Advocis: Financial advice is key to the success of Pooled Registered Pension Plans

TORONTO, Nov. 18, 2011 /CNW/ - The federal government's introduction of Pooled Registered Pension Plans (PRPPs) is a good first step to helping Canadians be better prepared for retirement, says Advocis, The Financial Advisors Association of Canada. The next step is to ensure that individual members of a PRPP have access to financial advice.

"Almost two-thirds of Canadians don't have a workplace pension plan and that's unacceptable," said Advocis president and CEO Greg Pollock. "With the introduction of PRPPs, smaller businesses and self-employed Canadians will have the opportunity to be better prepared for their retirement."

PRPPs are like RRSPs, and are treated in the same way for tax purposes. The difference is that PRPPs can be set up by small businesses in the same way that larger businesses currently set up their pension plans.

But Mr. Pollock points out that participation in a PRPP does not negate the need for individual financial advice.

"Advocis believes that professional financial advice would improve financial outcomes for the majority of Canadians, and that includes those Canadians who will be participating in pooled funds," continued Mr. Pollock. "Financial advisors can lend their support and expertise to ensure PRPPs achieve their objective of preparing Canadians financially for the kind of retirement they want."

Participation in a PRPP or other pension plan is only one of many elements that Canadians should consider when building a comprehensive financial plan. A financial advisor or planner can help Canadians better understand and manage all facets of their finances, leading to improved financial outcomes both pre- and post-retirement.

Advocis, The Financial Advisors Association of Canada, is the association of choice for financial advisors and planners. With more than 11,000 members across the country, Advocis is the definitive voice of the profession, advocating for professionalism and consumer protection. Professional financial advisors and planners are critical to the economy, helping consumers make sound financial decisions that ultimately lead to greater financial stability and independence. Advocis works with decision-makers and the public, stressing the value of financial advice and striving for an environment in which all Canadians have access to the advice they need. For more information visit www.advocis.ca.

SOURCE Advocis, The Financial Advisors Association of Canada

For further information:

please contact Ann Walker at 416-342-9838.


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