TABLE OF CONTENTS
PRESIDENT & CEO MESSAGE
Kelly Gorman
2025 has been a year where Advocis has sharpened its focus on what matters most: strengthening the financial advice profession in Canada and the role our members play within it. Across Advocis, from our national office to our chapters and member communities, we are charting a positive trajectory, one that reflects both the strength of our profession and the collective commitment of our members. While there is still work to do, this year demonstrated that we are firmly on the right path, advancing the priorities that matter most to advisors, planners, and the Canadians they serve.
A major part of that momentum has come from deep collaboration with our industry partners. One of the most significant developments has been the progress on the proposed FSRA Life & Health MGA Rule. Advocis and our members joined many other industry participants in expressing concerns over the unintended consequences arising from this proposed rule. The Ontario government paused the June 1, 2026 implementation date for the MGA licensing framework to allow for further review.
On July 3, 2026, The Ontario Ministry of Finance published a new proposal introducing amendments in response to stakeholder concerns regarding the oversight of Life and Health Managing General Agencies, or MGAs. Advocis is actively reviewing the proposal and preparing feedback on behalf of our members. Our focus is ensuring any new requirements strengthen consumer protection while remaining practical for advisors, MGAs, and insurers. This decision reflects the importance of advocacy and is a reminder of how our collective effort can shape regulatory outcomes in real and meaningful ways and most importantly, help to protect Canadians’ access to financial advice.
At the same time, we continued our leadership on title protection. In 2026, Advocis released a comprehensive white paper outlining what a harmonized, national approach to title protection for Financial Advisors and Financial Planners could look like. I have been delighted by the response to this paper from our members and am encouraged that this will be a key part of our advocacy efforts on the file moving forward. This work builds on ongoing provincial developments, including frameworks in Ontario and New Brunswick, and reflects the growing need for consistency, public trust, and clear credential transparency across jurisdictions.
Our commitment to elevating our profession was further demonstrated through record attendance across Advocis Schools in 2025. From leadership development to advanced technical training, these programs continue to attract strong engagement from new and seasoned advisors alike, underscoring the critical role Advocis plays in advancing professional standards and enabling advisors to continually strengthen their expertise within a rapidly evolving industry.
CPA, CA, ICD.D
What also set 2025 apart was our focused execution on the strategic initiatives that underpin our long-term direction. We invested significantly in strengthening the pipeline of future advisors by enhancing the LLQP education experience and preparing for the relaunch of the Professional Financial Advisor (PFA) designation to help reinforce a strong entry point into the profession.
We also worked to deepen member connectivity and value by elevating the chapter experience and expanding leadership presence in local events. The introduction of our new online member forum (Advocis Communities) marks an important step forward in creating a more connected, collaborative, and accessible member experience, one that supports both professional development and peer-to peer engagement.
Protecting professionalism and consumer confidence remained central to our work this year. We began rebuilding our regulatory capacity, initiated a review of our complaints and discipline processes, and continued to advance advocacy efforts across provincial governments. These initiatives reinforce Advocis’ longstanding role as a steward of professional ethics and a constructive voice in regulatory modernization.
At the operational level, we accelerated modernization efforts across our technology infrastructure. Key upgrades including enhancements to the education pages in the Advocis website, the launch of a new governance portal, and the rollout of automation across student registration, member billing, reporting, and compliance all mark meaningful steps forward in transforming the digital experience for members, students, and employees. But we still have more work to do.
Our public facing initiatives continued to expand as well. The Advocis Podcast Series grew in reach, while our Emerging Leaders Committee brought fresh perspectives and renewed energy into our community, helping us ensure that early career professionals have a strong voice in shaping the future of our association.
In 2025, our members were at the heart of everything we achieved as an association, and it is your resilience, professionalism, and engagement that will continue to guide our approach in 2026 and beyond. Together, we are building a modern, credible, and future ready profession that is grounded in high standards, strengthened by community, and supported by a national organization committed to advancing both its members and the public trust they serve.
Thank you for your continued trust. We look forward to the work ahead, and to the continued shaping the next chapter of Advocis, together.
CHAIR MESSAGE
Curtis Kimpton
On behalf of the Board of Directors of The Financial Advisors Association of Canada (TFAAC), it is my privilege to report on a year of meaningful progress, renewal, and transformation for Advocis. In 2025, we took important steps to rebuild and modernize the structures that support our Association and its members.
This past year marked a key milestone in our governance evolution. Guided by our commitment to accountability, transparency, and member representation, the Board advanced a comprehensive multi-year governance renewal initiative designed to strengthen the foundation of our Association and position Advocis for long-term success.
Throughout 2025, the Board focused on modernizing governance structures and enhancing oversight processes to reflect leading practices and the evolving needs of our profession. Central to this work was improving clarity in decision-making, strengthening accountability, and ensuring member voices remain at the center of the Association’s direction and priorities.
Significant progress was made in several key areas. These include strengthening the Board’s skills and competency framework, enhancing Chapter representation to better reflect the diversity of our membership across Canada, improving governance processes to support more effective oversight, and increasing transparency with members regarding Board priorities and organizational performance. This work was further supported through important bylaw modernization initiatives that reduce ambiguity, reinforce governance accountability, and align with recognized best practices.
One of the Board’s most significant achievements this year was the development of a strengthened nominations and elections framework for 2026. Under the renewed process, the Nominations Sub-Committee oversees candidate recruitment and evaluation, the Governance & Nominations Committee reviews and recommends candidates, and TFAAC provides final approval of the proposed slate. This clear separation of responsibilities strengthens procedural fairness, independence, and governance integrity. In addition, the implementation of a formal skills matrix and structured interview process ensures director recruitment is disciplined, transparent, and aligned with the strategic needs of the organization.
CFP, CLU, CIM
Equally important has been the Board’s commitment to engagement and visibility across the Association. Directors remained actively involved throughout the year by participating in national and Chapter events, attending Advocis Schools, and engaging directly with members across the country. These interactions provide valuable perspective and help ensure Board decisions remain grounded in the realities and experiences of financial advisors and planners.
While important work remains, the progress achieved in 2025 demonstrates the Association’s commitment to strengthening governance, enhancing member confidence, and advancing the profession in the public interest.
As we look ahead, Advocis is well positioned to continue evolving as a modern, resilient, and accountable professional association. On behalf of the Board of Directors, I thank our volunteers, Chapter leaders, staff, and members for their continued dedication and support throughout this transformative period.
I also extend my thanks to our President & CEO, Kelly Gorman, who has played a critical role in this progress. Kelly has helped guide Advocis toward greater stability and alignment, and the Board continues to support her leadership. Together, we are building a stronger Advocis — one that is better equipped to serve our members, support the profession, and uphold the trust placed in us by Canadians.
MEMBERSHIP
In 2025, Advocis continued to strengthen its role as the national association supporting the professional success of financial advisors and planners. Our focus extended beyond our best-in-class individual benefits to delivering a cohesive member experience which combines advocacy, education, community, and professional standards into a unified value proposition. Understanding the importance of stability for our members, Advocis applied only a modest inflationary increase to membership fees for the 2026 membership year.
This approach reflects our commitment to ensuring long-term financial sustainability while continuing to deliver meaningful value to members.
