“The response to those types of questions gives us some indication of where are clients are moving with respect to their investments and therefore certain sentiments,” explains Advocis President and CEO Greg Pollock.
Pollock says the index will be a valuable resource for not only advisors and their clients, but governments, regulators, the media and general public. “It’s another measure that will help macro-economic development as we move forward.”
Cahill, on the other hand, feels the index is redundant, since these tools already exist in the marketplace. “Why is Advocis replicating the wheel?” Cahill asks, adding that the Canadian Federation of Independent Business has a similar tool. "(It) already has a very effective business barometer that government consults monthly.”
According to Advocis, the first questionnaire will be distributed at the end of December and at the end of every subsequent month for the next five years. The advisor recruitment process, for Advocis members interested in participating, will be launched Thursday.