Most read: Warning: regulatory change could gut industry

Most read: Warning: regulatory change could gut industry

Most read: Warning: regulatory change could gut industry The recent report by Advocis and PriceWaterhouseCoopers about the role small and medium-sized financial advisory businesses in Canada has generated a good amount of attention--and with good reason. The report provides a macro picture of how important the advisory business has become in Canada. 

Commenting on the report, Byren Innes, senior strategic advisor at PwC, suggests that "We had a good idea of the numbers, but we didn't have a handle on the economics of this."

The report, Sound Advice: Insights into Canada's Financial Advice Industry, released last week, highlights the significant economic contributions Canadian financial advisors make to the Canadian economy. The numbers captured in the report generate a fascinating and comprehensive view of this key economic sector.

According to the report, small and medium-sized financial advisory businesses directly employ 182,000 people, contribute $19 billion to GDP, account for 1.4% of Canadian GDP and 1.5% of total employment. Some 80,000 businesses provide financial advice to a mass market of 12 million Canadian households, 80% of who have less than $100,000 in financial assets and who pay for their financial advice largely through sales commissions.

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  • Mark Schneider 2014-07-14 3:31:12 PM
    Why is this report a surprise? All this info has been available in one form or another for decades. The fact that regulatory bodies have not already included it is not just astounding but...irresponsible. I am being polite.
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  • Susan 2014-07-15 9:07:42 AM
    No surprise, "if it ain't broke, don't fix it"
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  • Clinton Thierman 2014-09-08 4:33:44 PM
    In light of the PWC report (and the many other studies) I can only conclude that if the regulators continue on their ill conceived agenda they must pray to God every night to not be confused by the facts. It is evident that their agenda is "their agenda" and not the agenda of the consumer.
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