Our focus remained clear: reinforcing trust, one renewal at a time, by listening to our members, enhancing the membership experience, and adapting to the evolving needs of Canada’s financial advice profession.
Strong Renewal Performance and Continued Member Confidence
In 2025, Advocis achieved a renewal rate of 93%, demonstrating members’ continued confidence in our leadership, advocacy, and the value of Advocis membership. While encouraging, we recognize that trust must be earned continuously through clear communication, relevant professional support, and improvements to the member journey.
Looking ahead, Advocis will continue investing in improved digital tools, streamlined renewal processes, and member-first communication to ensure a cohesive and supportive experience.
7,100 OVER
Advocis members as of December 31, 2025.
Membership Categories and Fees (as of Dec. 31, 2025)
• Practicing Advisor and Manager Members : $1,099.00
• Provisional Members : $550.00
• Student Members : $100.00
• Retired Members : $100.00
* all membership prices + tax
Additional Membership Option
Once again, all membership categories have the option to enhance professional development through GAMA Global Canada membership for an additional $119 + tax annually. GAMA supports leadership and professional growth through initiatives such as the Leaders and Managers Program (LAMP) conference.
How Advocis Supports Your Professional Success
Advocis delivers through an integrated model that supports members across every stage of their professional journey.
1. Professional Development & Education
Members gain access to a wide range of continuing education opportunities, including:
• Exclusive CE-accredited webinars and events
• Preferred pricing on CLU®, CHS™, and PFA™ designation programs
• Practice management resources to support business growth
2. Advocacy & Representation
Advocis remains the national voice of financial advisors, advocating on key regulatory and legislative issues. Members benefit from:
• Representation on policy and industry matters
• Participation in grassroots advocacy initiatives
• Timely regulatory and legislative updates
3. Community & Networking
Members connect with a vibrant national community through:
• 26 local chapters and 3 Schools
• Volunteer opportunities, and leadership development
• Peer networking and regional events
4. Tools, Resources & Partnerships
Members enjoy access to a comprehensive suite of tools and exclusive partnerships:
• Errors & Omissions (E&O) insurance options (Advocis members receive up to 30% discount on E&O insurance through Advocis Broker Services)
• Client engagement templates and business development resources
• Exclusive partner discounts
• Credly digital credentials for verified achievements
• Venngo lifestyle and business perks, including curated discounts on travel, wellness and professional services
5. Ethics & Professional Standards
Advocis members commit to high ethical standards through the Code of Professional Conduct, backed by a formal disciplinary process that reinforces trust in the profession.
Looking Ahead: Delivering More Value in 2026
As we prepare for the year ahead, Advocis remains focused on enhancing the member experience through expanded resources, improved digital services, and continued advocacy leadership. Whether just starting out or well-established in their practice, Advocis members have access to tools and support that strengthen their professional journey.
ADVOCIS CHAPTERS
Advocis chapters remain the heartbeat of the Association, bringing members together to learn, connect, grow, and strengthen the financial advice profession in communities across Canada. In 2025, under the leadership of Chris Hudson, CFP®, CLU®, CHS™, Chair of the Chapter Leadership Council (CLC), chapters across the country continued to deliver meaningful member experiences and foster vibrant local professional communities. Through the CLC, chapter leaders collaborated to share ideas, exchange leading practices, and advance a shared commitment to innovation, excellence, and delivering value across the chapter network. This success was made possible by the dedication of chapter boards and volunteers who generously contributed their time, expertise, and passion, creating opportunities for advisors to build relationships, stay informed on industry developments, and pursue ongoing personal and professional growth.
Programming remained a cornerstone of chapter success. Collectively, chapters delivered more than 219 events throughout the year, providing access to continuing education, business-building insights, networking opportunities, and timely industry discussions. Beyond professional development, chapters also played an important role in advancing Advocis’ advocacy priorities and elevating the voice of professional financial advisors.
In Alberta, the Calgary and Edmonton chapters partnered to deliver a highly successful advocacy event that brought together policymakers, industry leaders, and advisors for meaningful dialogue on issues affecting both the profession and consumers. Distinguished speakers included The Honourable Nathan Cooper, Speaker of the Legislative Assembly of Alberta, alongside industry leaders and stakeholders committed to strengthening the future of financial advice. In London, the chapter delivered timely events focused on emerging regulatory developments.
Several chapters distinguished themselves through innovative approaches and exceptional execution. Greater Vancouver expanded the reach of its highly regarded Estate Planning Summit through hybrid delivery and on-demand access, enabling more members to benefit from the event’s content and expertise. Durham Region delivered a successful Business Optimization Series that equipped advisors with practical strategies for practice growth and succession planning. Toronto introduced events featuring allied professionals, including its Professional Development Days and International Women’s Day programming, creating valuable opportunities for interdisciplinary learning, collaboration, and relationship building.
ADVOCIS CHAPTERS
The strength and impact of the chapter network were reflected in the 2025 Awards of Excellence, where chapters from across Canada were recognized for their achievements, innovation, and commitment to delivering value. Greater Vancouver and Durham Region were shortlisted for Chapter of the Year, reflecting their outstanding leadership, creative programming, and commitment to delivering meaningful value to advisors and their communities.
Most importantly, 2025 showcased what makes Advocis chapters so valuable: hundreds of passionate volunteers and thousands of engaged members working together to build strong local communities that support excellence in financial advice. Across every region of the country, chapters made a meaningful difference in the professional lives of advisors, helping them build knowledge, strengthen relationships, grow their businesses, and contribute to a stronger profession. Building on this momentum, Advocis will continue to support and empower chapter leaders in 2026 through the guidance of the Chapter Leadership Council, the dedicated network of volunteers, and a shared commitment to member success. Together, they are uniquely positioned to deliver outstanding local experiences, advance the Association’s national priorities, and ensure that the passion, innovation, and dedication that define Advocis chapters remain a vital part of the member journey.
“Our chapters are the foundation of the Advocis member experience. They bring advisors together to share knowledge, build relationships, and strengthen our profession at the local level. The achievements of 2025 reflect the remarkable dedication of chapter leaders across the country, and I am excited about the opportunities ahead as we continue to grow our impact and deliver exceptional value to members.”
Chris Hudson Chapter Leadership Council Chair
ADVOCIS SCHOOLS
PACIFIC BANFF
For more than five decades, Advocis Schools have remained a pillar of professional development for financial services professionals across Canada. In 2025, they continued to deliver exceptional educational experiences that combine high-quality learning, meaningful networking, and unforgettable settings in some of the country’s most scenic regions.
Each Advocis School offers a distinctive experience, bringing together:
• Industry‑leading speakers who share timely insights, technical expertise, and forward-looking perspectives
• Valuable networking opportunities, fostering connections with peers from across Canada
• Engaging social events that highlight the character, culture, and natural beauty of the host community
Participants leave Advocis Schools with:
• Fresh business perspectives to apply directly to their practices
• A strengthened sense of community within the financial advice profession
• Opportunities to exchange ideas on emerging trends, regulatory developments, and industry best practices
• Practical tools and strategies to support business growth and enhance client service
In 2026, Banff School will celebrate its 70th anniversary marking a remarkable legacy as one of Advocis’ most historic and enduring educational experiences. This milestone underscores the long-standing impact Advocis Schools have had on advisor development and the strong tradition of learning they continue to uphold.
