Self-Serve Portal

Working with a financial advisor or financial planner

If you’re looking for help with your finances, there are new rules in New Brunswick to help ensure you get advice from qualified professionals.  

Under the new Financial Advisors and Financial Planners Title Protection Act, only those who have the minimum education requirements and credentials can use the “financial advisor” and “financial planner” (or similar) titles. This means you can be confident knowing that your advisor or planner is knowledgeable and qualified.  

How the new rules will work 

To make it easier for those currently holding the “financial advisor” and “financial planner” (or similar) titles, the new requirements are being rolled out gradually. If someone calls themselves a “financial advisor” or “financial planner” but doesn’t meet the new standards, they’ll have a chance to take approved courses to become credentialed.  

Making sure the rules are followed 

The Commission is the regulator overseeing the legislation. It will approve organizations that can credential “financial advisors” and “financial planners” (or similar titles), and those organizations will monitor those using the titles.  

What you should know as a consumer 

  • Do your homework. Determine which type of financial professional best fits your needs.  
  • Check the credentials. Look for the list of Commission-approved credentialing bodies and the credentials they offer.  
  • Learn about the transition periods. Some professionals may be working toward their credentials now.  
  • Read the FAQs. We have answers to commons questions about the new rules.  

With the new protections, getting financial advice in New Brunswick is safer and clearer. Take the time to ask questions and make sure your financial advisor or financial planner is properly credentialed. You deserve the best help for your money! 

FAQs 

What is the difference between a financial advisor and a financial planner? 

The Commission has set different minimum requirements for technical knowledge, professional skills and competencies to differentiate between financial advisors and financial planners. 

Financial advisors 

Financial advisors should have technical knowledge of at least one common investment product, as well as the necessary expertise to develop suitable financial and investment recommendations for their clients.  

Financial planners 

Financial planner should have the knowledge to develop integrated financial plans for their clients. They are expected to be proficient in all the core personal finance areas, including: 

  • Estate planning 
  • Tax planning 
  • Retirement planning 
  • Investment planning 
  • Finance management 
  • Insurance/risk management 

What type of complaints will the Commission have jurisdiction over? 

The Commission will have jurisdiction to handle the following types of complaints:  

  • Complaints against a Commission-approved credentialing body. If you are unable to resolve your complaint directly with the credentialing body, you can submit a complaint with the Commission.  
  • Complaints against organizations that refer to themselves as an approved credentialing body and/or claim to offer an approved credential without Commission approval. Please visit the Commission’s list of approved credentialing bodies and credentials to verify if the organization and/or credential is approved. If the organization and/or credential is not on the list, please proceed to submit a complaint.  
  • Complaints against individuals who are using the financial advisor and financial planner titles or a similar title that could reasonably be confused with financial planner or financial advisor titles without holding an approved credential. There is a transition period for certain individuals already using the financial advisor or financial planner titles. Learn more about the transition period. If you believe your financial professional does not have an approved credential and does not qualify for the transition period, please submit a complaint.  

For more information on how to file a complaint with the Commission, visit our Submit a Complaint page. 

Who should I contact to submit a complaint about the conduct of a financial advisor or financial planner who holds an approved credential? 

Conduct complaints can be submitted directly to their credentialing body.  

Examples of misconduct can include but are not limited to: dishonest behaviour, misappropriation of funds, fraud, code of conduct breaches, unsuitable recommendations, failure to disclose conflicts of interest or breach of confidentiality. These matters will be reviewed by the appropriate credentialing body, which is responsible for overseeing and enforcing the conduct standards of their credential holders under the Title Protection framework.  

The Commission maintains an up-to-date list of approved credentialing bodies and credentials on its website. The list also includes a link to each credentialing body’s website where individuals can submit complaints directly. 

Conduct violations may also breach other legislation administered by the Commission, such as the Securities Act or the Insurance Act. Complainants may submit a complaint to the Commission, which can assist in directing the complaint to the appropriate regulatory or credentialing body.