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Wealth Professional | 02 Sep 2015, 08:15 AM Agree 0
A new study points to why the increasingly controversial investment may actually help the Canadian economy and protect society
  • Kevin O'Brien | 02 Sep 2015, 10:06 AM Agree 0
    I read recently that the regulators in England have commissioned a study to find out why their working population has little to no money in regards to savings or investments. Perhaps the banning of commissions had something to do with that? Just goes to show how government regulation intended to come down hard on advisor's has an unintended consequence. Many advisor's left the industry and now the government realizes that these advisor's did indeed provide value to their clients - sadly after the fact. Time will tell if Canada has learned by others lessons.
  • Tony Romano | 02 Sep 2015, 11:14 AM Agree 0
    I think that there just has to be a balance. I think if the time frame is reduced to 4 or 5 years from 7 or longer, DSC funds DO make clients commit. I think any advisor needs at least that long to see the financial plan starting to come to fruition. Anything less and a client shouldn't be invested in anything but a GIC, in my opinion.
  • Will Ashworth | 02 Sep 2015, 02:51 PM Agree 0
    The UK government spent $3.5 billion Implementing RDR and it's not over by a long shot. Story coming on that. Very interesting indeed.
  • Kathy Waite Your Net Worth Manager | 02 Sep 2015, 03:29 PM Agree 0
    Kevin, I agree . I was 32 working in Uk when this all started happening and we were told access to savings would increase. People would be able to pay in to their TFSA at the check out in Sobeys. I am 47 and in England recently , that hasn't happened. The big banks won't help anyone with less than $500k and the direct sales forces ( like F55 , IG , Priamerica) have all gone. Mostly its independent small local firms who prefer large accounts so they can keep client numbers low.
    With DSC I think its fine as long as people KNOW. i found many people don't know. They also end up with a proprietary product they can't transfer somewhere else to avoid the DSC. Then more disillusioned they give up.
  • Tony Romano | 03 Sep 2015, 03:10 PM Agree 0
    I find that even when client's ARE told about DSC's, they get coached by advisors at the big banks to claim that they WEREN'T told! The banks strong arm clients that need other products like mortgages or LOC's into trying to transfer from their advisor, of course they would never admit to this, but they have quotas to meet.
  • Kathy Waite Your Net Worth Manager | 03 Sep 2015, 03:22 PM Agree 0
    Tony The banks are the worst. I have had many people tell me when they asked what they were being charged they were told " nothing". I think not enough follow up letters are written. I always write, I don't sell products now but I had standard paragraphs and it said your time frame is 7 years plus and so I get paid for my work we have set this up DSC. DSC means ...... You can take 10% out free of DSC each year etc "
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