Advocis | Say NO to the Banning of Commissions

Every day your clients rely on you to help them achieve their financial goals. If you’re like me you depend on commissions to make your advice possible.

How would you survive if there were no commissions? As strange as it may seem, that is the intent behind the recent consultations by the CSA regarding fees — including a ban on embedded commissions. While this is currently limited to mutual fund trailers and DSC fees, there is no structural difference with life insurance commissions.

The way we do business is under unprecedented threat. Your clients’ access to financial advice is under threat.

Recently the 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. Business News Network picked up on the piece and invited Greg in for an interview the same day.

If you are concerned about the industry — and most importantly, consumer welfare — there are three things you can do:

• Contact Advocis to learn more about what we’re doing to protect consumers and financial advisors and planners
• Join Advocis
• Share this message

Now’s the time to commit to your profession by committing to Advocis, The Financial Advisors Association of Canada. We need each other if we’re going to fight battles such as the one that is now before us.

Yours sincerely,

Harley Lockhart, CFP, CLU, CH.F.C.
Chair, Advocis, The Financial Advisors Association of Canada
chair@advocis.ca