The intention behind a new Advocis index may be to measure industry confidence, but how confident can advisors be about who is offering the insight, probes one Ontario advisor.
“Who cares about advisor confidence? I want to know who and what are the credentials of the advisors being asked to participate,” says Kevin Cahill, a financial planner based out of Guelph. “A financial schmuck who has no education and is only out to make commission income will have very different first-hand knowledge from a fee-for-service advisor who is passionate about the industry.”
The Advocis Financial Advisors Index (FAI), announced Tuesday, will be managed using a monthly questionnaire filled out by approximately 500 Advocis members willing to volunteer their time over the next five years. Participants’ views and sentiments will be recorded analyzing key indicators such as how clients are allocating new investments, their confidence in achieving their financial goals and what is perceived as the critical threats to their financial well-being. (continued on Page 2.)