As Advocis Schools evolve to meet the needs of today’s advisors and planners, they remain focused on delivering immersive, high-impact experiences that support lifelong professional development and the continued advancement of the profession.
EDUCATION
In 2025, Advocis continued to strengthen its role as a leader in advanced financial education, expanding and modernizing its designation pathways and enhancing continuing education offerings. Guided by a commitment to high-quality learning and professional excellence, the Learning & Development team demonstrated creativity, agility, and discipline, ensuring that our programs continued to meet the evolving needs of Canada’s financial advisors and planners.
Designation Programs
A major focus in 2025 was preparing for the launch of the prerequisite programming leading into the Chartered Life Underwriter (CLU®) education program. Advocis now offers two professional pathways into the CLU:
• Professional Financial Advisor (PFA™)
• Advocis Financial Planning Fundamentals
Professional Financial Advisor (PFA™)
The PFA program was successfully re-launched in August 2025, featuring a streamlined structure and an enhanced learning platform designed to improve accessibility and support today’s busy advisors. A dedicated national marketing campaign is planned for 2026 to increase program awareness and visibility.
Advocis Financial Planning Fundamentals
The Education team completed development of the new Advocis Financial Planning Fundamentals program, which launched in February 2026, providing learners with a new pathway to build foundational financial planning knowledge and skills.
Advancing the CLU Pathway
In parallel, Advocis continued modernizing core financial planning course content.
• The first of three updated foundational courses was completed in late 2024.
• The second and third courses were finalized in Q2 2025, representing a major milestone in refreshing the educational foundation of the CLU designation.
The latter half of 2025 focused on preparing subsequent updates to the CLU program to ensure it remains the premier advanced planning designation for advisors and planners seeking deeper expertise.
CONTINUING EDUCATION
Advocis’ Continuing Education portfolio, including Coffee Talks, Essentials, and Symposium, remained popular with members throughout 2025. Participant feedback highlighted strong satisfaction with the relevance and quality of the content, with many describing the Update 2025 curriculum as some of the strongest in recent years.
Member feedback provided valuable guidance on future learning opportunities and engagement preferences. In 2026, the Education team will work closely with the Chapter Leadership Council to build on these insights through new programming designed to meet evolving member needs and support stronger chapter engagement.
2025 was a year of meaningful progress for Advocis Education: the strengthening of CLU prerequisites, the re-launch of the PFA program, the completion of foundational financial planning course updates, and a renewed focus on high-impact continuing education. These advancements reinforce Advocis’ commitment to supporting advisors with learning pathways that evolve alongside the profession.
Advocis enters 2026 with strong momentum, ready to launch new programming, expand learning opportunities, and continue elevating the standard of professional education in Canada’s financial services sector.
ADVOCACY
The Voice of Canada’s Financial Advisors and Planners and a Steward of the Profession
2025 saw the re-energizing of Advocis’ work as the voice of our membership. We advocate for our members positions through written submissions to regulators and legislators across the country, as well as in-person meetings with regulators, politicians and various financial industry stakeholders.
Our goal is to advance a regulatory and public policy environment that recognizes financial advice and planning as a true profession. This environment is one that protects consumers, supports advisor sustainability, and ensures Canadians have access to trusted financial guidance.
Regulatory Submissions
In 2025 we made the following submissions:
FSRA Life & Health Managing General Agent (MGA) Rule
MGA Consultation – Rule 2025-001 – Life and Health Insurance Managing General Agents (the “Proposed Rule”) - (April 30, 2025)
Notice of Changes and Request for Further Comment (Notice of Changes) - Proposed Rule 2025-001 – Life and Health Insurance Managing General Agents, dated October 20, 2025 (Proposed MGA Rule) - (November 17, 2025)
We played a leading role in responding to FSRA’s proposed Life & Health MGA Rule, which would have introduced significant new licensing fees, renewal costs, and compliance obligations for intermediaries across Ontario. The draft Rule extended well beyond traditional oversight of MGAs by capturing incorporated advisors and small advisory agencies, raising concerns about regulatory duplication, disproportionate cost burdens, and potential impacts on consumer access to financial advice.
Advocis undertook extensive and coordinated advocacy to ensure member perspectives were clearly understood. This included:
• Formal written submissions outlining technical, operational, and financial concerns
• Joint advocacy with CALU and other industry partners to present unified feedback
• Direct engagement with FSRA and government officials
• Member communications
• Public-facing advocacy through targeted communications and campaign messaging
Advocis’ sustained involvement ensured that advisors’ voices were well represented and that the implications for small advisory firms, incorporated advisors, and consumers remained at the forefront of regulatory dialogue. Our work reinforced Advocis’ position as a credible, solutions-focused stakeholder committed to fair, effective, and proportionate regulation in the life and health insurance sector.
Implementation of an MGA-licensing framework in Ontario has been paused by the Minister of Finance and FSRA to allow for consideration of approaches to address the valuable stakeholder feedback received. The Ontario Ministry of Finance published a new proposal on July 3, 2026 introducing amendments in response to stakeholder concerns regarding the oversight of Life and Health Managing General Agencies (MGAs). Advocis is actively reviewing the proposal and preparing feedback on behalf of members.
Proposed Amendments – Rule 2022‑001 Assessments and Fees
Notice of Rule Under The Financial Services Regulatory Authority of Ontario Act, 2016 Proposed Amendments –Rule 2022-001 Assessments and Fees (Proposed Fee Rule Amendment) (December 19, 2025)
FSRA’s proposed amendments to Rule 2022-001 introduced a fixed $1,000 MGA application fee and signaled potential ongoing fees under the proposed MGA licensing framework. Advocis raised concerns that this approach could place disproportionate cost burdens on small advisory firms, incorporated agents, and family-run practices already operating under existing licensing and supervision.
ADVOCACY
In partnership with CALU, Advocis submitted a joint comment letter to FSRA that:
• Highlighted concerns around the impact of flat fees on smaller businesses
• Questioned whether a fixed fee reflects actual regulatory effort
• Recommended tiered or participation-based fee models aligned with risk and market size.
Advocis emphasized the importance of a fair and proportionate fee structure that protects consumers without creating unnecessary barriers to accessing financial advice.
Ongoing Engagement in Title Protection
Title Protection is now becoming a reality across Canada, ensuring that only qualified, ethical professionals may use the titles Financial Advisor and Financial Planner. This national momentum is the result of years of sustained advocacy by Advocis, through detailed policy submissions, regulator consultations, and direct engagement with provincial governments. Our work over the years helped shape frameworks that prioritize consumer protection, raise professional standards, and reinforce the value our members provide. As more provinces adopt title protection regimes, Advocis continues to play a central role in guiding implementation and ensuring the voices of advisors and planners are at the forefront.
Engaging with our Members and the Broader Community
We reach out to our membership and the broader financial services industry community through the public posting of our submissions and the publishing of bulletins.
• Segregated Funds Guidance Finalized (November 2025).
