TABLE OF CONTENTS
PRESIDENT & CEO MESSAGE
Kelly Gorman
CPA, CA, ICD.D
This year marked more than just a series of milestones. It signaled a turning point. We reaffirmed our commitment to our members and to the financial advice profession in Canada. Across the country, I had the privilege of meeting with many of our members - dedicated professionals who serve as a steady hand for Canadians navigating financial uncertainty. I often say that our members are the calm in the storm for their clients, translating complexity into understandable strategies and guiding clients toward stability, growth, and peace of mind.
In return, our members expect that Advocis is delivering meaningful results for their dues and contributions to their association.
To support this, we have built a comprehensive business plan for Advocis which is guided by four foundational pillars:
Firstly, we are committed to drawing high-caliber talent into the profession to ensure a strong pipeline of future leaders. This includes university outreach, mentorship programs, and clear career pathways. Our new Emerging Leaders Committee which is comprised of energetic young professionals, will play a key role in shaping Advocis’ strategic direction and injecting fresh perspectives into the industry.
Secondly, we aim to deliver substantial, value-added services that elevate our members’ professional capabilities. This includes targeted education, advanced digital tools like DigiCat 2.5, and exclusive benefits such as discounted E&O insurance. Our upcoming online community platform will be the hub of member engagement, enabling peer collaboration and ongoing professional growth. These efforts exemplify how technology can strengthen our community.
Third, we are focused on building a powerful and respected brand by increasing recognition and demand for our credentials. We have continued to lead efforts to secure Title Protection across provinces, with the goal of ensuring only qualified individuals can use key professional titles. We are also focused on advancing the conversation on the modernization of insurance regulation and will release a white paper this fall to drive the dialogue forward.
And, finally, we remain steadfast in protecting the integrity of our profession through regulatory engagement, ethical standards, and consumer education. This also includes work we’ve done internally to make meaningful strides in modernizing the governance of our association to ensure Advocis remains accountable, transparent, and responsive. These changes are laying the foundation for a more representative, high-performing organization. These efforts ensure that Advocis remains a trusted, high-performing, and results-oriented organization that meets the expectations of its members.
While challenges remain, our direction is clear. We are building an Advocis that is modern, member-driven, and future-focused.
To our members: thank you. Your resilience, professionalism, and engagement continue to inspire us. As we move forward, know that we are with you - advocating, evolving, and growing - together.
CHAIR MESSAGE
Al Jones
Advocis has a legacy spanning more than a century, rooted in our founding motto, Non Solis Nobis — “Not for Ourselves Alone.” That spirit has guided our mission to support Canadian financial advisors and shape the profession through education, ethics, and advocacy.
We’ve been instrumental in building the institutions that define our profession, including FP Canada and CALU. Our shared history reminds us of the power of working together to elevate standards and protect consumers.
In my 30 years with Advocis—as a Chair of the Chapter Leadership Council (CLC), Institute Chair, and now once again leading our TFAAC Board twice including this current term, I’ve seen both our triumphs and our trials. I returned to the Board as Chair in August 2024 amid growing challenges, from leadership transitions to legal concerns. My response was immediate: implement stronger financial oversight, tighten governance, and restore trust.
As Dr. Martin Luther King Jr. said, “The time is always right to do what is right.” That has been my guidepost. The actions we’ve taken since reflect that belief - in policy, in people, and in principle.
Today, we are rebuilding Advocis into a more transparent, accountable, and member-focused organization.
One of our most pivotal moves was hiring our new CEO, Kelly Gorman. With her CPA background and proven experience in finance, governance and advocacy, she brings the credibility and integrity this moment demands. Her leadership is already driving needed change and as your Board, we stand fully behind the transformation she is driving.
But this transformation requires all of us. From local chapter engagement to national policy advocacy, every member plays a role. Advocis isn’t a top-down institution; it thrives on collective leadership.
Our path forward includes modernizing our governance, sharpening our strategic priorities to maximize impact, and building a more agile, responsive organization. This includes refreshing our board of directors to ensure we have the right skill set and expertise needed to oversee Advocis’ ambitious strategic plan.
CFP, CLU, ICD.D.
In a first for Advocis, our Nominating and Governance Committee had put forward the names of seven individuals for five positions in order to provide members with a real opportunity to select the directors they felt represented their viewpoints best. The five new elected directors bring key experience across a number of areas including strategic planning and risk oversight.
