According to Maxime Lefrancois and Mathieu St- Onge of the RICIFQ's research and socio-economic information analysis team, the plan would be disadvantageous for employees with an annual salary less than 25,000, if 4 per cent was contributed to the VRSP. Workers who receive the Guaranteed Income Supplement benefit would be better served by a TFSA, or other savings products, dependent on the individuals' tax situation, they say.
The RICIFQ feel the government did not take into account their situation. "We are a group of independent advisors and have more difficulties than banking institutions, which are in a stronger lobbying position," says Vani, who wants to challenge the decision.
Independent financial advisors, who rely mainly on commissions for renumeration, are seeing their market shrink increasingly shrink in favour of financial institutions, Vani adds.
Despite a petition sent to the National Assembly in 2013 and protests from economists, the government went ahead with the plan.
Vani believes, however, there is still the possibility of fighting flor a change to the rules.
Polls impact Quebec banks: Analysts
Quebecker women play it safe: Survey
Quebec, Alberta advisors would welcome national regulator