We also keep members informed and engaged on advocacy and regulatory developments through Chapter events across Canada. This includes targeted presentations, participation in discussion panels, and interactive formats such as coffee talks, creating regular opportunities for dialogue and insight sharing at the local level.
In 2025, we revitalized the Advocis Advocacy Bulletin as a key communications channel, providing timely, focused updates on regulatory and public policy issues. This bulletin will continue on a quarterly basis, ensuring members have consistent access to relevant advocacy developments and progress.
Member Committees
Advocis is fortunate to benefit from the expertise, professionalism, and commitment of members who volunteer on its committees. These committees play an important role in shaping our advocacy priorities and providing guidance that reflects the realities of financial advisors and planners across Canada.
Throughout 2025, Advocis continued to engage with committee members to draw on their insights and perspectives, while also taking time to assess how our committee structure can best support the organization’s evolving advocacy mandate. This reflection has positioned us well to further strengthen committee engagement and impact in the year ahead.
Looking ahead to 2026, Advocis will build on this foundation by enhancing committee engagement through refreshed mandates, clearer alignment to strategic priorities, and more intentional opportunities for member contribution. The Legal, Regulatory & Policy Committee will continue to support the development of sound, evidence-based positions on insurance and other matters impacting the financial services industry that enable financial advisors and planners to better serve Canadians. The Government Relations Committee, working in collaboration with Provincial Advocacy Committees (PACs), will reinforce Advocis’ grassroots advocacy strategy by strengthening relationships with elected officials and amplifying member perspectives. In parallel, the Technology and Innovation Committee will provide forward-looking guidance on emerging technologies, digital regulation, and innovation trends shaping the future of financial advice.
Symposium 2025 – 16th Annual Symposium
The 2025 Advocis Symposium brought together advisors, planners, industry leaders, and policy experts from across Canada for a day of thought provoking dialogue, professional development, and forward looking discussion about the future of advice. As one of Advocis’ flagship national events, Symposium once again served as a key platform for elevating the voice of the profession and deepening engagement with members and stakeholders.
The program explored the evolving landscape of financial advice through keynote presentations, expert panels, and interactive sessions addressing emerging regulatory trends, technological innovation, and the shifting expectations of Canadian consumers. Speakers offered practical insights and strategic perspectives that advisors could apply directly to their practices, reinforcing Advocis’ commitment to supporting member success in a rapidly changing environment.
In addition to rich content, the Symposium provided valuable opportunities for networking and peer connection. Attendees engaged in meaningful conversations, exchanged ideas, and strengthened professional relationships that foster collaboration and growth.
The 2025 Advocis Symposium underscored the importance of bringing the profession together, uniting thought leadership, advocacy, and community under one national forum. As Advocis continues to champion the interests of advisors and planners, Symposium remains a cornerstone event that reflects our dedication to professional excellence and the advancement of financial advice in Canada.
The event also delivered Advocis’ strongest media exposure to date, with 17 articles published throughout the year by leading industry and national outlets, including The Globe and Mail, Advisor’s Edge, Investment Executive, and Insurance Journal, generating a combined media reach of more than 26 million impressions.
THE INSTITUTE
Awards and Winners
Recognition of Longstanding CLUs
The Institute proudly recognizes longstanding CLU designation holders whose sustained commitment reflects a lifetime of professional excellence. In doing so, the Institute plays a critical role in reinforcing public confidence in the financial advice profession. In 2025, The Institute recognized 236 Institute designation holders as longstanding CLUs.
Longstanding CLUs are recognized on The Institute’s website
The John A. Tory Gold Medal for CLU Studies
The Tory Award was originally donated by James M. Tory, CLU, in memory of his father, the late John A. Tory, CLU. The medal, first presented in 1952, is awarded annually to the CLU graduate who achieves the highest average for all course subjects without failing any of the CLU examinations.
John A. Tory Winner: Parth Parasar, CLU (ON) and Wei Dai, CLU (ON)
The CHS Program Award
The Certified Health Insurance Specialist (CHS) Program Award is awarded annually to the CHS graduate who achieves the highest average for all course subjects without failing any of the CHS examinations.
CHS Program Award Winner: Amrithal Bachra, CLU, CHS (ON)
Outstanding Performance Award
The Institute Award for Outstanding PFA Examination Performance, added by The Institute in 2022, is given annually to the PFA graduate who achieves the highest examination grade in the PFA Program.
PFA Outstanding Performance Award Winner: Michelle Taylor, PFA (NL)
Awards and Winners
The Leslie W. Dunstall Silver Medal for CLU
The Dunstall Award is awarded to the candidate in each province who achieves the highest examination marks for all CLU course subjects. Leslie W. Dunstall, a past executive vice-president, was a member of Advocis staff from 1919 to 1960.
Leslie W. Dunstall Silver Medal Winners:
AB – Yogesh Sheta, CLU
BC – Chi Mun Philip Wong, CFP, CLU
ON – Parth Parasar, CLU
ON – Wei Dai, CLU
The Institute for Advanced Financial Education (The Institute) serves as the foundation for professional standards, lifelong learning, and public confidence in Institute-issued designations.
Continuing Education (CE)
Continuing education (CE) is a cornerstone of professional competence and public protection. Institute designation holders are required to complete annual CE each calendar-year, ensuring that their knowledge and skills remain current in a continually evolving financial environment.
To ensure Institute designation holders complete CE that aligns with Institute requirements, while upholding the high standards associated with Institute designations, The Institute published the Continuing Education Guide, which includes guidance on CE requirements and eligible activities.
To support Institute designation holders in meeting CE requirements, the Institute accredits CE courses that meet established standards.
CE Accreditation
CE accreditation provides an impartial, third-party review of CE for financial planners and advisors. Through this process, The Institute ensures that accredited CE aligns with The Institute’s Practice Guidelines for Financial Advisors and Planners.
THE INSTITUTE
In 2025, The Institute accredited over 3,300 hours of CE, which included a mix of live webinars, seminars, and self-study. Instructor-led CE represented the majority, followed by self-study, providing Institute designation holders with flexibility while maintaining instructional quality.
The scope of accredited CE reflected the evolving needs of the profession, with courses covering investments, tax and estate planning, practice management and business development, technology and data, including artificial intelligence and cybersecurity, client relationships, as well as compliance, ethics, and regulatory topics. This range of subject matter enables Institute designation holders to satisfy CE requirements in a broad range of areas while strengthening their skills and judgment.
Through the accreditation process, The Institute works closely with education providers to support application quality and clarity. In 2025, common areas requiring clarification included application completeness, accuracy of course information, alignment with eligibility criteria, and adherence to established timelines. In response, The Institute continued to provide guidance to providers and reinforced application requirements to support more efficient reviews and consistent outcomes. This commitment to quality is also reinforced through The Institute’s annual CE audit.
Annual CE Audit
The annual CE Audit plays an essential role in maintaining the integrity of CE requirements. In 2025, The Institute conducted its annual audit, reviewing CE completed in the previous calendar year by selected designation holders.
The CE Audit confirmed that most Institute designation holders complied with CE requirements. Where deficiencies were identified, they most commonly related to a shortfall in Institute-accredited CE, ethics or overall CE hour completion. The Institute worked directly with those Institute designation holders to support their return to compliance. In a limited number of cases, designation holders did not respond to the audit request which impacted their membership standing.
