CAIFA/CAFP to amalgamate via special act of Parliament

(November 29, 2002) The amalgamation of Canada’s two biggest professional organizations for financial advisors has entered its final stage — the parliamentary phase. The Canadian Association of Financial Planners and Canadian Association of Insurance and Financial Advisors are uniting to form the Financial Advisors Association of Canada, which will be known publicly as Advocis. The […]

By Jim MacDonald | November 29, 2002 | Last updated on November 29, 2002
2 min read
  • CAIFA/CAFP sticks to its guns on Advocis
  • An association by any other name: “Advocis” is talk of Talvest Town Hall
  • “Advocis”: CAIFA/CAFP settle on new name
  • CAFP and CAIFA overwhelmingly approve merger to create new organization

    The amalgamation now moves to the final stage. “The way in which we’ve chosen to do the [amalgamation] is by a special act of Parliament,” said CAFP president Terry Taylor.

    “You take all of the assets and all of the liabilities of the two predecessor organizations and bring them into the new organization unchanged. Then you don’t have to wind up CAFP and you don’t have to wind up CAIFA. You just bring all their assets and liabilities into the new organization,” explained Taylor today.

    Starting a new organization would have required a longer, more complex process, said Taylor. “This is simpler, faster, neater and quicker.”

    Taylor hopes the special act of Parliament to seal the amalgamation will be proclaimed in January or February. The bill contains a clause that makes the act retroactive to January 1, 2003.

    The combined organization will have roughly 18,000 members.

    The CAFP also says its staff will relocate to the Advocis office — currently CAIFA’s headquarters — in Toronto on Thursday, December 12, 2002. Taylor says Advocis will be open for business on Monday, December 16.

    The first Advocis national conference will be held June 11-14 in St. John’s, Newfoundland.

    Filed by Jim MacDonald, Advisor.ca, jmacdonald@advisor.ca.

    (11/29/02)

    Jim MacDonald

    • (November 29, 2002) The amalgamation of Canada’s two biggest professional organizations for financial advisors has entered its final stage — the parliamentary phase.

    The Canadian Association of Financial Planners and Canadian Association of Insurance and Financial Advisors are uniting to form the Financial Advisors Association of Canada, which will be known publicly as Advocis. The amalgamation was approved in special votes held by both organizations in September.

    Yesterday, the CAFP board of directors agreed the due diligence investigation into the amalgamation was satisfactory and unanimously approved the merger. In September, CAFP members authorized the board to proceed with the merger once the due diligence had been completed to its satisfaction. In the meantime, the CAFP’s auditors completed the investigation.

    The CAIFA board of directors approved the merger at the annual general meeting in September.

    Related News Stories
  • CAIFA/CAFP sticks to its guns on Advocis
  • An association by any other name: “Advocis” is talk of Talvest Town Hall
  • “Advocis”: CAIFA/CAFP settle on new name
  • CAFP and CAIFA overwhelmingly approve merger to create new organization

    • The amalgamation now moves to the final stage. “The way in which we’ve chosen to do the [amalgamation] is by a special act of Parliament,” said CAFP president Terry Taylor.

    “You take all of the assets and all of the liabilities of the two predecessor organizations and bring them into the new organization unchanged. Then you don’t have to wind up CAFP and you don’t have to wind up CAIFA. You just bring all their assets and liabilities into the new organization,” explained Taylor today.

    Starting a new organization would have required a longer, more complex process, said Taylor. “This is simpler, faster, neater and quicker.”

    Taylor hopes the special act of Parliament to seal the amalgamation will be proclaimed in January or February. The bill contains a clause that makes the act retroactive to January 1, 2003.

    The combined organization will have roughly 18,000 members.

    The CAFP also says its staff will relocate to the Advocis office — currently CAIFA’s headquarters — in Toronto on Thursday, December 12, 2002. Taylor says Advocis will be open for business on Monday, December 16.

    The first Advocis national conference will be held June 11-14 in St. John’s, Newfoundland.

    Filed by Jim MacDonald, Advisor.ca, jmacdonald@advisor.ca.

    (11/29/02)

    (November 29, 2002) The amalgamation of Canada’s two biggest professional organizations for financial advisors has entered its final stage — the parliamentary phase.

    The Canadian Association of Financial Planners and Canadian Association of Insurance and Financial Advisors are uniting to form the Financial Advisors Association of Canada, which will be known publicly as Advocis. The amalgamation was approved in special votes held by both organizations in September.

    Yesterday, the CAFP board of directors agreed the due diligence investigation into the amalgamation was satisfactory and unanimously approved the merger. In September, CAFP members authorized the board to proceed with the merger once the due diligence had been completed to its satisfaction. In the meantime, the CAFP’s auditors completed the investigation.

    The CAIFA board of directors approved the merger at the annual general meeting in September.

    Related News Stories
  • CAIFA/CAFP sticks to its guns on Advocis
  • An association by any other name: “Advocis” is talk of Talvest Town Hall
  • “Advocis”: CAIFA/CAFP settle on new name
  • CAFP and CAIFA overwhelmingly approve merger to create new organization

    • The amalgamation now moves to the final stage. “The way in which we’ve chosen to do the [amalgamation] is by a special act of Parliament,” said CAFP president Terry Taylor.

    “You take all of the assets and all of the liabilities of the two predecessor organizations and bring them into the new organization unchanged. Then you don’t have to wind up CAFP and you don’t have to wind up CAIFA. You just bring all their assets and liabilities into the new organization,” explained Taylor today.

    Starting a new organization would have required a longer, more complex process, said Taylor. “This is simpler, faster, neater and quicker.”

    Taylor hopes the special act of Parliament to seal the amalgamation will be proclaimed in January or February. The bill contains a clause that makes the act retroactive to January 1, 2003.

    The combined organization will have roughly 18,000 members.

    The CAFP also says its staff will relocate to the Advocis office — currently CAIFA’s headquarters — in Toronto on Thursday, December 12, 2002. Taylor says Advocis will be open for business on Monday, December 16.

    The first Advocis national conference will be held June 11-14 in St. John’s, Newfoundland.

    Filed by Jim MacDonald, Advisor.ca, jmacdonald@advisor.ca.

    (11/29/02)