Advisors defend Big Five salaries

Advisors defend Big Five salaries

Advisors defend Big Five salaries

Conversely, Ottawa-based advisor, Marc Lamontagne, believes it is this small clique of well-paid leaders that prevent the financial services industry from moving forward and implementing necessary reforms.

“I think the financial industry management – the banks, the brokerages, the mutual fund dealers – hold too much sway over the regulators. They’re almost like a small club,” says Lamontagne. “They don’t see a need for change. As opposed to the small consumer groups... They are the lowly voice in the wind.”

Lamontagne, an industry veteran, reflects upon a meeting he attended more than two decades ago discussing the same issues – mandatory fiduciary and the banning of commission fees – that are on the table today.

“Do I believe there is going to be fiduciary standards put in place? No. Do I believe they are going to ban commission fees like they have in the UK and Australia? No,” he says. “I don’t think these things will ever happen.”

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