Today’s Financial Post published an opinion piece by Advocis president and CEO Greg Pollock about how banning third-party commissions would reduce consumer access to financial advice.
The Canadian Securities Administrators issued a consultation document on mutual fund fees in December 2012 that contemplates the removal of embedded commissions. Banning commissions is one of the biggest regulatory threats to consumers and their advisors that Advocis has seen in its 106-year history.
We believe increasing advisor professionalism is the only way to ensure enhanced consumer protection while preserving your tried-and-true, trust-based approach to delivering professional financial advice.
If you are concerned about the industry — and most importantly, consumer welfare — share this article with your colleagues and clients.
Greg Pollock, M.Ed., LL.M., C.Dir., CFP
President and Chief Executive Officer, Advocis
Chief Operating Officer, The Institute for Advanced Financial Education