2025 will be a year of transition as we balance the need for new voices around the boardroom table and historical continuity. We are continuing the important work of implementing long-overdue governance reforms that will strengthen accountability and better reflect the diverse voices within our profession.
As inflation, economic uncertainty, and shifting demographics reshape Canada, your role as trusted advisors has never been more critical.
Guided by renewed leadership, a refocused strategy, and a commitment to rebuild trust across all levels of the association, Advocis is entering a period of purposeful renewal. Our focus is clear: strengthen the foundation of the organization while building a future-ready association for the advisors and planners who serve Canadians every day.
This is the moment to co-create the future Advocis; more accountable, more unified, and more focused on what matters most.
7,400 OVER
Advocis members as of December 31, 2024.
MEMBERSHIP
In 2024, Advocis focused on strengthening member relationships by carefully aligning membership structures and ensuring pricing clarity. Recognizing the importance of trust and stability for our members, we chose to maintain consistent membership fees for 2025, emphasizing our commitment to transparency and reliability. Our goal is clear: rebuilding trust, one renewal at a time, by putting our members’ needs first and providing consistent, tangible value.
In 2024, Advocis achieved a membership renewal rate of over 91%, a positive indicator of member trust and a testament to our strengthened leadership, clear direction, and member-first approach. While this result reinforces the credibility of our brand and the value members see in Advocis, we recognize that maintaining and further improving member engagement requires ongoing effort and continued responsiveness. Looking ahead, we remain committed to enhancing member service and reinforcing the value we deliver, knowing sustained trust must be continuously earned.
Advocis will build on this momentum with a renewed focus on member-first communication, targeted outreach, and streamlined renewal processes. With simplified membership categories and enhanced benefits in place, our priority remains delivering sustained value and support to every member.
Membership Categories and Fees (as of Dec. 31, 2024)
• Practicing Advisor and Manager Members : $1,060.00
• Provisional Members : $530.00
• Student Members : $100.00
• Retired Members : $100.00
* all membership prices + tax
Additional Membership Option
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.
Why Membership Matters: Advocis Member Benefits
At Advocis, we are proud to support a vibrant and growing community of financial advisors and planners across Canada. As the country’s largest voluntary professional association for financial advisors, our mission is to help members build successful, ethical, and sustainable practices. Our membership benefits are designed to empower professionals at every stage of their careers by providing the tools, resources, and connections needed to thrive in a dynamic industry.
In 2025, we continued to invest in the value of membership, not only by enhancing our offerings, but by ensuring members are fully aware of the wide range of resources, tools, and opportunities available to them. Advocis membership is more than a designation, it’s a commitment to excellence, advocacy, and lifelong learning.
What Your Membership Delivers
1. Professional Development & Education
Members gain access to a wide range of continuing education opportunities, including:
• Exclusive CE-accredited webinars and events
• Discounts on programs for industry leading programs for the CLU, CHS, and PFA designations
• Practice development resources to help grow their businesses and better serve clients
2. Advocacy & Representation
Advocis is the voice of financial advisors in Canada. We advocate on behalf of members at all levels of government to protect and advance the profession. Members benefit from:
• Representation on regulatory and legislative issues
• Opportunities to participate in grassroots advocacy
• Updates on policy developments that impact the profession
3. Community & Networking
Membership connects you to a large national network of like-minded professionals through:
• 34 local chapters & 3 Schools offering events, mentorship, and peer support
• Volunteer and leadership opportunities within the association
4. Tools, Resources & Partnerships
Members enjoy access to a suite of practical tools and exclusive partnerships, including:
• Errors & Omissions (E&O) insurance programs
• Business-building templates and client engagement tools
• Exclusive partner discounts on technology, insurance, and more
• Credly – Digital credentialing to showcase professional achievements with verified badges - allowing members to showcase their professional achievements
• Venngo – Lifestyle and business perks, including curated discounts on travel, wellness, and professional services
5. Ethics & Professional Standards
Advocis members commit to a high standard of ethics and professionalism. Our Code of Professional Conduct and disciplinary process help ensure public trust and uphold the integrity of the profession.
