How financial planning bodies are exploring the potential of technology

Read more: Taking the first step towards true financial advice for all

“We know financial technology, when leveraged appropriately, will make the practices of financial planners more efficient, which can allow them more time to serve more clients,” Dewdney says. “And that’s in alignment with our goal to be able to deliver and give access to planning and financial services.”

The program’s focus on technology, he stresses, does not overlook the central role qualified financial planners have in providing personalized financial advice. While some individuals may believe technology could replace the planner, he emphasizes the “need and yearning for the human element” in helping Canadians navigate major life decisions.

“We’re coordinating and collaborating with a diverse range of professionals right across the board, from individuals that are in the industry to academics and regulators,” Dewdney says.

Tashia Batstone, FP Canada’s president and CEO, and Chantal Lamoureux, her counterpart from the IQPF, are both involved in the 15-member task force. Other participants include Oumar Diallo, director of Fintech Innovation at Autorité des marchés financiers; Mark Evans, president and CEO of Conquest Planning; and Neil Gross, chair of the Investor Advisory Panel at the Ontario Securities Commission.