Are you 'stuck between a rock and a hard place?'

Are you 'stuck between a rock and a hard place?'

Are you

John Cucchiella, head of retail for independent firm, Dundee Goodman Private Wealth (DGPW), also believes that bank advisors are more restricted than the independent advisor. In a recent interview with WP, he explained where he believes these advisors are headed.

“Advisors at bank-owned firms are getting to a point, from my own intelligence and the research that we’ve done, where they feel restricted on the business that they are able to do. It just becomes another notch of one of those push factors,” he said. “For us, being strong and being willing to support it, gives them a choice to move. Do I believe that advisors from banks will move? Absolutely. Do I feel that there is an opportunity and support, and the ability to give these guys an environment where they can participate just as well as where they are currently? Yes."

During last Friday's episode of CBC’s Marketplace, Show Me The Money, investigators caught a wide-range of advisors on camera – including those working for the five big banks and other firms. Some provided clear and sound advice, while others delivered misleading information on fees charged, returns projected (upwards of $20,000 a year!) and risk profile assessments.

According to Marketplace, the banks and firms featured on the television program were made aware of the investigation, but all declined to be interviewed, with only some promising to investigate the allegations further.
 

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2 Comments
  • Kevin Cahill 2014-03-04 2:21:39 PM
    Great article, the ketchup is coming out of the bottle in a rapid way, lets hope major change starts to happen. It didn't surprise me that no firm was willing to comment, they would have to draft their response and then send it through legal and compliance before being able to share it. Well trained robots.
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  • Kevin Cahill 2014-03-07 8:36:47 AM
    For me, being a financial planner is about love. It is not about transferring information, but rather enabling dreams to come true. When I begin to lose myself because of unresolved pain or fears or the overpowering feelings of shame, then I no longer want to help others and I think I become irrelevant. So many professions in our society - teachers, lawyers, doctors and financial planners wrestle with shame delivered usually in the public media from outside of the industries. You might roll your eyes and think that it is easy to make jokes and insult them, but it is not fun to feel hated simply for doing work that means something to you; it can take a serious toll. www.canadianlegacybuilder.ca/why_we_need_to_stop_shaming_financial_planners
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