The Investment Funds Institute of Canada promoted the value of investment advice in a briefing with the Senate Standing Committee on Banking, Trade and Commerce on Wednesday.

IFIC president & CEO, Joanne De Laurentiis, along with IFIC members Murray Taylor, president and CEO, Investors Group, and Charles Guay, president and CEO, National Bank Securities Inc., tabled a brief with the committee reinforcing the role and value of advice in encouraging Canadians to use RRSPs, and tax-free savings accounts to save for retirement.

In their remarks, the trio noted the strong achievements of Canada’s retirement system relative to other countries, and that these results are in no small measure due to the large amounts that Canadians have saved in registered vehicles, particularly RRSPs and TFSAs, and to the work of advisors who have assisted them in building their retirement portfolios.

IFIC presented the committee with data from an Ipsos Reid study that shows that advised investors have participation rates in registered savings vehicles that are double that of non-advised investors, and they have substantially higher investment assets than non-advised households in each income range and age group.

“The use of a financial advisor dramatically improves the outcomes for Canadian investors,” said Taylor. “The value an advisor adds to the Canadian retirement system needs to be recognized and supported.”

IE