Below are some excerpts from a presentation I made in October 2000 regarding internet wealth management delivery systems. Essentially these can either be used to deliver wealth management services or for private investors to run their own. At the time I thought the evolution of systems and services would be much quicker, and this was in Europe which was a whole lot more advanced than Canada.
I provide this information because it is relevant to the CSA consultations concerning mutual fund fees and best interests standards. The industry in Canada needs to innovate and invest in the future if it is to escape its current antediluvian structures which are restricting change. The arguments the industry are making with regard to the costs and accessibility of advice are erroneous.