Financial Advisors and Financial Planners

Under the Financial Advisors and Financial Planners Title Protection Act (the Act), professionals who use the titles financial advisor and financial planner will need to meet minimum educational standards to be credentialed. 

The Act, which received Royal Assent on June 16, 2023, will come into force on a future date. Once in force, the Act will require professionals using these titles to have the necessary credentials to provide appropriate advice and planning for the financial well-being of New Brunswickers.

The aim of the legislation is to increase consumer and investor protection by providing New Brunswickers clarity and confidence when working with individuals holding these titles. Currently, the titles “financial advisor” and “financial planner” are unregulated in New Brunswick.

Rules were published on January 11, 2024 for a 90-day comment period.

The Act, which stemmed from industry consultation on title protection in 2021, will require anyone using the titles “financial advisor” and “financial planner” to hold the appropriate credentials from an approved credentialing body.

The Financial and Consumer Services Commission, which will administer the legislation, will approve organizations as credentialing bodies and approve the credentials to use the two regulated titles.

Credentialing bodies will be responsible for overseeing those holding the titles of either financial advisor or financial planner.

When in place, New Brunswickers will be informed of the benefits of working with a professional that uses the title financial advisor or financial planner when looking for someone to give them financial advice.

Subscribe here for updates.