Wealth Professional | Call grows to standardize advisor titles
“Investor stakeholders” are calling for a sea-change in advisor accountability, according to a consultation update from the CSA, released Tuesday.
“Investor stakeholders strongly believe that advisors should be required to act in their client’s best interest and that a statutory best interest duty must be introduced in order to protect investors,” reads the report from the Canadian Securities Administrators (CSA). “They point out that a best interest duty would be consistent with investors’ general expectations, as shown by recent investor research that found that most investors believe advisors already have a legal duty to act in their best interest.”