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.