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Wealth Professional | 26 Jun 2015, 09:32 AM Agree 0
As the months pass and the final two phases of CRM2 are implemented, it’s only natural that advisors question the sanity of it all.
  • Tony Battista | 26 Jun 2015, 10:54 AM Agree 0
    Would the Brondesbury Report peoples please disclose their compensation with a detailed account of their research, who they consulted and how many hours were billed for the study.
    Who asked for it and who paid for it? We never had any problem disclosing and discussing compensation and costs related to Mutual Funds, and neither offering clients a fee base for the bigger accounts. This Industry is working well, and it is doing a great job for Canadians. All Advisors except a small percentage (as in any other field) are honest hard working professionals. RCM2 wants us to be 100% transparent and disclose in details all the charges and make sure we negotiate a fee with clients, and billing the client. To us means additional costs and loss of time that could be dedicated to the client. Then if our industry goes this way also other industries should be the same. When I pick up a box of milk in the grocery store I want to know how the farmer justifies his price per liter, how much costs the transports and the processing and what is the cost and profits for each intervenient. I think it is time to react and call and write to Canadian and Provincial members of Parliament and voice our right to conduct business as any other industry. Why aren't Banks attacked on the exorbitant fees they charge? And why nobody asks for transparency on their activities? Banks generate billions in profits in good and bad economic times, why nobody questions their practise? I believe this RCM2 is chasing the wrong dog.
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