Regulation will boost political clout, says Toronto advisor

Regulation will boost political clout, says Toronto advisor

Regulation will boost political clout, says Toronto advisor The business of regulating financial advisors in Ontario is part in parcel of a greater ambition for the provincial government, says a Toronto advisor.
 
As the Liberals seek to find an alternative to the Canadian Pension Plan (CPP) – with Premier Kathleen Wynne prepping to introduce options for a new retirement savings program - making sure the province’s 13.5-million citizens are getting quality advice is also a priority.
 
“The province of Ontario wants to play ball with the Feds, but needs to be credible politically,” says John De Goey, an advisor with Burgeonvest Bick Securities Ltd.
 
“That’s why they are finally serious about regulating financial planners. Not because they thought it was a good idea in and of itself, but because they want to run their own Ontario pension plan, and they need to make sure Ontarians get good advice to do it.”
 
De Goey – an advisor for more than 20 years, who believes regulation in the financial services industry is long overdue – says good advice is paramount to the success of any pension plan, whether offered publicly or privately. (continued.)


read more > 1 2

3 Comments
  • Mark 2014-02-13 1:48:25 PM
    This same Liberal government that wasted billions of dollars on cancelling power plants, the E Health fiasco, the Ornge Air Ambulance waste, not to mention Hydro One, well why not mention Hydro One and the Liberal's energy plan that is charging excessive electricity rates to us while paying out exorbitant salaries to all of the Hydro One managers, middle managers and executives, this same Liberal Government is worried about my pension and wants to make sure I get trusted financial advice for it? This is absolutely outrageous. And they want to put in place another mandatory retirement pension plan for Ontario workers? After paying all of the taxes and fees imposed on us by them these past ten years, and budgeting for the ever increasing increasing costs for electricity and water, where exactly do these Liberals think I will have funds available after paying all those expenses to contribute to their provincial plan. I think the majority of Ontarians are having a hard enough time to max out their own RRSPs and TFSAs. Thanks, but no thanks. Come back to me when you can balance a budget and provide reasonable services without an horrendous tax burden.
    Post a reply
  • Boyd Anderson 2014-02-13 3:19:06 PM
    I agree with Mark.
    The line "I am from the government and I am here to help you" should be kept in mind when considering any new government initiative!
    As for Mr. DeGoey; perhaps he should leave political advice to those that "have been there, done that". I could shoot several holes thorough his comments but I have better things to do. And I have been there and done that.
    Post a reply
  • Freeda 2014-02-18 9:25:35 AM
    I agree with Mark wholeheartedly.
    Post a reply