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Wealth Professional | 17 Jul 2015, 09:15 AM Agree 0
The unsuspecting victims – 12 former and one active NHL players – were defrauded of millions by a financial advisor and his race car driving partner.
  • Peter | 17 Jul 2015, 10:09 AM Agree 0
    Unfortunately, these are the people who give our industry a bad name and these are the types of cases that are sensationalized by the media.
    And no matter how much compliance the regulators place on the shoulders of honest advisors to protect the consumer (and the financial insitututions), the crooks will always be crooks and no volume compliance will deter them!
  • Graham | 17 Jul 2015, 12:30 PM Agree 0
    I agree Peter. All the bullshit paperwork I have to fill out and hoops to jump through, and in the end if a bad apple wants to rip people off, they will.
  • Robert Roby | 17 Jul 2015, 11:26 PM Agree 0
    Let's not forget the Wall Sreet Boys and might I add Country Wide mortgages , Lehman Brothers Nortel, bre-ax Worldcom and Enronetc who scammed billions from the backs of everyday citizens. Some of these perpertrators ended up in high level government positions. How many were convicted? These industry players makes Hannibal look like a saint. While I am at it how much money have investors lost due to puffery, posturing and the salacious headlines By many media outlets such as BNN or what I call the Bad News Network.

  • Debbie | 18 Jul 2015, 07:06 PM Agree 0
    In reality a statutory best interest standard will not only serve investors better but in the long run will decrease the red tape of regulation. By continuing to avoid a fiduciary standard, regulators have to keep coming up with more and more rules due to new products and new issues that arise. To be blunt, it is much like the story of Hans Brinker sticking a finger in the dyke to only have another leak spring up elsewhere. Consumers are losing too much money, the industry is buried in paperwork and quite frankly the regulators are running out of fingers to stem the tide coming in! The structure is flawed. It needs a revamp. It is not a transaction based sales industry it is an advice based industry. Continually working from a wrong premise will not bring about the desired results for anyone. If the foundation of a building is poor, it does not matter what you build on top of it or how nicely you decorate the rooms in it. Canadians deserve advisers who acknowledge the high level of care and trust the public entrusts them with and are not afraid to embrace the true role of a fiduciary professional advisor.
  • Peter | 20 Jul 2015, 07:39 PM Agree 0
    Debbie I agree wholeheartedly with most of your comments.
    However I do not agree with "It is not a transaction based sales industry it is an advice based industry".
    While you and I may strongly believe this is an advice based industry, have your ever seen ....
    1. "The Advisor of the Year" awarded to the advisor who gave the best advice and acted in the best interests of his/her clients?
    2. An advisor keep his/her job at the financial institution because although their sales were below target he/she gave great advice?
    The entire industry IS transaction oriented and is geared around NEW sales and NEW investments. And this is why our industry is in deep trouble.
    Banks and dealers care about only one thing...NEW sales!
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