By Staff | July 29, 2009 | Last updated on July 29, 2009
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On June 13, 2009, 1,029 Certified Financial Planner (CFP) candidates wrote the Financial Planners Standards Council’s (FPSC) CFP examination, and 39.8% passed. Of those writing the examination for the first time, 43.8% passed.

“FPSC congratulates all successful CFP examination candidates who are one step closer to joining the ranks of more than 17,000 Canadian and 120,000 international CFP professionals,” said John Wickett, senior vice-president, standards and certification, FPSC.

The list of the 409 successful CFP examination candidates will be published in the Globe and Mail on Sept. 10, 2009.

The June 2009 examination is one of the last three examinations remaining under the current certification program before a new program is introduced in July 2010. Wickett attributes the higher enrollment for the June 2009 exam— up 26% from the November 2008 exam — to candidates trying to pass under the current certification program.

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Wellington West launches new fund family

Wellington West has announced that it is offering a new fund family: The Nxt Funds. The three new portfolios offered from this new fund family are the Nxt EQ35 Income and Growth, the Nxt EQ60 Balanced and the Nxt EQ75 Balanced Growth.

The new funds use an investment process that combines modern portfolio management and research with concepts of behavioural finance — the study of investor psychology.

“Investors have been shell-shocked in recent times. Understanding investor emotion is key to managing biases like regret, which tends to negatively influence investors and the markets, especially during periods of economic uncertainty,” says Dr. Meir Statmen, Glenn Klimek professor of finance, Leavey School of Business at Santa Clara University, industry expert and consultant to the Nxt Funds Investment Committee. “Using the principles and theory of behavioural finance, The Nxt Funds is able to better manage and anticipate these influences, resulting in a well-managed and responsive long-term investment solution.”

The key benefits offered by the funds include access to unique asset classes, a reliable source of income, tax efficiency and capital preservation.

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Canadian Investment Awards calling for submissions

The Canadian Investment Awards announced today that it is collecting submissions for eight specialty awards; the final applications are due Sept. 30, 2009.

The awards program is also encouraging the financial industry to nominate for Person of Influence and Career Achievement.

“This is the 15th year that the industry will choose individuals or organizations that reflect leadership, innovation and excellence,” says Sabine Steinbrecher, president with Canadian Investment Awards Inc. “During these turbulent times, more and more consumers look for the winner logo when making their investment decisions. It is a tremendous honour to win, and we are seeing more and more organizations rewarded for their commitment to innovation and performance.”

The following are the eight eligible specialty awards:

• Best New Initiative • Best Use of Technology • Investor Education Award • Advisor Education Award • Corporate Citizenship Award • Canadian Investment Marketing Award • Green Company Award • Socially Responsible Investment Fund

In addition to these specialty awards, there are 23 mutual fund awards, three hedge fund awards and nine pooled fund awards chosen by a committee of analysts.

To make a nomination, email before Sept. 30, 2009.

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Counsel Corp. welcomes return of Morris Perlis

Morris Perlis has rejoined Counsel Corp. as the executive vice-chair. Previously, Perlis served as president of Counsel from 1992 to 2001.

“Morris’s return to Counsel is timely, augmenting our ability to capitalize on opportunities to increase our asset base,” said Allan Silber, chair and CEO of Counsel Corp.

As executive vice-chair, Perlis will focus, in particular, on Counsel’s direct investee companies — Fleetwood Fine Furniture, Counsel RB Capital and C2 Global Technologies — providing strategic counsel to management to assist them, from the outset, in developing their business plans and in implementing growth initiatives.

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Tightwads attract spendthrifts

The saying that opposites attract may extend to people’s money management habits.

According to a working paper entitled Fatal (Fiscal) Attraction by professors of the Wharton School of Finance and Northwestern University, big spenders tend to marry big savers.

“Surveys of married adults suggest that opposites attract when it comes to emotional reactions toward spending,” Wharton’s Scott Rick and Deborah Small and Northwestern’s Eli Finkel said in the paper.

An explanation of why these opposites attract is provided in a separate study called Tightwads and Spendthrifts by George Loewenstein, a professor of economics and psychology at Carnegie Mellon University.

According to Lowenstein’s study, savers sometimes feel guilt or pain when spending and dislike this characteristic in themselves. They are attracted to spenders because they like their liberal approach to money.

Most single people say they prefer to meet someone with similar spending habits. However, Rick, Small and Finkel wrote that what people look for in an ideal mate, and the characteristics that attract them to their actual mate, does not always match up. This is unfortunate because couples with different spending habits often create greater financial conflict in marriage.

Lowenstein said that it is unlikely that people will change their spending habits — once a saver always a saver, and vice versa.

In an interview, Lowenstein spoke about research he did to determine how tightwads and spendthrifts are created. The research did not produce any definitive answers. He added that it could simply be due to genetics.

(07/29/09) staff


The staff of have been covering news for financial advisors since 1998.