As the federal government tackles issues such as retirement savings and financial literacy, the financial services industry should step up and have its voice heard, according to Jamie Watt, principal at government strategy firm Ensight Canada.

Giving the keynote speech at a symposium hosted by Advocis, the Financial Advisors Association of Canada, in Toronto on Wednesday, Watt said financial advisors and industry firms have an opportunity to contribute to important debates that are currently taking place.

As the government moves forward with its plan to create pooled registered pension plans, for example, Watt said the industry could step up to help co-ordinate this major undertaking, and to provide the government with advice along the way.

Dean Owen, chairman of the board of directors of Advocis, agreed that advisors have an important role to play in the new pension framework.

“We feel that there needs to be clearer recognition of the role of advisors,” he said. “The PRPP is simply a tool that can be used by consumers, but absent of having a financial advisor, consumers will not understand how to integrate the PRPP into a broader financial plan aimed at helping them achieve their goals.”

Owen said Advocis plans to meet with Minister Ted Menzies to present its suggestions with respect to the PRPP.

Financial literacy is another issue that presents opportunity for the industry to get involved.

“No one actually owns the financial literacy issue,” Watt said. “This is your sweet spot, and a great brand building exercise.”

He urged financial planners to raise their profile within this debate, and to position themselves as a credible part of the solution.

“This is a time to get creative,” Watt said. “I’m sure that you do tons of this already, but if make the commitment and time to do this on a national, co-ordinated basis, I think you could see pretty spectacular results.”