Looking Ahead: Stay Connected, Stay Informed, Grow with Us
As we continue to grow and evolve, our focus remains on delivering meaningful value to our members. Whether you’re just starting out or are a seasoned professional, Advocis is here to support your journey with tools, advocacy, and a community that understands your goals.
We encourage all members to take full advantage of the benefits available and to stay engaged with the association. Your membership is an investment in your professional future and in the strength of the financial advice profession across Canada.
Advocis membership is more than a designation — it’s a commitment to excellence, advocacy, and lifelong learning. We thank our members for their continued dedication and look forward to supporting their success in the year ahead.
In 2024, Advocis chapters continued to exemplify purpose-driven leadership, reinforcing their role as the trusted, grassroots foundation of our association. Our network of 34 chapters across Canada, guided by over 250 dedicated volunteer leaders, remained deeply embedded in their communities, providing essential support to advisors and planners through education, advocacy, and meaningful local engagement.
These chapters play a critical role in translating Advocis’ values into practical actions that resonate locally. Through more than 240 educational and professional development events delivered virtually, in-person, and through hybrid formats, chapters advanced professional growth, supported designation achievement, and facilitated mentorship among advisors. Initiatives such as ethics and risk management sessions, advanced case studies, and study groups helped advisors stay relevant, informed, and effective in their practice.
Beyond their professional focus, chapters also strengthened Advocis’ credibility by driving community-based advocacy and financial literacy initiatives. By engaging local partners and officials, chapters amplified the collective voice of advisors at municipal, provincial, and federal levels, reinforcing the importance and relevance of professional financial advice. Their active involvement in community-building projects, from supporting local food banks to family service organizations, showcased Advocis’ longstanding commitment to giving back.
Ultimately, our chapters remain at the core of Advocis’ ability to build trust and connection. They serve not only as a vital resource for advisors but also as authentic representatives of our mission, actively demonstrating the value and impact of professional financial advice in everyday community interactions.
Network Investments and Enhancements
The Advocis Chapter Leadership Council (CLC), made up of volunteer leaders from across the country, continued to oversee the sustainability and vitality of the chapter network, ensuring local initiatives align with Advocis’ broader strategic objectives. The CLC works to ensure the network is vibrant and focused on providing added value to members.
Throughout 2024, the CLC led efforts to strengthen the governance model for the network resulting in the merger of several chapters to better support the shifting needs and geographies of our member communities. Additionally, the three Advocis Schools were integrated into the network, to grow collaboration and mutual support.
Advocis also made deliberate, values-driven investments in 2024 to support transparency for members and to ensure ongoing chapter sustainability, including:
• Advances in accounting practices to allow for more transparency in chapter financial reporting and budget planning, but this is just the start as there is more work that needs to be done
• Launch of a new chapter membership dashboard and self-service membership reports
• Regionalization of chapter technologies enabling enhanced regional collaborations, marketing and administration
The CLC will continue to assess opportunities for further network affiliations and mergers in 2025 to ensure all members have access to chapter programs and supports.
The chapter network continues to be an engine for policy engagement and remains focused on growing member engagement, retention and growth through the continued delivery of both in-person and virtual events, and with timely and valued development and fellowship opportunities. Among areas of focus identified by the network are growing mentor opportunities for new advisors and LLQP students; study group supports for designation candidates, and in-person fellowship events for member connection and networking. Chapters are also exploring new partnerships with allied professionals and associations, and engaging advisors on the importance of Advocis’ advocacy work.
ADVOCIS SCHOOLS
PACIFIC BANFF ATLANTIC
ADVOCIS SCHOOLS
For more than five decades, Advocis Schools have been a cornerstone of professional development for financial services professionals across Canada. They offer a unique blend of high-quality learning, meaningful networking, and memorable experiences in some of the country’s most scenic locations.
Each Advocis School is distinct, featuring:
• Industry-leading speakers who share timely insights and expertise
• Valuable networking opportunities with peers, both familiar and new
• Engaging social events that showcase the beauty and character of the host region
Participants gain:
• Fresh business perspectives
• A sense of community among like-minded professionals
• Opportunities to exchange ideas on industry trends
• Tools to strengthen and grow their individual practices
EDUCATION
In 2024 under an evolving certification landscape, Advocis reaffirmed its role as a leader in advanced financial education. The Learning & Development team demonstrated creativity, agility, and focus - ensuring that high-quality programming continued to serve the professional development needs of Canada’s financial advisors and planners.
