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Wealth Professional | 09 Jul 2013, 12:00 AM Agree 0
Canadian security regulators have released their three-year plan – yet more indication that advisors are headed for a showdown on commissions.
  • Isaac | 10 Jul 2013, 10:15 AM Agree 0
    can someone explain to me the difference between the current MF commission schedule and the dentist's fee schedule. Both are imbedded, both are across the board and both have no impact on the value & effectiveness of the service provider, yet it's fine for dentists but not for financial advisors.
  • Christine | 26 Jul 2013, 09:30 AM Agree 0
    Good question. And if this goes as far as fee for service only models, consider this..... A good client (500K) that I was trying to update on the subject said that if it comes to having to cut a cheque from her savings account to pay my fee for her RRSP, I'd be "let go." Embedded fees deducted from her RRSP makes sense to her, but diminishing her bank account by the equivalent amount does not and she said as soon as this becomes more than a possibility she will not add another dollar to her investments. There was no problem with my receiving my share of a 1% trailer but now that she considered my trailer fee in dollar terms, she likened it to a scenario where her Real estate broker knocked on her door every year on the anniversary of her home purchase asking for a cheque based on the growth of her home value, she said. Of course I know the differences and of course as a CFP (small book, working solely with FE 0% compensation), I do a lot more than simply choose funds for an RRSP, but I am still depressed one week later over how badly the conversation went, and how low it made me feel about the good work that I do for my clients.
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