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Professional Financial Advisor™ Designation Program
Professional Financial Advisor™ Designation Program
The Professional Financial Advisor (PFA) designation was created to meet the everyday demands of the professional advisor. With practice-based training in a real-world environment, the PFA focuses on practice development, technical knowledge and compliance & ethics to help newer advisors get a successful head start while also empowering existing advisors to fine-tune the primary building blocks of their business.
The PFA designation is conferred in Canada exclusively by The Institute for Advanced Financial Education (“The Institute™”).
The Professional Financial Advisor (PFA™) is an approved designation for use of the title Financial Advisor in Ontario.
Who Should Enrol?
- Financial advisors looking to gain the technical financial planning skills and soft skills required to build a successful practice.
- Experienced financial advisors looking to brush up on key skills and revisit essential topics related to regulation, practice management and creating client value.
Requirements for PFA Designation
- PFA candidates must successfully complete the four PFA program courses and the Final Comprehensive Exam.
- All courses must be taken in order.
- Once all required courses and the Final Comprehensive Exam have been successfully completed, candidates must apply to receive the designation via The Institute for Advanced Financial Education.
PFA Designation Continuing Education Requirements
- A minimum of 20 CE credits each calendar year. One credit must be from a recognized Ethics program.
- A minimum of 10 CE credits must be accredited by The Institute.
- A maximum of 10 CE credits can be approved by The Institute.
- For further details, please contact Member & Client Services at info@advocis.ca.
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PFA Program Courses and Comprehensive Exam
Need more information? Book time with Sheila Godse from our Business Development team to discuss next steps. General program inquiries may also be sent to info@advocis.ca.
PFA Course 1: Business Elements
In Business Elements, we examine the fundamentals of launching a financial advisory practice: developing a business plan, a marketing strategy and the discipline of prospecting for clients. This course encompasses the disciplines of Practice Development, Compliance & Regulatory Topics for Financial Advisors and Financial Planning.
Click Advocis PFA Program Outline for more details.
Estimated Time: 159 study hours
Window for completion: 6 months
Course Exam Format
- Online Exam
- Closed-Book Exam
- Application based multiple-choice questions
- Passing Mark: 60%
CE Credits
- Alberta Insurance Council: 15 Life and A&S
- Chambre de la sécurité financière: 8 PDUs (General Subject), 7 PDUs (Compliance)
- Insurance Council of Manitoba: 15
- Insurance Councils of Saskatchewan: 15
- FP Canada: 10 Financial Planning; 6 Practice Management
- Candidates seeking CE or PDU credits for professional designations or organizations (including The Institute™) should contact the governing body for confirmation of CE/PDU qualification
Pricing
Member price: $225 (add GST/HST)
Non-Member price: $425 (add GST/HST)
PFA Course 2: Enhancing Client Connections
In Enhancing Client Connections, we begin to examine the client – advisor relationship. You will learn the best practices for initiating client relationships as well as developing and strengthening them. This course pulls from the disciplines of Practice Development, Compliance & Regulatory Topics for Financial Advisors and Financial Planning.
Click Advocis PFA Program Outline for more details.
Estimated Time: 196 study hours
Window for completion: 6 months
Course Exam Format
- Online Exam
- Closed-Book Exam
- Application based multiple-choice questions
- Passing Mark: 60%
- Alberta Insurance Council: 15 Life and A&S
- Chambre de la sécurité financière: 10 PDUs (Compliance), 3 PDUs (Group Insurance of Persons), 2 PDUs (Group Savings Plan)
- Insurance Council of Manitoba: 15
- Insurance Councils of Saskatchewan: 15
- FP Canada: 10 Financial Planning; 5 Practice Management
- Candidates seeking CE or PDU credits for professional designations or organizations (including The Institute™) should contact the governing body for confirmation of CE/PDU qualification
PFA Course 3: Building Client Value
In Building Client Value, we examine four common financial planning goals. You will learn about the data you need to collect from your client to analyze their current situation, the financial planning tools required to complete the analysis, how to conduct the analysis and interpret your findings. Finally, you will learn about the strategies and best practices for communicating your findings to your client and the most appropriates means for delivering your advice. The course presents a real-life client scenario in which these skills are demonstrated.
Click Advocis PFA Program Outline for more details.
Estimated Time: 213 study hours
Window for completion: 6 months
Course Exam Format
- Online Exam
- Closed-Book Exam
- Application based multiple-choice questions
- Passing Mark: 60%
- Alberta Insurance Council: 15
- Chambre de la sécurité financière: 5 PDUs (Compliance), 5 PDUs (Insurance of Persons), 5 PDUs (Group Savings Plan)
- Insurance Council of Manitoba: 15
- Insurance Councils of Saskatchewan: 15
- FP Canada: 10 Financial Planning; 5 Practice Management
- Candidates seeking CE or PDU credits for professional designations or organizations (including The Institute™) should contact the governing body for confirmation of CE/PDU qualification
PFA Course 4: Fine Tuning Your Practice and The Value of Advice
In Fine Tuning Your Practice, we guide you through a review of your existing work habits and explore ones that could be more effective for you. We also revisit the personal and business goals you developed in Course 1 – Business Elements. For most of you it has been approximately a year and a half since you established your marketing plan. In this module, we will provide you with methods to analyze the success of your business and measures to evaluate your marketing plan.
This module also focuses on how you can best protect your financial advisory practice. Topics discussed include the importance of liability (E&O) insurance, managing client expectations, and taking advantage of educational and mentorship opportunities.
In The Value of Advice, we explore and recognize the unique value you provide to your clients. We offer suggestions on how to orient your practice toward providing the highest value possible in your financial advisory practice. Most importantly, in the second half of the module, we offer best practices on how to communicate the value you provide to your clients and prospective clients. Included in the module are tips on how to evaluate your current communications practices and develop a communications strategy.
Click Advocis PFA Program Outline for more details.
Estimated Time: 100 study hours
Window for completion: 6 months
Course Exam Format
- Online Exam
- Closed-Book Exam
- Application based multiple-choice questions
- Passing Mark: 60%
CE Credits
- Alberta Insurance Council: Pending
- Chambre de la sécurité financière: Pending
- FP Canada: Pending
- Candidates seeking CE or PDU credits for professional designations or organizations (including The Institute™) should contact the governing body for confirmation of CE/PDU qualification
Pricing (Semester and Self-Study)
Member price: $225 (add GST/HST)
Non-Member price: $425 (add GST/HST)
PFA Final Comprehensive Exam
The Final Comprehensive Exam is scheduled four times a year (February, May, August and November). PFA candidates are required to select the exam that is scheduled closest to their successful completion of Course 4: Fine Tuning your Practice and The Value of Advice. For more information on the Final Comprehensive Exam, please visit our FAQ.
Exam Format
- Online Proctored Exam
- Closed-Book Exam
- Multiple-Choice Questions
- Passing Mark: 60%
Pricing
Member price: $150 (add GST/HST)
Non-Member price: $350 (add GST/HST)
PFA Final Comprehensive Exam Schedule
Next Exam: August 23, 2023
Time: 12:00 pm to 3:00 pm (Eastern Time)
2023 Schedule | ||
| Exam Date(s) | Registration Opens on: | Registration Closes on: |
| August 23, 2023 | June 28, 2023 | August 16, 2023 |
| November 22, 2023 | September 27, 2023 | November 15, 2023 |