Following FP Canada’s decision to internalize the delivery of the QAFP™ and CFP® programs, Advocis - alongside several other providers - was no longer authorized to offer these certifications. While this presented a structural change to our offerings, it also created an opportunity to reinforce the strength and relevance of the Chartered Life Underwriter (CLU®) designation. Through targeted campaigns and personalized candidate support, we successfully transitioned affected learners into the CLU pathway, leading to increased enrolments and stronger engagement across all CLU courses.
DESIGNATION PROGRAMS & CONTINUING EDUCATION
Advocis also advanced its designation programming through content updates. The first of three updated core financial planning courses was completed in the last quarter of 2024, marking a key milestone in enhancing the Advocis educational pathway.
On the continuing education front, the team focused on continuing education content delivery. Our Coffee Talks and Essentials series continued to generate strong attendance and positive feedback.
In Q2 of 2025, the second and third core financial planning courses were completed. These three courses form the updated foundation of the CLU designation, reinforcing Advocis’ leadership in advanced financial education.
A major milestone for 2025 will be the re-launch of the Professional Financial Advisor (PFA™) program in Q3. This streamlined version will be delivered through an enhanced learning platform, designed to improve the user experience and accommodate today’s busy advisors.
The latter half of 2025 will focus on updates to the CLU designation.
ADVOCACY
In a year defined by transformation, Advocis reaffirmed its unwavering commitment to championing the interests of financial advisors - and the Canadians they serve - through purposeful, revitalized advocacy.
Throughout Q3 and Q4 of 2024, Advocis focused on reestablishing relationships with our advocacy committees. In the second half of the year, we re-engaged and revitalized our core advocacy infrastructure. These efforts were aimed at restoring strategic focus, enhancing committee collaboration, and ensuring that Advocis remained a credible and proactive voice in the evolving regulatory landscape.
Our focus for 2025 is on strengthening advocacy partnerships, advancing key public policy priorities, and increasing grassroots member involvement in advocacy initiatives at both the provincial and federal levels. Building on the progress made in late 2024, Advocis is reengaging with government stakeholders, members, and chapter leaders across Canada.
Throughout the summer, provincial PAC members will be preparing for meetings with elected officials. Members are encouraged to support this outreach by collaborating with their provincial PAC Chair. To ensure effective advocacy, PAC Chairs and participating members will take part in engagement training and the communication of key messages.
With renewed energy and a clear strategic direction, Advocis is committed to being a strong, respected voice for financial advisors and planners—and to protecting the interests of the Canadian consumers they serve.
We would like to thank the members of the Government Relations Committee (GRC); Legal, Regulatory & Policy Committee (LRP); and the Provincial Advocacy Committees (PAC) for their dedication and hard work.
TECHNOLOGY AND INNOVATION
In 2024, Advocis advanced a critical pillar of our strategic transformation: building smarter, more transparent systems that serve our members, modernize our operations, and meet the demands of a changing profession.
One of the impactful steps was the migration to Microsoft Dynamics 365 Business Central, a modern accounting platform that greatly enhances our financial reporting capabilities. This much-needed upgrade lays the groundwork for future automation, but more importantly provides increased transparency across the financial operations of Advocis and its related entities for our members.
We also began the transition to a new Learning Management System (LMS) for our licensing programs, featuring cutting edge adult learning tools that incorporates advanced features like AI-powered textbooks and adaptive learning tools. This next-generation platform will be pivotal as we attract, educate, and retain advisors to Advocis.
Internally, we expanded our use of analytics and dashboards built on the iMIS Customer Relationship Management (CRM) system to improve operational visibility across departments, executive leadership, and chapter operations. We also extended our CRM’s functionality with secure web services, enabling seamless data integration with external regulators. This has already supported our data feed to FSRA and will accommodate future connections as title protection regulations evolve nationwide.
For Advocis Broker Services (ABS) entry into Quebec, we successfully translated the entire website and online self-service insurance portal, completing certification of our automated policy tools with AMF, which further supports accessibility and regulatory compliance in Québec.
In 2025, our focus will continue to prioritize enhancing our member’s experience with the rollout of new tools, including Digital Communities for chapters, students, and members. We also launched the popular DigiCat 2.5 supplier directory in partnership with the Advocis Technology and Innovation Committee, spotlighting innovative solutions for today’s advisors.