Looking ahead, The Institute will adopt a risk based approach to future CE audits, enhancing the effectiveness and focus of audit selection. Insights gained through audit activity will inform the identification of emerging trends and knowledge gaps, enabling The Institute to communicate priority areas of focus and support learning opportunities that address evolving professional needs.
Use of Institute Designations
Professional designations are a visible symbol of competence, credibility, and public trust. The Institute issues the CLU®, PFA™ and CHS™ designations, and recognizes designation holders who also hold the CH.F.C.®
Institute designation holders who are in good standing are entitled to use Institute designations in professional and business settings, including marketing and promotional materials, digital platforms, correspondence, and other representations of professional designations. The right to use an Institute designation is contingent upon ongoing compliance, including annual membership renewal and fulfillment of CE requirements.
Throughout 2025, The Institute identified instances in which former designation holders continued to use Institute designations, as well as cases involving individuals who had never held an Institute designation. In these circumstances, individuals are required to immediately cease use and remove the designation(s) from all professional materials, as this constitutes a trademark infraction. Continued misuse may result in further enforcement action.
Through the consistent oversight of designation use, the Institute protects the integrity of its credentials and reinforces public confidence in the profession.
Title Protection
Title protection plays an increasingly important role in safeguarding public trust and professional clarity. With title protection in place in Ontario and similar frameworks emerging across Canada, The Institute continues to monitor regulatory developments and assess their implications for Institute designations and standards. As title protection expands nationally, The Institute will remain focused on ensuring alignment between regulatory expectations and the integrity of its professional credentials.
ADVOCIS PROTECTIVE ASSOCIATION
The Advocis Protective Association (APA) continued to play a vital role in supporting professionalism and risk management across Canada’s financial advisory community in 2025. Working in parallel with Advocis Broker Services, the APA sponsored and oversaw national individual and corporate Errors & Omissions and cyber insurance programs for financial professionals. Delivered operationally by Advocis Broker Services, these programs served both English and French speaking professionals and remained accessible to Advocis members and non-members alike, reinforcing APA’s mandate to strengthen protection across the broader advisory landscape.
Throughout the year, APA maintained a strong focus on governance oversight, program sustainability, and alignment with evolving regulatory and professional standards. By collaborating closely with insurance and service partners, APA ensured that coverage offerings remained relevant to emerging risks and responsive to the changing realities faced by advisors and their corporations. This oversight helped preserve program accessibility, consistency across jurisdictions, and the high standards expected of the profession.
Looking ahead, APA remains committed to refining and enhancing its sponsored programs to address new and evolving risks, support sound risk-management practices, and safeguard both advisors and the clients they serve.
Advocis Broker Services (ABS) is an independent insurance brokerage affiliated with Advocis, providing insurance solutions designed to support the professional and business needs of financial advisors and financial planners across Canada.
Licensed in every province and territory, ABS offers a range of individual and corporate insurance solutions, including errors and omissions (E&O) insurance, cyber coverage, directors’ and officers’ liability, commercial property and liability insurance, employment practices liability, crime insurance, and other business protection products. These solutions are intended to help advisors and planners manage professional risk while protecting their businesses and clients.
ABS also provides access to coverage options tailored to the needs of financial professionals, supported by claims management services and digital tools that simplify policy administration and access to coverage.
As part of the Advocis family, ABS continues to provide insurance solutions that support members throughout their professional careers while responding to the evolving risk landscape facing the financial advice profession.
CENTURY INITIATIVE
Introduced in 2006, the Century Initiative (CI) program ensures Advocis has a strong financial foundation and adequate resources to effectively represent the interests of financial advisors and planners in the face of threats to the industry. To participate, CI members commit to an additional five-year membership, over and above their Advocis membership fees. Fees from this premium membership are used to ensure the Association is well-capitalized now – and in the future – through a fund governed by a board of stewards.
2025 Results
2025 investment performance results achieved by the Fund’s investment advisor has grown with an average of 10.5% compound return over the last 5 years.
As of December 31, 2025, the balance of the fund stood at $4.4 million
We recognize the importance of this support, and we are actively working toward replenishing the CI funds, as part of our broader commitment to financial accountability and long-term sustainability.
We are proud to recognize the following individuals for their generous contributions to the Century Initiative. Their support has made a lasting impact.
CENTURY INITIATIVE
EFFECTIVE DECEMBER 31, 2024
Gold Members
W. Tod Alstad, CHS
Jeffrey L. Appotive, CFP •
Gerard A. Arsenault, CFP •
Marc W. B. Arthrell, CFP •
Glenn Ayrton, CFP,CLU,CH.F.C.
Wade A. Baldwin, CFP
Pierre Baliki, CFP,CLU,CH.F.C.
Eric Barclay
Robert E. Bauml, CFP, CLU
Philip J. Belec
Roger N. Belton
Peter R. Bennett, CLU,CFP,CH.F.C.
Jocelyne Blais •
Jaymie A. Bongard
Paul R. Bourbonniere, CFP,CLU,CH.F.C.,CHS
Raymond Bourgeois, CFP,CLU,CH.F.C.,CHS
John A. Bowden, CFP,CLU,CH.F.C. †
Cynthia L. Bowden, CLU,CH.F.C.
Paul E. Brown, CLU,CH.F.C.
Keith N. Brown, CFP, CLU, CH.F.C.
Peter J. Buckley, CFP,CLU, CH.F.C.,RHU
Denis P. Bugeja, PFA
Allan M. Bulloch •
Judy M. Byle-Jones • W. Brian Callery, CFP,CLU,CH.F.C.
Ray A. Calver, CFP †
Warren Campbell, CLU
Leslie J. Canavan (he/him), CLU,CHS,CPCA,MFA-P
Dennis F. Caponi, Sr., CFP •
Michael Edward Carey, CFP, CLU
Michael F. Cecutti, CFP, EPC
David N. Chalmers, CFP,CLU,CH.F.C. W. Bo Chew, CFP,CLU,CH.F.C.
Frank R. A. Ciccolini
Leonard W. Colman, CFP, CLU
Michael J. Couture, CLU,CH.F.C.,TEP
Robert J. Cowan, CFP, CLU, CH.F.C.
Bradford D. Cox, CLU,CH.F.C.
Robert Craig •
Susan M. Creasy, CLU
Ken D. Crosson, CFP
Robert J. Crowder, CLU
Deneen A. Cunningham, CFP,CLU,CH.F.C.,CHS
Caron Czorny, CLU, CH.F.C, CHS
Michael Alexander Davis, CFP, CLU, CHS
John J. Dean, CLU,CH.F.C.
Robert M. Dempster, CLU,CFP
Pierre Desjardins, AVA •
Philippe Desjardins
Richard R. Dobel, CLU
Laura L. Doria
Ross M. Durant, CLU,CH.F.C.
