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.)