To further modernize our governance infrastructure, we’ve selected OnBoard as the new digital governance platform across TFAAC, ABS, IAFE, and all Advocis chapters. The rollout of OnBoard will take place throughout 2025 and will streamline governance practices across the organization.
Finally, we will complete the LMS transition for LLQP and introduce a refreshed and improved online learning experience for the PFA designation, two critical learning pathways that support professional growth and elevate the standard of advice in Canada.
THE INSTITUTE Awards & Winners
J. G. Taylor Award
Introduced in 2013, the J.G. Taylor Award was created in an effort to build a stronger sense of community among The Institute’s designation holders. Named in honour of the Education Chair who spearheaded the introduction of the CLU designation on behalf of the Association in 1924-25, the J.G. Taylor Award is awarded to Institute designation-holders in recognition of their outstanding work in the industry as well as in the community at large.
Kevin Williams, CFP, CLU, RHU and Brent Van Ryzewyk, CFP, CLU,CH.F.C, CHS, CEA received the 2024 J.G. Taylor Award.
Full details regarding the J.G. Taylor Award and its recipients can be found at iafe.ca
Recognition of Longstanding CLUs
Since 1924, the CLU designation has been the premier wealth-transfer and estate planning designation in Canada and has played an important part in the history of the financial advisor profession in this country.
In 2024 The Institute recognized 111 individuals as Longstanding CLUs. Longstanding CLUs are honoured on The Institute website at iafe.ca
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: Valerie Chan, CFP, CLU (British Columbia)
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 award winner: Andrew Diba, CHS (British Columbia)
Outstanding Performance Award
In 2022, The Institute added a new award: The Institute Award for Outstanding PFA Examination Performance. This award is given annually to the PFA graduate who achieves the highest examination grade in the PFA Program for the year in which it was awarded.
PFA award winner: William Kooman, PFA (Alberta)
The Leslie W. Dunstall Silver Medal for CLU Studies
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 the Advocis staff from 1919 to 1960.
Leslie W. Dunstall winners:
AB - Glenda Smith, CFP, CLU
BC - Valerie Chan, CFP, CLU
MB - Codie Russell, CLU
NB - Alma Williams, CLU
NF - Andrew Winsor, CLU
ON - Amrithal Bachra, CLU
PEI - William McRorie, CLU
SK - Cameron Andrusiak, CFA, CLU
ACCREDITATION
In 2024, The Institute processed over 3,300 applications and accredited over 4,300 Continuing Education (CE) credits across an array of courses..
COMPLIANCE AND OVERSIGHT
In 2024, we conducted an audit of continuing education (CE) compliance among our Institute designation holders. We were pleased to find a high level of adherence to CE requirements. For the small number of individuals found to be non-compliant, we have taken proactive steps to support them in meeting their obligations.
We continue to review the use of Institute designation holders and take expropriate action where necessary to protect the integrity of our credentials.
In 2025 we will undertake a comprehensive review and update of the Code of Professional Conduct and related disciplinary procedures. This initiative aims to ensure our standards continue to reflect or exceed industry best practices, and that we are equipped to respond swiftly and fairly to instances of non-compliance or misconduct—while upholding the principles of due process.
ADVOCIS PROTECTIVE ASSOCIATION
The board of the Advocis Protective Association (APA) continued to provide strong oversight and strategic direction in advancing the transformation of its Errors & Omissions (E&O) insurance programs. In 2024 these programs remain a cornerstone of protection for financial advisors and planners across Canada, evolving to meet the growing and complex needs of certificate holders and their businesses.
APA’s leadership remains committed to ensuring that the coverage offered is aligned with the realities of modern best practices, delivering protection that is both relevant and comprehensive. The ongoing delivery of loss control and risk management seminars, sponsored by APA and delivered by Advocis Broker Services (ABS) through local chapters and corporate partnerships, continues to support the financial health of the programs while enhancing advisor education and preparedness.
The continued success of APA’s offerings is a direct result of two decades of rigorous oversight and the dedication of a leadership team focused on delivering sustainable, high-value coverage for Canada’s advisor community. Looking ahead, APA will continue to refine its programs to safeguard advisors and the clients they serve.
