With the provincial election a week away in Newfoundland and Labrador, Advocis, The Financial Advisors Association of Canada, is asking all of the parties to tell voters how they intend to ensure that consumers continue to have access to the best possible financial advice.
As the campaign comes to a conclusion, Advocis says that no party has taken a clear position on the impact of excessive regulation on the financial advice industry and consumers’ access to that advice.
Lynette Pike, Advocis’ Newfoundland and Labrador chapter president, says that the parties are missing an opportunity to talk to every voter in the province about an issue that affects them all.
“Many of the issues in this election are regional. You’re going to view them a little differently depending on where you live. But everyone, regardless of who they are and where they are, needs financial advice they can depend on,” says Pike. “Excessive regulation takes advisors away from the critical function of advising clients in favour of compliance with regulatory obligations. Ultimately, it drives advisors out of the business.”
Given the continuing economic uncertainty, Advocis is calling for the next government to make consumer access to financial advice a priority by ensuring that there is a favourable regulatory and business environment for the financial advice industry in Newfoundland and Labrador. Advocis says it is committed to working with the next government to make this a reality.
A less onerous regulatory environment will also allow advisors to focus on passing on their knowledge and helping clients make the best financial decisions, the association says.
With more than 11,000 advisors and planners in 42 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.
IE