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Wealth Professional | 18 Feb 2014, 10:57 AM Agree 0
Financial planner expresses frustration over extra administrative duties, she says are not a priority for her clients.
  • Gdn | 18 Feb 2014, 03:17 PM Agree 0
    I agree, the time I spend on all this is killing me because there is a belief that suddenly all bad people will become good by imposing more regulations?!? I'll be interested to know if anything changes for the good for the general public as a result. I, at this point, severally doubt it.
  • Mike H. | 22 Feb 2014, 02:21 PM Agree 0
    The first step in many frauds perpetrated on clients is to change the address and phone number on the books of the dealer to ones the crook controls. That's why all address and phone number changes need to be confirmed.
  • Joseph Sask | 22 Feb 2014, 07:01 PM Agree 0
    I want to go further. All the regulatory boards across Canada are getting paid to sit on those boards and develop policies, procedures and regulations to govern the Advisors. This is all being done in the name of " Good Governance ". The cost for these people to sit on the boards is being paid for by the investors, I believe. What is shocking is in an industry that is approxiamately $400 billion in value, where the average MER fee is 2.5% per year. That represends a staggering $10 billion per year fees that are being paid for by the investor, yet there is no, I repeat NO accountability or reportability of these fees to the investor.
    This alone is a crime of epic proportion. When is someone, anyone going step forward and fire every board member for this crime. Or do we all Advisors have to wait until 31-103 comes into effect in 2016.
  • John K | 23 Feb 2014, 11:24 AM Agree 0
    I agree that a lot of money is wasted on needless regulations such as the examples given by Birenbaum. There is obviously a great deal of money to be made in regulating our industry and it seems that advisors are the cash cow to pay for it all. Where I disagree is with De Goey comment that this (regulation) is "finally being recognized as important." I've been in the industry for 34 years and I can say in my time, doing good business and doing right has always been important. All of the many unnecessary extra rules don't make ethical advisors more ethical, it just means that we have to spend more time keeping regulators happy while the bad guys seem to operate with immunity.
  • Mike Gentile | 24 Feb 2014, 09:52 AM Agree 0
    I have been in this business almost 40 years and have watched over the years as costs continue to increase each time a level of protection is added. I liken it to adding a layer of Kevlar to bullet proof the investor. The problem as I see it today is that the consumer is now dying under the weight of too many layers of Kevlar and to add insult to injury is the HST that gets added on top of everything else. When you add on all the additional admin costs that we as advisors have to bear you have to wonder who will be further ahead the client or the regulatory bodies.
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