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Wealth Professional | 27 Oct 2015, 08:15 AM Agree 0
New research is pointing to just how much work the industry has ahead of it in addressing a concern that continues to keep new clients from coming through the door
  • Mike Gentile | 27 Oct 2015, 03:19 PM Agree 0
    It seems that virtually every one has an opinion about advice, biased or unbiased and I am no exception. In regards to Ms Waites opinion that independent advisors are less independent or more biased the she is, how is she able to conclude this. I have numerous wholesalers knocking on my door to recommend their products. We have a process and it has nothing to do with incentives and everything to do with the quality and the performance of the investment offering. If the fund, the manager and the risk profile don't meet our performance criteria it doesn't get on our list . So in essence that is our bias, not the incentive referred to. Our primary concern is that the customer gets good value and quality advice at the right price. On that note I believe that I am speaking for the majority of advisors.
  • kathy Waite Your Net Worth Manager | 29 Oct 2015, 10:47 AM Agree 0
    I conclude this from having worked in a system until 2011 whereby your insurance sponsor and your mutual fund dealer indoctrinates young trainees, the asset allocation software they are given miraculously suggests their own funds not just an allocation to be filled. They offer more commission or extra incentives for selling their own brand. I am not saying all firms do this but people bring me their statements for second opinions and I know the product on that statement is frequently own brand from their dealer and the rep has picked from dealers menu.( lazy ) Mikes clients are obviously fortunate. Sunlife guys have CI products , Quadrus guys have Quadrus product, IPC have their own i could go on. Thats life go to Ford get a Ford . Got to the Bank don't be surprised RBC sell you RBC. However put independent above your door or call your self Harry Smith Financial and you are not making it clear there could be a bias. People should look at the big business name on the top of the KYC forms and see who is pulling the strings
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