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Wealth Professional | 17 Dec 2013, 12:00 AM Agree 0
"Investor stakeholders" are calling for a sea-change in advisor accountability, according to a consultation update from the CSA, released Tuesday.
  • Doug McCaw | 17 Dec 2013, 11:45 AM Agree 0
    About time
  • Kevin Cahill | 19 Dec 2013, 07:56 AM Agree 0
    Completely agreed Doug! We need more passionate people to stand up and say enough is enough. Consumers know the difference between a general practitioner doctor and an oncologist yet few know there is a huge difference between someone who has a mutual fund licence and someone who has gone on to get their Certified Financial Planner
  • Meredith Swanson CPCA | 20 Dec 2013, 07:25 AM Agree 0
    I think that the most important point here is the need for formal education for all of the advisors whether it is CFP or CLU or just a good education program by the insurer. Also, each advisor should be a member of Advocis.
    Would you go to a doctor whether a GP or oncologist if they didn't belong to the Canadian Medical Association or at least the provincial counterpart? Yet you can get a licence to sell life insurance or sell mutual funds with very little training. I don't think you even need a licence to handle money products like GIC's, etc. and there is no need to be associated with an industry professional association that works on behalf of the public and the professional.
    Sun Life does a very comprehensive study of the proposed candidate before bringing them on board. I know of an advisor who failed to meet Sun Life's requirements in terms of goals and personality traits yet got hired by an other company. She absolutely broke nearly every part of the code of ethics provided by Sun Life.
  • Kevin Cahill | 20 Dec 2013, 08:18 AM Agree 0
    Great points Meredith. Unfortunately I disagree with your comments about Sun Life. I was accused of something in 2009 that had nothing to do with my ability to give financial advice, I was never convicted. As the story made the paper, Freedom 55 Financial, terminated my contract to save their own face. At the time I was ranked 6th in the country for life production, my termination sent shock waves through the company that no advisor is immune and that big brother can step in at any time and send you packing. 3 years later, I still have maintained all of my licences and designations (CFP, CLU, EPC, CHS) and have continued to qualify for MDRT each year yet cannot obtain a contract on the premise of perception. My application went all the way to the top with sun life last year due to a friend pushing for me, but answer was the same, declined due to fear of what people may think. At the end of the day all big companies care about are shareholder returns. My story is available on my website
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