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Wealth Professional | 18 Feb 2014, 09:34 AM Agree 0
You think you're in a competitive market. Wealth professionals in this country say there are only 259 people to each advisor.
  • John De Goey | 18 Feb 2014, 01:54 PM Agree 0
    Using simple math, it seems that Canada has 2.5 times more advisors per capita than the U.S. If the U.S. benchmark is fair/ reasonable, then it seems clear that Canada simply has too many advisors.
  • Ken MacCoy, CHS | 19 Feb 2014, 12:13 AM Agree 0
    I agree John. Perhaps the Private Member’s Bill on the floor of the Ontario Legislature today - The Financial Advisors Act, 2014, will help 'cull' the product pushers.

    Under the proposed legislation, anyone conducting business as a financial advisor in Ontario will be required to register with a new self-regulatory body and consumers will have for the first time:

    + Assurance they are dealing with financial advisors who meet consistent proficiency standards, adhere to a code of conduct, satisfy continuing educational requirements and maintain errors and omissions insurance.

    + A single system to deal with consumer complaints, which has the power and authority to suspend or revoke an advisor’s registration.

    If enacted, hopefully, B.C. and the rest of the provinces will follow Ontario's lead.
  • Ken MacCoy, CHS | 19 Feb 2014, 12:23 AM Agree 0
    On a more pleasant note, Congratulations to John De Goey who was recognized in January 2014 as one of Canada's top 50 financial advisors and ranked 8th overall by Wealth Professional.
  • Peter Lantos | 19 Feb 2014, 11:30 AM Agree 0
    The Greater Toronto area also has a population of about five million, while the number of practitioners in the financial advisory industry is estimated to be between 20,000 and 30,000.
    So is this article telling us something we don't already know about intense competition?
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