Raising the professional bar for financial advisors
TORONTO, Feb. 20, 2013 /CNW/ - Canadian investors need better assurances
that the financial advisor they are working with is properly qualified
to manage their money, says Advocis, The Financial Advisors Association
In the current environment, anybody can set up shop and call themselves
a financial advisor, regardless of their training, education or ethics.
This puts Canadians at risk every day as they take financial advice
from people who may not necessarily be "experts." Advocis is proposing
the implementation of a professions model for financial advisors that
will tightly regulate the use of the title "financial advisor" and
require membership in a recognized professional association.
"Too often the headlines are about Canadians being defrauded of their
hard-earned money or losing their retirement savings because of the
shady actions of someone who calls him or herself a financial advisor,"
says Greg Pollock, President and Chief Executive Officer of Advocis.
"We want to raise the professional bar and protect the wealth of
Canadians by ensuring that when they turn to a financial advisor, they
are turning to a person they can trust. If that trust is broken, we
want Canadians to have a reliable course of action."
The model proposed by Advocis would require all financial advisors to
meet proficiency standards, regularly update their education and
training, and adhere to a code of professional and ethical conduct. For
Canadian consumers, it would also provide easy access to review an
advisor's credentials and complaints history, and offer an accessible
"Membership in a professional association for financial advisors will
help protect consumers from unscrupulous acts," says Pollock. "It will
give Canadians assurances that they are relying on someone with
professional credentials and ethics, and if they have doubts about
their advisor, they will be able to easily do a background check that
will enable them to make informed decisions about the individuals they
are entrusting with their money."
For more information about the professions model proposed by Advocis,
please visit www.advocis.ca/raisethebar. Follow Advocis on Twitter @Advocis and Like it on Facebook.
Advocis, The Financial Advisors Association of Canada, is the
association of choice for financial advisors and planners. With more
than 11,000 members in 40 chapters 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.
SOURCE: Advocis, The Financial Advisors Association of Canada
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