Interestingly, the survey finds that the advisor sector provides more employment now than the aerospace or automotive industries. As the economy has shifted from a manufacturing based one to a service-oriented economy, the advisory business has been one of the important sectors in terms of maintaining employment levels in the Canadian economy, clearly.
But the report also comes with a serious warning. According to the authors, the current access that the vast Canadian middle-class has to advisor services could be eroded if regulatory proposals currently being considered by Canadian securities administrators are adopted.
Recently, of course, reforms implemented in the UK and Australia has seen sales commissions banned. Advisors have been required to implement a fee-for-service model. The shifts have been chaotic and have had widespread negative effects—the cost of financial advice has risen so high, so fast, that having an advisor is being put out of the reach of many low and middle-income individuals.