In 2024, Advocis Broker Services achieved a major milestone by becoming directly licensed to operate in Quebec. This accomplishment followed extensive planning and preparation, including the transformation of our operating systems, self-serve portal, and all public-facing communications into both Canadian official languages. ABS is now fully compliant with the Autorité des marchés financiers (AMF) and equipped with licensed damage brokers to serve clients in French. This marks a significant step forward in our ability to support financial advisors and planners across Canada with a fully licensed Quebec operation.
ABS’ advanced digital platform was recognized by our software provider as one of the most innovative and uniquely executed operations in the country. This distinction was highlighted in a 2024 case study and shared across their national network, as well as on our own social media channels.
Throughout the year, ABS remained committed to delivering high-quality insurance solutions tailored to the evolving needs of financial advisors and planners. Despite ongoing industry headwinds and increased competition, we continued to grow our relationships and deliver stable, competitive products. Our enduring partnerships reinforce our original mission - to offer accessible, relevant insurance protection that supports the work and well-being of financial professionals in Canada.
Looking ahead to 2025, ABS is focused on maintaining stable pricing despite volatile economic conditions and shifting risk profiles across the advisor community. With more than 20 years of experience navigating economic fluctuations, we are confident in our ability to deliver consistent value. We also plan to introduce new incentives and risk management tools to further support and protect our clients in the year ahead.
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.
2024 Results
2024 investment performance results achieved by the Fund’s investment advisor has grown with an average of 9.8% compound return over the last 5 years.
As of December 31, 2024, the balance of the fund stood at $3.8 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.
CENTURY INITIATIVE
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,CLU,CH.F.C. •
Gerard A. Arsenault, CFP,CLU, CH.F.C. •
Marc W. B. Arthrell, CFP,CLU, CH.F.C.,CHS •
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, CLU •
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, CLU,CH.F.C. •
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,CLU, CH.F.C. •
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, CLU,CH.F.C. •
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, CLU •
Neil Feigelsohn •
Robert W. Franklin, CFP,CLU,CH.F.C.
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,CLU,CH.F.C. •
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,CLU,CH.F.C.
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,CLU,CH.F.C. •
Angela M. Houle, CFP,CLU,CHS •
Betty-Anne M. Howard, CFP,CLU,CHS, CEA
Philip Howe, CLU,CH.F.C. •
Alison A. Jenner, CFP,CLU,CH.F.C. •
Vikram Jindal
Peter D. Jobe, CFP,CLU,CH.F.C.
Brent A. Johnson, CFP,EPC,CHS •
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,CLU,CH.F.C. •
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,CLU,CH.F.C. •
Jack A. F. McAuley, CFP,CLU, CH.F.C. •
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, CLU
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
Edward L. Postrozny, CFP,CLU,CH.F.C.
Timothy B. Potter, CLU,CHS
Donald C S Rea, CFP,CLU,CH.F.C. •
David J. Reckin, CFP,CLU,CH.F.C. •
Sterling Rempel, CFP,CLU,CH.F.C.
Robert L. Rizzuto, CFP,CLU,CH.F.C. •
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
EnsyncTEST TEST
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, CLU,CH.F.C. •
Kevin R. Williams, CFP,CLU,RHU
Carolyn Michele Wilson, CFP, CLU,CH.F.C.
Lynn B. Wintraub, CFP
Mari-Jayne Woodyatt, CLU,CH.F.C. •
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, CLU,CH.F.C. •
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, CLU •
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, CLU •
Peter F. Creaghan, CLU
Richard M. Cremasco, CLU,CH.F.C.,CFP
T. Alec Crossgrove, CFP,CLU,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,CLU,CH.F.C. •
Richard S. McCaw, CFP,CLU,CH.F.C. •
Martin J. McConnell, CFP,CLU,CH.F.C.
Robert A. McCullagh, CFP,CLU,CH.F.C., CHS
Diane L. McCurdy, CFP
Randolph B. McGlynn •
Izumi Miki McGruer, CFP,CLU, CH.F.C.,CHS
Richard E. McKenster, CFP, CLU,CH.F.C.,CHS •
Roger McMillan, BA,CLU,CH.F.C.
Thomas P. McQuillan, CFP,CHS †
Floyd M. Murphy, CFP,CLU,CH.F.C.
