves Financial Planners in Saskatchewan will have to have certain certifications.

Last week the Financial Planners and Financial Advisors Act was signed into law. Justice Minister Don Morgan told a Saskatoon based radio show the legislation brings Saskatchewan into line with other provinces and that the move will help protect consumers.

“You know a lot of people may have phoned or contacted somebody who indicated they were a financial adviser or financial planner, and had absolutely no qualifications,” he said.

Morgan added the government will be working with industry in the coming months to develop a complete framework.

Bryan Rindal, with BTR Financial Planning in Prince Albert is supportive of the legislation, he said there are people using the title of financial planner inappropriately.

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“I think it’s a good first step and I think then people will have to realize that on their business card if they are a product salesman, they are going to have to say mutual fund salesman, insurance salesman,” he said.

Rindal explained a true financial planner should have a range of knowledge and expertise. This includes following a six-step process which involves developing a financial road map while also helping the client plan for retirement. Rindal added a planner should also be looking at areas like insurance to make sure a client is properly covered and also help ensure a client’s estate is set up properly.

“The whole big picture is what the role of a financial planner should be,” he said.

Overall Rindal hopes new regulations will help people differentiate financial planners from other people who work in the financial services industry.

“I’ve always considered financial planners to be pure true professionals and [we] should treat our clients accordingly and I guess we expect to be treated with that same sort of respect as due to the profession,” he said.

–

With files from 650 CKOM

MichaelJoel.Hansen@jpbg.ca

On Twitter: @mjhskcdn