The association hasn’t been bashful in expressing its misgivings about the full implementation of CRM2 coming next year and set to transform the province’s current landscape.
"In order to eat steak, you must have teeth," states a PAFSA's press release on CRM2, implying that advisors will have nothing to chew with should the regulations move ahead unchanged. PAFSA, based in Quebec, defines its mission as defending the interests of independent advisors.
While CRM2 calls for advisors to provide full disclosure of all commissions, trailing commissions and fees generated, Vani believes that it will tie the hands of financial advisors.
“We shouldn't be forced to disclose anything, we are the only ones being compelled to do so,” he said. “These rules should apply to everyone. This approach is totally unfair since numerous financial institutions wouldn't have to disclose this information, furthermore their employees are often paid fixed salaries not to mention bonuses.”