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(November 21, 2007) A competency profile for financial planners, based on a framework first conceived and developed in Canada, was adopted as an international standard at a recent meeting of the Financial Planning Standards Board (FPSB), which owns the CFP brand outside the U.S.

The profile was first developed in Canada over a two-year period by the Financial Planners Standards Council (FPSC), which engaged a multinational team from Australia, Austria, Canada, Hong Kong, Japan, South Africa and the United States to establish a competency profile for the global financial planning community.

FPSC president and CEO Cary List led the team that developed the profile in Canada and was on the international team developing the global profile.

“It is very satisfying to see the leading work done in Canada provide a framework for the international standard. I congratulate all of those involved in the profile’s development,” he says.

Also, Jim Kraft, CFP and vice-president of marketing with Manulife Financial, was named to the board of directors of the FPSB. His term of office will run from 2008 through 2010. Kraft joins fellow Canadian member and FPSC past chair Peter Volpé.

“I’m very pleased to be chosen as a board member of FPSB,” Kraft says. “I look forward to offering as much value as possible to the board.” As a condition of election to the board of FPSB, Kraft has resigned as vice-chair of the FPSC’s board and will be replaced by Debra Ammeter, who is vice-president of advanced financial planning support at Investors Group.

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Scotia targets Saskatchewan’s emerging affluence

(November 21, 2007) Competition for high-net-worth clients is about to heat up in Saskatchewan, as Scotia Private Client Group has announced enhanced services in Saskatoon.

Saskatchewan’s economy has been booming in recent years, fuelled by strong global demand for resources found in the province, such as potash and uranium. That has led to rapid growth in the number of millionaires in the prairie province.

“We anticipate that the prairies will be one of Canada’s top markets for growth in the number of high-net-worth individuals over the next several years, and we’re looking forward to the challenge of taking advantage of those market opportunities,” said Janice Church, director and head, Scotia Private Client Group, southern Alberta and Saskatchewan.

Scotia’s improved offering will bundle the services of Scotiatrust, Scotia Cassels, ScotiaMcLeod and Private Banking for clients with investable assets of at least $500,000. These services will be coordinated by a lead relationship manager, who serves as the primary point of contact.

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Goldman Sachs feeling charitable

(November 21, 2007) There’s further proof that high-net-worth clients are interested in distributing their wealth to charities, as Goldman Sachs Group has announced the establishment of Goldman Sachs Gives, a donor-advised fund.

As part of the program, the firm’s partners have agreed to commit a part of their overall compensation to charitable organizations. Last year, Goldman Sachs paid out $16.5 billion in bonuses alone.

“We expect that Goldman Sachs Gives will grow to more than $1 billion over the next few years and will become a significant source of dedicated charitable funds,” the firm said in a press release. “The firm will pay the costs associated with running Goldman Sachs Gives.”

To encourage employees to contribute, the firm will double its limit on matching contributions to charities, to $20,000 for each eligible employee other than partners, effective January 1, 2008.

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TD boasts three of Canada’s most powerful women

(November 21, 2007) Financial planning commentator Patricia Lovett-Reid, senior vice-president of TD Waterhouse, and Teri Currie, executive vice-president of human resources at TD Bank Financial Group, have both been named to Women Executive Network’s Most Powerful Women: Top 100 Awards.

In addition, previous three-time award winner Colleen Johnston, TD Bank Financial’s CFO, has been inducted into WXN’s Top 100 Hall of Fame.

The Top 100 Awards program identifies the 100 most “exceptional and influential” women in Canada as selected by an independent advisory board. Currie was recognized in the Corporate Executives category, which tracks women who hold the most senior positions in Canada’s largest companies.

Lovett-Reid is being recognized in the Trailblazers and Trendsetters category, which honours women who are pioneers in their field and have made great contributions to Canadian society.

“It’s a privilege to work every day with such talented people,” says Ed Clark, president and CEO, TDBFG. “Pattie, Teri and Colleen have achieved phenomenal success in their careers and are clearly making an impact as role models not only at TD but also in the broader community through the worthy causes they support. They are exemplary leaders, and I’m very proud to have them on TD’s executive team.”

(11/21/07)