May 10, 2010 – Toronto – In its submission to the Task Force on Financial Literacy, Advocis, The Financial Advisors Association of Canada, suggested that competition and choice in financial services is the most important way to ensure that Canadians can meet their financial goals.
“There is a lot of financial information available to those who seek it out. Many choose to use their financial advisor, with whom they already have a trusted relationship, as their source of information,” said Terry Zavitz, chair of Advocis� board of directors. “It�s essential to ensure that Canadians have on-going access to financial advice. If more and more advisors are driven out of the industry because of high regulatory requirements and compliance costs, nobody wins.”
Advocis also recommended arming Canadians with the ability to make the right choices when it comes to choosing how, and from whom, they receive financial advice, including the creation of a centralized and easily accessed source to check the qualifications of a financial advisor. In addition, this source should identify advisors who are members of a professional association that requires adherence to a strict code of professional conduct and requires members to participate in on-going continuing education.
“The significant events in life that require professional financial advice and planning � marriage, family growth, home-buying, as well as the less pleasant parts of life � usually happens long after any formal education is over,” continued Ms. Zavitz. “We need to do everything to foster an effective client-advisor relationship.”
Advocis, The Financial Advisors Association of Canada, is the oldest and largest voluntary membership association of financial advisors and planners in Canada. With more than 10,000 advisors and planners in 43 chapters across Canada, Advocis members provide financial advice, product service and employee benefit planning to millions of Canadians in a number of areas including estate and retirement planning, wealth management, risk management and tax planning. For more information about Advocis, visit www.advocis.ca.