“True wealth management would not focus exclusively on investments. This is why we strongly support the idea of revealing the actual financial advisory services provided by any fees or commissions charged. This would give investors the opportunity to assess the value delivered by the advice.”
Kenmar’s report was in response to the OSC Statement of Priorities study that was released last week, which addressed five regulatory goals for 2015 – delivering investor protection and completing research in regards to embedded fees are just two of those goals.
Birenbaum says that crappy advice is still crappy advice and regulating conflicts of interests won’t go very far in protecting clients being taken advantage of by rogue advisors.
“It will exist until we make it a fiduciary responsibility, not by making fees transparent. Regulations on DSC funds will go a long way to help that goal as well.”