FPSC Bulletin Editor Blake Glendenning recently sat down with new FPSC Chair Garry Duncan in his downtown Toronto office. Like you, he knew very little about the man.
Q: Can you tell us your professional background?
A: I have a B. Comm. from Carleton University and proceeded to get my chartered accountancy degree in Ontario. I had a one-year engagement with the then-known Industrial Development Bank in Ottawa. I followed this by a number of years with Price Waterhouse where I articled for my chartered accountancy. After getting my C.A., I spent three years with the Department of National Revenue as a tax auditor. In 1973, I joined Dunwoody & Company in tax and have remained there since. I became a tax partner in 1980 and have worked with a variety of clients ranging from corporate to individuals and their estates. I obtained the CFP designation in 1996.
Q: You have been working in the financial sector for many years as an accountant. How does financial planning fit into your practice?
A: Being a tax practitioner, you quickly realize that your silent and sometimes not so silent partner, the government, takes or can take over 50% of your hard earned money. It doesn't take long to realize that any way to minimize the tax bite provides a great service to your clients.
Financial planning became a natural addition to the tax services since I deal with succession planning, retirement planning, estate planning and expatriate planning. As I always say, a dollar saved is a dollar earned. Unfortunately and depending on your point of view, the tax laws are extremely complex and it is easy to fall into tax traps if one has no planning.
In summary, planning one's affairs, taking into account the taxation of one's income, is a very important part of financial planning.
Q: What do accountants bring to the table in helping the evolution of financial planning as a profession?
A: Accountants are and have been professionals for many years. They live by standards and ethics which are necessary to make the profession recognized and respected in the community.
Q: How long have you been involved with Financial Planners Standards Council?
A: I have been involved with Financial Planners Standards Council since 1996. Initially, I was a representative of the Canadian Association of Financial Planners on the Board of Directors and more recently as the Canadian Institute of Chartered Accountants representative on the Examination Committee. Subsequently, I was asked if I would join the Board as the Canadian Institute of Chartered Accountants rep and currently serve as the Board Chair.
Q: How does the current direction of FPSC match with what it was when you first became involved?
A: The direction of FPSC at the time I joined was to have one and only one financial planning designation recognized throughout the country. That was and still is the primary objective of FPSC. Since we are 15,000 strong, I would say that we are well on the road to achieving that objective.
Q: Your involvement with financial planning membership organizations also goes way back. What drove you to get involved with such organizations and with FPSC?
A: I was involved with the Canadian Association of Financial Planners for a number of years in the past. At that time, I recognized the need to eliminate the proliferation of designations that existed, such as R.F.P., PFP, CHFC, etc. Financial Planners Standards Council and the CFP provided a way to achieve this objective.
Q: How do you define the role of the FPSC Board and your role as Chair?
A: The role of the FPSC Board is to ensure that the CFP maintains and enhances its position in Canada as the one and only financial planning designation. My role as Chair is to work with the Board to achieve that objective. I am a firm believer that there should be only one financial planning designation to eliminate all the confusion that exists in the market. The CFP is that designation and I as Chair, and the Board, should ensure that it is that designation.
Q: Do you have any insights or additional words to pass on to the body of CFP licenses?
A: While the CFP designation has only been in Canada for seven years, it is here to stay. CFP professionals are 15,000 plus strong and growing. The reality of one financial planning designation is much more certain now than it was seven years ago. While much of this success can be attributed to Financial Planners Standards Council staff and the volunteers on the Board, the real strength of the CFP comes from you, the CFP professional. You chose to earn this designation for many reasons. Regardless of the reasons, we thank you for your hard work and continued support to make the CFP the one and only financial planning designation in Canada.
CFP®, CERTIFIED FINANCIAL PLANNER® and are certification marks owned outside the U.S. by Financial Planning Standards Board Ltd. (FPSB). Financial Planners Standards Council is the marks licensing authority for the CFP marks in Canada, through agreement with FPSB.
are certification marks