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Wealth Professional | 19 Feb 2014, 10:24 AM Agree 0
Some advisors support a proposed private member's bill that, if passed, would further regulate financial planners in Ontario.
  • Harley Lockhart, CFP, CLU, CH.F.C. | 21 Feb 2014, 12:01 PM Agree 0
    To claim this Ontario legislation would "be deemed being under the thumb of 'big brother'" is disingenuous at the least. The barrage of regulatory creep the industry has faced is a sure indication we are already "under the thumb of 'big brother'".
    This legislation applies directly to the Advisor, unlike IIROC and MFDA, for example, which are regulators of dealers.

    Attempts to interfere with client relationships by regulators of transactions have made it clear, from international example, that negative unintended consequences for the consumer can result from poorly thought out changes by those who have never experienced a client relationship and therefore have limited understanding of the process. Investors with less than $250,000 in investable assets receive far more benefit from an advisory relationship than simply a well-balanced portfolio!
    This legislation will work with existing regulators. freeing them to focus on their specific responsibilities and do what they do best.
    It is clear that someone will regulate the relationship. Other professions in Canada, law, medicine, accounting, engineers, etc. have demonstrated the wisdom of practitioners accepting the responsibility to monitor their own.

    Disclaimer--I am the current Chair of Advocis.
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