IFIC/IFSE Welcome ETF Proficiency Standard
September 28, 2016
Toronto, ON September 28, 2016 The Investment Funds Institute of Canada (IFIC) and its educational arm, IFSE Institute, today expressed support for the new ETF proficiency standard (http://www.mfda.ca/regulation/propAmend/Policy8_amends.pdf) proposed by the Mutual Fund Dealers Association (MFDA).
Having an additional investment option will enhance the ability of advisors to create portfolios that meet their clients needs, says Paul C. Bourque, president and CEO of IFIC. This will lead to better outcomes for investors, especially in light of their reliance on financial advisors to help them make good financial decisions.
IFICs submission (https://www.ific.ca/wp-content/uploads/2016/09/IFIC-Submission-MFDA-and-BCSC-Proposed-ETF-Proficiency-Standard-September-28-2016.pdf/15144/) notes that the value of advice is enhanced when advisors are knowledgeable and have ready access to products that meet their clients needs.
Recent research (https://www.ific.ca/wp-content/uploads/2016/09/IFIC-Pollara-Investor-Survey-September-2016.pdf/15057/) reconfirms that mutual fund investors have high levels of confidence in the advice they receive from their financial advisors, says Bourque. Formal proficiency standards create more consistency of training across all channels and ensure that advisors have the knowledge to help their clients achieve their financial goals.
The IFSE submission (https://www.ific.ca/wp-content/uploads/2016/09/IFSE-Submission-MFDA-and-BCSC-ETF-Proficiency-September-28-2016.pdf/15136/) also notes that the new standard elevates the abilities of advisors and strengthens investor protection.
We commend the MFDA for this initiative, says Christine Ashmore, managing director of IFSE. We believe that ETFs can be a valuable investment option for investors and we recognize the importance of making them accessible to the public by distributing them through the MFDA channel.
A leading provider of proficiency education to the financial services sector, IFSE has updated its ETF course to meet the requirements in the MFDAs proposed rule. Once the MFDA rule is finalized, IFSE will release the course. The new course will qualify for 15 CE credits for the CSF, IQPF, CECAP, and FPSC.
The Investment Funds Institute of Canada is the voice of Canadas investment funds industry. IFIC brings together 150 organizations, including fund managers, distributors and industry service organizations, to foster a strong, stable investment sector where investors can realize their financial goals. By connecting Canadas savers to Canadas economy, our industry contributes significantly to Canadian economic growth and job creation. The organization is proud to have served Canadas mutual fund industry and its investors for more than 50 years.
IFSE Institute is the educational arm of the Investment Funds Institute of Canada. IFSE is committed to delivering best-in-class financial education and support for individuals, financial services companies and academic institutions. As a proven leader in financial services training, IFSE is entrusted by the regulators to be an approved education provider to the Canadian financial services industry. IFSE is a not-for-profit organization that has been creating affordable, innovative learning solutions since 1967. Most notably, IFSE offers the Canadian Investment Funds Course and the Exempt Market Proficiency Course leading to mutual fund and exempt market registration respectively. Over the past year, IFSE has witnessed a 31 per cent increase in the number of students enrolled in its courses.
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Sara Clodman, Senior Manager, Public Affairs, IFIC
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Christina Ashmore, Managing Director, IFSE Institute
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Senior Manager, Public Affairs,
The Investment Funds Institute of Canada (IFIC)
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