Paul J. Edmond, CFP
Brian P. Etherington •
Neil Feigelsohn •
Robert W. Franklin, CFP •
David T. Fredrickson, CFP,CLU, CHS
Michael A. Gaian •
Jerome L. Gedir, CLU
Lawrence I. Geller, CLU
Danielle J. Genier, CFP,CLU
Russell Gillman, CFP •
Derrick W. Gleed, CHS
John A. Gleeson, CLU
Gregory F. Glista •
Paul Goldstein †
Rick L. Green, CFP,CLU,CH.F.C.
John C. Guderyan, CFP, CLU
Bruce Jeffery Hancock, CFP,CLU,CH.F.C., CHS
Scott D. C. Harris, CFP, CLU, CPCA,EPC
Gwen M. Harvey, CFP •
Paul J. Hauk, CHS
Tim M. Haunn, PFA,CEA
William D. Hawley, CLU, CHS
Gordon Einar Bruce Hayward, CHS, EPC, CEA •
Stephen Healy, Sr.
Robert D. Healy, CHS
John S. Hedden
Robert G. Houle, CFP •
Angela M. Houle, CFP •
Betty-Anne M. Howard, CFP, CEA •
Philip Howe •
Alison A. Jenner, CFP • Vikram Jindal
Peter D. Jobe, CFP,CLU,CH.F.C.
Brent A. Johnson, CFP, EPC •
Ian M. Johnson, CFP,CLU
Al A. Jones, CFP,CLU
Timothy A. Jones, CHS, EPC
David C. Juvet, CFP •
Grant C. Karst, CFP,CLU,CH.F.C. •
Jeffrey M. Kechnie
Kerry T. Knudsen, CFP
Gordon P. Kroeker, CFP,CLU,CH.F.C.
Rodney P. Kurylo, CFP, CLU
Allain R. Labelle, CFP,CLU,CHS,TEP
Mark R. Landers, CFP, CHS
Rejean M. Laverdiere
Pam C. Lavers, CFP
Lorraine S. Lavery, CLU,CH.F.C.,CEB,TEP •
Brian L. Leipert, CFP •
Mark J. Levine, MMPA, CPA, CA
Jonathan W. Lewis •
Peter E. Liden, CFP,CLU,CH.F.C.
Bruce Lindsay, CFP,CLU,CH.F.C.
Douglas G. Lochhead, CFP •
Jonathan K. Luesby, CFP, CIM, FCSI
Meiz M. Majdoub, CLU,CH.F.C.
Paul K. R. Marchand •
Gerard E. Matte, CFP •
Jack A. F. McAuley, CFP •
Michael P. McClenahan, REBC, GBA •
Kelvin A. McGillivray, CFP,CLU,CH.F.C.
David McGruer, CFP®, CLU, PFA
Brian A. McMillan, CFP, EPC •
Robert C. McNary, CFP,CLU,CH.F.C.,CHS
Edward T. McQuillan, CFP, CLU, CHS
Terry Mendiola •
Paul Metcalfe
Allan H. Minaker, CFP,CLU,CH.F.C.
Timothy C. Mitchell, CLU,CH.F.C.
William F. Moroney
Lee Mosley, CLU
Keith J. Muchan, CLU
Patrick B. Murphy, CFP, CLU
Gerry H. Myers, CLU,CH.F.C.
Robert J. Neil, CLU
Murray D. Neilson, CLU, CH.F.C.
Michael F. Noc, CFP,CIM, CLU, CHFC
Patrick S. O’Connor, CFP,CLU,CH.F.C,FEA
Dean E. Owen, CLU, CH.F.C.
Greg Pallone •
Brent C. Peacock, CHS
Rene Robert Pereux, CFP,CLU,CH.F.C.
Derrick J. Peterson
Edward W. Polci, CLU
Sandra S. Pollack, CFP,CLU,CH.F.C.,TEP
Greg Pollock, CFP
Edward L. Postrozny, CFP,CLU,CH.F.C.
Timothy B. Potter, CLU,CHS
Donald C S Rea, CFP •
David J. Reckin, CFP •
Sterling Rempel, CFP, CLU, CH.F.C.
Robert L. Rizzuto, CFP •
Mimi (Micheline) A. Rogers, CFP •
Gary A. Rusu, CLU
Fred C. Ryall, CHS †
Arthur A. Schooley, CFP •
Scott L. Segger, CLU,CH.F.C.
Peter M. Seligman
Roger E. Sinclair, CFP
Kent D. Smith, CLU
Daryl J. Smith, CFP,CLU,CH.F.C.
Kelly R. Smith, CFP,CLU,CH.F.C.
Tom I. Sorge, CFP,CLU,CH.F.C.,TEP
David Stewart, TEP
David M. Stinton, CFP,CLU,CH.F.C.
Catherine Stovel, EPC, CEA •
Ronald C. Sylvester •
Aurora L. Tancock, CFP •
David R. Temple, CLU
Philip H. Tippetts-Aylmer, CFP
Abe E. Toews, CFP,CLU,CH.F.C.,CHS
Wayne Townsend, CFP,CLU,CH.F.C.
Jane L. Trentini, CFP,CLU
Jennifer A. Tweddle, CFP,CLU, CHS, TEP
Edmund H. Warburton, CLU,TEP
Clifford A. Wiegers, CFP,CLU,CH.F.C.
Vincent S. Wiegers, CFP,CLU,CH.F.C.
Robert J. A. Wildman, CFP •
Kevin R. Williams, CFP, CLU, RHU
Carolyn Michele Wilson, CFP,CLU,CH.F.C.
Lynn B. Wintraub, CFP
Mari-Jayne Woodyatt •
Mark A. Woofter, CFP,CLU,CH.F.C.
Kirk R. Wrinn, CFP
Double Gold Members
William J. Dyer, CFP,CLU,CH.F.C.
Lorna J. Heiberg •
Noah G. Jones, CFP,CLU
Robert G. Kearns
Edward A. K. Kurtz
Robert M. McEachern, CLU,CH.F.C. •
Darrell R Wilson, CLU
Jay S. Wintraub, CLU,CH.F.C.
Platinum Members
Roderick W. Abbott, CFP,CLU,CH.F.C. •
Gregory D. Abbott, CFP,CLU,CH.F.C.
Robert W. Adams •
Zoltan Barzso •
David N. Beavis
Kristan K. Birchard, CLU, CH.F.C.
Teresa R. Black Hughes, CFP, R.F.P., CLU, CI
James A. Brownrigg, CFP,CLU,CFC
Graham M Carter, CLU †
Gary H. Clark, CLU
Robert W. Clark, CFP,CLU,CH.F.C.
Salvatore N. Corea, CFP
Hal D. Couillard, CFP,CLU,CH.F.C.
Frank A. Creaghan •
Peter F. Creaghan, CLU
Richard M. Cremasco, CLU,CH.F.C.,CFP
T. Alec Crossgrove, CFPCLU,CH.F.C.,CHS
Raymond Di Rinaldo, CFP,CLU,CH.F.C.
Michael P. Dibrina
Kevin J. Dunphy, CFP, CLU, CEA Advocis Edmonton Chapter
Dale A. Ens, CFP,CLU,CH.F.C.,CHS
Darrell G. Ert, B Comm, CLU, FEA
Christopher H. W. Facey, CFP,CLU,CH.F.C.
