Are they advisors or salespersons and do we have a transaction or an advice based service process?

IMPLEMENTATION OF STAGE 3 OF POINT OF SALE DISCLOSURE FOR MUTUAL FUNDS – POINT OF SALE DELIVERY OF FUND FACTS

I was thinking of submitting a few arguments to round 3 of the point of sale framework, but flogging a dead horse gets kind of tiresome after a while and also raises questions over one’s own intelligence.  

Needless to say I have not been surprised by many of the industry or “industry funded” comments.   I would like nevertheless to draw attention to some points made in the Fasken Martineau submission.

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Adviser, advisor, financial adviser: but should we have the word advise in there at all…?

We all know that most financial advisers provide advice as to how much to save, how to invest, where to invest, what to invest in and when and how much to sell, if at all.

The trouble, in Canada, lies in the accountability and responsibility for that advice.   I am not going to quote any one particular study, or name any one particular company or firm, but most consumers (in most countries) believe the advice they receive is made in their best interests by advisers/ors committed to professional standards of conduct, and most firms market their advice as a very important, if not the most important, component of their service.   So are they advisers/ors?

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