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.”
Banks to push advantage in advisor recruitment
Bank puts all advisors on salary: other firms, advisors watch closely