Keith D. Newhook
John M. Nicola, CFP
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, CLU,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
Julian N. Wise, TEP
Peter Anthony Wouters, CFP, CLU,CH.F.C.,CHS,
Gordon D. Wusyk, CFP,CLU,CH.F.C. •
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
• Non-Member
† Deceased
MANAGEMENT DISCUSSION & ANALYSIS
For the Year Ended December 31, 2024
Introduction
This Management Discussion and Analysis (MD&A) outlines the financial position of The Financial Advisors Association of Canada (TFAAC or the Association) as of December 31, 2024, and the results of its operations for the year then ended. It should be read in conjunction with the Association’s audited consolidated financial statements for the same period.
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 name through which the central entity delivers services to members and provides administrative and operational support across all subsidiaries. These services include administrative support, office space, accounting and finance, technology, member services, advocacy initiatives, Chapters support, and general operations.
MANAGEMENT DISCUSSION & ANALYSIS
Advocis has members in every region of Canada, including over 4,300 full dues-paying members, along with a growing base of provisional, student, and retired members.
Local Advocis Chapters—established in all major centres nationwide—and the three Advocis Schools (Atlantic, Banff, and Pacific) form a vital part of the member experience, connecting professionals through regional education and engagement opportunities.
Our Subsidiaries
• 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 for Advanced Financial Education (The Institute), operating under the legal name The Institute of Chartered Life Underwriters of Canada, 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 200 members, GAMA programming is delivered through representatives in Advocis Chapters across Canada. GAMA membership is available to all member categories.
• Advocis Learning Centre 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 includes the above entities.
2024 Financial Results & Outlook
In 2024, The Financial Advisors Association of Canada (TFAAC) recorded a consolidated net surplus of $1.82 million, an improvement of $2.59 million over the previous year. This turnaround was driven primarily by cost savings of $907K in service delivery and $1.42 million in general operating expenses, alongside a $432K year-over-year revenue increase from 2023.
While revenue from membership fees and errors and omissions (E&O) administration remained stable, growth was recorded across other revenue streams. Notably, professional development course fees rose by $377K (15%) due to increased LLQP and CLU sales, with LLQP alone accounting for 87% of the increase. Other income also increased by $118K (25%), reflecting an increase in interest income offset by a decrease in advertising revenue from magazine publication. Program and services revenue declined by $103K (9%) due to the rescheduling of the Advocis Symposium to March 2025.
MANAGEMENT DISCUSSION & ANALYSIS
Consolidated cost of services for the year ended December 31, 2023, decreased to $2 million, down $907K (30%) from 2023. The most significant reduction was seen in program and services costs (Chapter-related costs and Symposium) of $423K (32%) due to fiscal due diligence by the Chapters and the postponement of Symposium to 2025. Additional savings related to conference and seminar costs of $241K (61%), which was primarily driven by renegotiated contracts with our legacy learning management system provide, as well as, further migration of continuing education courses from high-cost licences to lower costs platforms. Savings were also achieved through decreased professional development program costs of $127K (13%) due to a strategic effort to reduce expenses related to our designation programs, reduced magazine publications of $47K (50%) and, membership costs of $69K (34%).
Consolidated operating expenses fell by $1.4 million (14%) to $8.8 million. This included a $1.8 million (28%) reduction in employee-related expenses following the organizational restructuring initiated in late 2023. These savings were partially offset by a $512K (25%) increase in professional and consulting fees related to external legal and advisory support in support of the restructuring initiative.
As a result, the organization reported an operating surplus (before other items) of $1.5 million for the year ended December 31, 2024, compared to a $1.2 million deficit in 2023 - reflecting a $2.7 million year-over-year improvement. After factoring in non-operating items, including an unrealized gain on investments of $343K and a net loss from Advocis Broker Services Inc. of $68K, the consolidated surplus totaled $1.82 million, versus a $766K deficit in 2023.
This significant financial recovery reflects our continued commitment to fiscal discipline and effective cost management, which has been a top priority since the fourth quarter of 2023.
Looking Forward
The 2024 surplus reflects a year of disciplined cost control and focused revenue generation. While we are encouraged by the turnaround, we acknowledge that certain legacy costs will continue to be managed throughout 2025.
