There has been a lot of media coverage over the past few years regarding fees and advisor compensation. There have also been proposals for heavier regulations including the possible abolishment of commissions as a method of advisor compensation. Instead, the proposed method of compensation would be fee for service only. What is typically not conveyed, is that the choice between these 2 compensation models already exists for most investors. To remove that choice would put financial planning out of reach for a majority of Canadians, most of which are the ones that need it most!
So how important is financial advice? Within our province, financial advice adds value to our households, our government and our economy. The following document explains the immensely positive impact financial advice has in BC and a potential proposal to see that it remains accessible to British Columbians. Enjoy.