John T. Firstbrook
Robert S. Fleischacker, CFP,CLU,CH.F.C.,CHS
Bernhard W. Geiss, CLU, CHS, FEA
Duane D. Gibb, CFP †
Clay Gillespie, CFP, CLU, CIM
Richard K. Giuliani, CLU,CH.F.C.
John C. Goode
Robert R. J. Gould
Rich T. Groom, RHU
Jon S. Hanser, CLU
Brian A. Henley, CFP,CLU,CH.F.C.
Simon Hiebert, CLU
David A. Holm, CFP,CLU,CH.F.C.
Dennis J. Hop, CFP,CLU,CH.F.C.
David I. Hull, CLU,CH.F.C.
T. Geoffrey Hull, CLU
Thomas I. Hull, CLU
Jeffrey J. Kraemer, CFP,CLU,CH.F.C., TEP
Karl J. Krokosinski
Peter G. Lamb, CLU,TEP,EPC,CSA
Mary Lambros, EPC, CDFA
David Lester •
Wayne H. Levine •
Eric D. Lidemark, CFP,CLU,CH.F.C.,CHS
David W. MacFadyen, CFP,CLU,CH.F.C.
Robert P. MacKenzie, CFP
Brian N. Mallard, CLU,CH.F.C.,R.F.P.
Brian B. McArthur, CFP •
Richard S. McCaw, CFP •
Martin J. McConnell, CFP,CLU,CH.F.C.
Robert A. McCullagh, CFP,CLU,CH.F.C., CHS
Diane L. McCurdy, CFP •
Randolph B. McGlynn •
Richard E. McKenster, CFP •
Roger McMillan, BA,CLU,CH.F.C.
Thomas P. McQuillan, CFP, CHS †
Izumi Miki, CFP,CLU,CH.F.C.,CHS
Floyd M. Murphy, CFP,CLU,CH.F.C.
Keith D. Newhook
John M. Nicola, CFP,CLU,CH.F.C.
Robert W. Owens, CFP,CLU,CH.F.C.
Joseph M. Pal, CFP,CLU,CH.F.C.
Albert Rempel, CFP
Randall B. Reynolds, CFP,CLU,CH.F.C.
Joel H. Rose, CFP •
Jeffrey Shaddick •
Jack J. Shaffer, CLU,CH.F.C.
Adam Shapiro, CFP, CLU
Joseph Sheehan, CLU,CH.F.C.
Michael G. Sheffar, CFP,CLU,CH.F.C.
George B. Sigurdson, CLU
Donald L. Smith, CLU, CHFC,FEA,TEP
Warren A. Smith, CFP •
Gregory A. Smyth, CLU,CH.F.C.
Susan St. Amand, CFP,CLU,CH.F.C.,TEP
Garry M. Stratychuk
Robert J. Taylor, CFP,CLU,CH.F.C.
Paul Tompkins, CLU
Edward J. Topolniski •
David N. Udy, CFP
Libby A. Wildman, CLU
Terry G. Windrem
• Non-Member † Deceased
Julian N. Wise, TEP
Peter Anthony Wouters, CFP,CLU,CH.F.C.,CHS,
Gordon D. Wusyk, CFP •
Terry J. Zavitz, CFP,CLU,CHS
Garry M. Zlotnik, CFP,CLU,CH.F.C.
Double Platinum Members
James A. Burton
Brian J. Dickinson •
Bruce W. Etherington, CFP,CLU,CH.F.C.
Elliott B. Levine, CFP
John E. McKay •
Lee Raine, CFP,CLU,CH.F.C.
David R. Sagan, CFP,CLU,CH.F.C. †
Dan L. Schindle
Peter J. Sorrell, CFP,CLU,CH.F.C.
John J. Talerico, CFP,CLU,CH.F.C.
Rod M. Tyler, CFP, CLU,R.F.P.
James Virtue, CFP,CLU, CA,ICD.D
Michael Vukets
Terry G. Zive, CLU,CH.F.C., CHS
MANAGEMENT DISCUSSION & ANALYSIS
For the Year Ended December 31, 2025
Progress with Purpose
This Management Discussion and Analysis (MD&A) provides an overview of the financial position and results of operations of The Financial Advisors Association of Canada (TFAAC or the Association) as at December 31, 2025, for the year then ended. It should be read in conjunction with the Association’s audited consolidated financial statements.
2025 marked an important phase in the Association’s continued evolution under our new leadership. Disciplined execution, reflected in strong cost containment, stable membership retention, and progress on key initiatives despite a reduced staff complement, demonstrates the Association’s ability to operate effectively in a changing economic and political landscape.
2025 Financial Results & Outlook
For the year ended December 31, 2025, the Association reported a consolidated net surplus of $1.92 million, an improvement of $97K on the prior year. This outcome reflects a deliberate strategy to stabilize the Association’s financial position, streamline operations, and create the capacity for reinvestment in the future of the Association and profession. This surplus reflects operating discipline, with a $1.47 million reduction in expenses offsetting a $1.35 million decline in revenue.
The decrease in revenue is primarily attributable to several factors.
First, professional development course fees declined by $850K. This decrease reflects the conclusion of partnerships over the past two years, including the full wind-down of legacy relationships and corporate training programs in 2025. This primarily impacted our LLQP training program, with this program accounting for over 70% of this reduction. However, the core designations remain stable, and we continue to invest in the PFA™ and CLU® curriculum. Education remains central to Advocis’ mandate and continues to be a key strategic priority as offerings are refined and repositioned.
Second, there was a reduction of $628K in the release of pooled fund residuals. Each year, management determines the withdrawal amount based on risk assessments and actuarial valuations. As a result, this revenue stream may vary significantly depending on external risk factors, investment performance, and changes in the rate and timing of deductible payments.
An additional contributing factor was the performance of the for-profit subsidiary, Advocis Broker Services Inc. (ABS). In 2025, the conclusion of a longstanding corporate partner agreement resulted in an approximate 25% reduction in the ABS policy book, negatively impacting revenue while fixed administrative and operational costs remained. As a result, ABS reported a net loss of $258K, compared to a loss of $68K in the prior year. The 2025 result also reinforced the need to address underlying structural and operating weaknesses within ABS. In response, Advocis has initiated a strategic and operational reset at ABS, including specific initiatives and oversight measures to support improved performance.
Consolidated operating expenses decreased by $1.47 million to $7.4 million. This included a $1.2 million reduction in professional and consulting fees. As the organization returns to stability and addresses legacy issues, the need for external expertise and counsel has declined, bringing these costs more in line with historical levels. Management continues to monitor expenses closely as part of ongoing financial discipline.
MANAGEMENT DISCUSSION & ANALYSIS
Looking Forward
The 2025 results reflect a year of disciplined cost control and operational efficiency. With the achieved surplus we now pivot to reinvesting in the core business with an eye to revenue growth through the delivery of member value.
In 2026 and beyond, the Association will advance these priorities through targeted investments in the following areas:
• Growth of the New Advisor: We understand the key to the future of the Association is through the next generation of advisors. Through initiatives in student recruitment, our renewed focus on our LLQP program, the guidance of our new Emerging Leaders Committee and our online tools purpose built for the digital native generation. These initiatives are intended to attract and support the next generation of advisors, strengthening long-term membership growth, relevance, and the Association’s voice within the profession.