With renewed stability, Advocis is entering a phase of strategic reinvestment aligned with our long-term priorities. In 2025 and beyond, we are focused on delivering enhanced member value, strengthening the profession, and expanding our influence across the industry. Key areas of investment include:
• Digital Transformation: We are modernizing the member experience through integrated platforms that foster engagement, collaboration, and self-service. These include a new online community hub, updated governance tools for Chapters and Boards, and significant upgrades to our education delivery systems—most notably the LLQP and PFA programs. This work lays the groundwork for a seamless, user-focused digital experience across the Association.
• Operational Efficiency: We are streamlining internal systems to improve responsiveness and service delivery. Ongoing enhancements to the Member Portal and backend platforms will support more effective event management, CRM functionality, process automation, and analytics - all critical to delivering personalized value to our members at scale.
MANAGEMENT DISCUSSION & ANALYSIS
• Advocacy Expansion: Advocis is refocused on its core mission of advocacy including re-engaging with policymakers at all levels to champion high-impact issues, including title protection and interprovincial credential harmonization. Our renewed emphasis on regulatory issues ensures financial advisors and planners continue to have a strong, unified voice in policy development.
• Financial Literacy & Career Promotion: We are investing in outreach initiatives to amplify member voices and elevate leadership development. These efforts will help inspire the next generation of financial advisors.
We are also preparing a refreshed national awareness campaign to highlight Advocis’ role as the voice of Canada’s financial advisors and planners. This effort will highlight the work we have done to help retain members and help to foster the trust in the Advocis brand that is necessary to attract the next generation of professionals to our Association.
Conclusion
The challenges of the past two years have required difficult decisions, but they’ve also created space for renewal. Today, Advocis is leaner, more focused, and better positioned to lead on behalf of the financial advisors and planners who support Canadians every day.
Our strategic priorities are clear: modernize our operations, reinvest in member value, rebuild trust, and grow the profession. Our commitment is to replenish the Century Initiative (CI) reserve, while also developing new ways to deliver on our promise of advocacy, education, and professional excellence.
Looking ahead, our success will depend on collaboration between members, Chapters, volunteers, partners, and staff. Together, we are building an Association that is resilient, responsive, and ready to lead through the next chapter of transformation.
The Financial Advisors Association of Canada (o/a Advocis)
Summary Consolidated Financial Statements December 31, 2024
Management's Responsibility
To the Members of The Financial Advisors Association of Canada:
The accompanying summary consolidated financial statements and the complete consolidated financial statements of The Financial Advisors Association of Canada (collectively, the “financial statements”) are the responsibility of management and have been approved by the Board of Directors.
Management is responsible for the preparation and presentation of the consolidated financial statements and summary consolidated financial statements, including responsibility for significant accounting judgments and estimates in accordance with Canadian accounting standards for not-for-profit organizations and ensuring that all information in the annual report is consistent with the statements. This responsibility includes selecting appropriate accounting principles and methods, and making decisions affecting the measurement of transactions in which objective judgment is required.
In discharging its responsibilities for the integrity and fairness of the consolidated financial statements and summary consolidated financial statements, management designs and maintains the necessary accounting systems and related internal controls to provide reasonable assurance that transactions are authorized, assets are safeguarded and financial records are properly maintained to provide reliable information for the preparation of consolidated financial statements.
The Board of Directors and Finance and Audit Committee composed primarily of Directors who are neither management nor employees of the Organization. The Board is responsible for overseeing management in the performance of its financial reporting responsibilities, and for approving the financial information included in the annual report. The Board fulfils these responsibilities by reviewing the financial information prepared by management and discussing relevant matters with management and external auditors. The Committee is also responsible for recommending the appointment of the Organization's external auditors
MNP LLP is appointed by the Members to audit the summary consolidated financial statements and report directly to them; their report follows. The external auditors have full and free access to, and meet periodically and separately with, both the Committee and management to discuss their audit findings
May 16, 2025
Financial Advisors Association of Canada (o/a
Financial Advisors Association of Canada (o/a Advocis) Summary Consolidated Statement of Changes in Fund Balances For the year ended December 31, 2024
The Financial Advisors Association of Canada (o/a Advocis) Summary Consolidated Statement of Cash Flows For the year ended December 31, 2024 2024 2023
The Financial Advisors Association of Canada (o/a Advocis)
Note to the Summary Consolidated Financial Statements For the year ended December 31, 2024
1. Basis of presentation
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.
