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Wealth Professional | 26 May 2016, 08:30 AM Agree 0
Change and opportunity ahead even though advisors believe their job has become more difficult
  • Paul | 26 May 2016, 01:23 PM Agree 0
    Fee based has been proven to not be beneficial, in those areas where it was implemented notably Britain, there has been a reduction in access to financial advice as well as those that are paying fees have seen their fees rise significantly. The reduction in access is mainly due to a significant drop in advisors, ( 40% ) and an unwillingness to pay up front fees for advice. So a lot of investors have taken to doing it themselves, and studies show that clients with an advisor do much better than those without. Transparency and full disclosure should be the target we all strive for, and allow the client and marketplace to determine how they the client wish to be serviced.
  • Susan | 26 May 2016, 02:38 PM Agree 0
    I see The Financial Advice sector becoming elitiest, only the wealthy will have access and benefit. The majority of Canadians will have no choice but to go it alone, either using computer models designed by some tech wiz working for a bank designed wed site, they will be able to select options A, B or C. Look at the Banks, just today I read an article that BMO was letting go or 6600 employees because " automation has reduced the need for face to face CSR / banking people. Change is inevitable, however I do not disagree with the basis for all of the changes being put forth, I also believe that the canadian regulators along with a number of comentators from this site have been quite narrow minded when it comes to this topic. Why does it have to be all or nothing, whats wrong with letting the individual decide. In my humble opinion all of the focus is being directed into the wrong area. What they should focus on is removing or dealing with the unlicensed, uneducated or unqualified advisors who dupes the public into believing they are the real deal when in actual fact they are simply sales people.
  • Susan | 26 May 2016, 02:40 PM Agree 0
    My sentiments exactly
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