• Digital Transformation: Modernizing the member experience through integrated platforms that support engagement, collaboration, and self-service. This includes a new online community hub, enhanced governance tools for Chapters and Boards, and upgrades to education delivery systems, particularly LLQP and PFA.
• Industry Relevance through Advocacy: Advocis continues to strengthen its industry relevance through active and focused advocacy. The Association engages with regulators and policymakers to support the profession, represent member interests, and promote outcomes in the best interests of Canadians. This work ensures that financial advisors have a strong, credible voice in shaping the evolving regulatory environment.
• Governance: Effective governance practices will support the long-term sustainability and accountability of the Association. This includes modernizing governance structures and tools and strengthening Board, Chapter and Committee capabilities. Through our advising Governance committees across various entities our committee volunteers are advancing our maturity in this key area.
• Our Chapter Network: Our volunteers are our strength, and the Chapter network is where we engage our membership like no other body in this sector. Each week our Chapters engage members across Canada on a regular basis. Through the valued contribution of the Chapter Leadership Council (CLC) we are looking at new ways to strengthen this network through improving accessibility, consistency, and value delivery while reinforcing the role of Chapters as a cornerstone of the member experience.
Our Business Model
TFAAC is Canada’s largest voluntary professional membership Association for financial advisors, proudly serving members and their clients since 1906.
The Association delivers value and generates revenue through its core offerings, including professional designation programs, continuing education, thought leadership, and a robust national network of Chapters. These activities are carried out by the central entity, along with several subsidiaries.
Advocis is the brand through which these services are delivered, providing centralized administrative and operational support across all entities, including finance, technology, member services, advocacy, and Chapter engagement.
Advocis has members in every region of Canada, and this reinforces a strong national presence.
Local Chapters and the three Advocis Schools, Atlantic, Banff, and Pacific, remain integral to delivering regional education and professional connection.
Our Subsidiaries
TFAAC operates through several subsidiaries that support its mission and extend its service offering:
• The Advocis Protective Association (APA) is a not-for-profit subsidiary that oversees the master policy for errors and omissions (E&O) insurance. Certificates of coverage are issued through Advocis Broker Services Inc. (ABS), a wholly owned for-profit subsidiary of TFAAC.
• The Institute of Chartered Life Underwriters of Canada, operating as The Institute for Advanced Financial Education or The Institute, is a not-for-profit subsidiary. It upholds professional excellence through its credentialing and continuing education requirements, which are fulfilled by TFAAC course offerings.
• GAMA Global Canada (GAMA) is another not-for-profit subsidiary and the Canadian Chapter of GAMA Global—the premier global Association for leadership development in the insurance, investment, and financial services industries. With approximately 274 members, GAMA programming is delivered through representatives in Advocis Chapters across Canada. GAMA membership is available to all member categories.
• Advocis Learning Centre (ALC) is a not-for-profit subsidiary that administers educational programs related to financial advisors and/or financial planners, including the Life License Qualification Program (LLQP).
The consolidated financial statements of TFAAC include the above entities.
MANAGEMENT DISCUSSION & ANALYSIS
Conclusion
The 2025 fiscal year reflects disciplined execution and meaningful progress in stabilizing operations, strengthening governance, and advancing the Association’s strategic priorities.
With a stronger foundation in place, Advocis has entered a phase of focused reinvestment in member value, education, and advocacy. These efforts will support a more resilient, modern organization and a stronger profession, while continuing to serve the best interests of members and Canadians.
The Financial Advisors Association of Canada (o/a Advocis) Summary Consolidated Financial Statements December 31, 2025
Report of the Independent Auditor's on the Summary Consolidated Financial Statements
To the Members of The Financial Advisors Association of Canada:
Opinion
The summary consolidated financial statements, which comprise the summary consolidated statement of financial position as at December 31, 2025, and the summary consolidated statements of operations, changes in fund balances and cash flows for the year then ended, and related notes, are derived from the audited consolidated financial statements of The Financial Advisors Association of Canada (the "Organization") for the year ended December 31, 2025.
In our opinion, the accompanying summary financial statements are a fair summary of the audited consolidated financial statements on the basis described in Note 1.
Summary Consolidated Financial Statements
The summary consolidated financial statements do not contain all the disclosures required by Canadian accounting standards for not-for-profit organizations. Reading the summary consolidated financial statements and the auditors report thereon, therefore, is not a substitute for reading the audited consolidated financial statements and the auditors report thereon.
The Audited Consolidated Financial Statements and Our Report Thereon
We expressed an unmodified audit opinion on the audited consolidated financial statements in our report dated June 1, 2026.
Management's Responsibility for the Summary Consolidated Financial Statements
Management is responsible for the preparation of the summary consolidated financial statements on the basis described in Note 1.
Auditor's Responsibilities for the Audit of the Consolidated Financial Statements
Our responsibility is to express an opinion on whether the summary consolidated financial statements are a fair summary of the audited financial statements based on our procedures, which were conducted in accordance with Canadian Auditing Standards (CAS) 810, Engagements to Report on Summary Financial Statements.
Chartered Professional Accountants
Mississauga, Ontario
June 1, 2026 Licensed Public Accountants
The
Financial Advisors Association of Canada (o/a Advocis)
Summary Consolidated Statement of Changes in Fund Balances For the year ended December 31, 2025
Financial Advisors Association of Canada (o/a Advocis) Summary Consolidated Statement of Cash Flows For the
1. Basis of presentation
The Financial Advisors Association of Canada (o/a
Advocis)
Note to the Summary Consolidated Financial Statements
For the year ended December 31, 2025
These summary consolidated financial statements include the accounts of The Financial Advisors Association of Canada (the "Organization") and the controlled not-for-profit organizations: Advocis Protective Association, The Institute of Chartered Life Underwriters of Canada, GAMA International Canada and Advocis Learning Centre. Advocis Broker Services Inc. ("ABS"), a wholly owned for-profit subsidiary, is accounted for using the equity method whereby the initial investment is recorded at cost and subsequently adjusted to reflect the earnings and capital transactions.
Management is responsible for the preparation of the summary consolidated financial statements. The summary consolidated financial statements presented include the summary consolidated statement of financial position, summary consolidated statement of operations, summary consolidated statement of changes in fund balances and summary consolidated statement of cash flows. They do not include the summary of significant accounting policies, or notes to the consolidated financial statements. The summary consolidated statements of financial position, operations, changes in fund balances and cash flows are presented in the same detail as the audited consolidated financial statements except the note referencing has been removed.
A Big “Thank‑You” to all our 2025 corporate partners and sponsors.
CORPORATE PARTNERS
CORPORATE SPONSORS
For information on the Corporate Partnership Program, or to become a partner or sponsor, please contact Business Development at bd@advocis.ca
We extend our sincere gratitude to our National Partners and Sponsors for their unwavering support. Your investment in Advocis strengthens a nationwide community of professional financial advisors dedicated to serving Canadians’ best interests. Your commitment enables us to provide advisors with the continuing education they need to excel, fosters meaningful opportunities for peers to connect and collaborate, and ensures Canadians have access to trusted, expert financial guidance. Together, you help us shape the future for our profession.