‘It’s time to look ahead,’ new Advocis CEO says

Her experience will be an asset as the association digs itself out of a liquidity crisis and doubles down on key areas — its code of conduct, education and advocacy. At the end of 2023, working capital was in a $679,048 deficit, and the association owed $2 million plus interest to its contingency fund, the Century Initiative.

“It’s been a couple of tough years,” Gorman said in an interview. “There’s no doubt that we must do better.” She noted she is “encouraged” that the organization stabilized its cash flow and reduced costs under interim CEO Harris Jones and the board.

“But there’s more to be done,” Gorman said. “This isn’t just about stability. It’s going to be about thriving.”

Regarding finances, she’ll be speaking with members to discuss areas that need change and to explore new strategies.

Her enforcement background brings a consumer-protection focus. During the final years with the OSC, she was deputy director of enforcement and chief of the office of the whistleblower.

“When you see financial losses and the implications on individuals and their families, it’s devastating,” Gorman said, referring to her OSC experience. “That’s why, when I look at something like Advocis and the importance that they play, I’m very excited to be a part of that.”

With CPA Ontario, she worked with Advocis and other organizations to advocate for title protection.

Advocis is a credentialing body under Ontario’s title protection, and one criticism of the multiple-credential regime has been that some credentialing bodies have relatively little experience when it comes to overseeing credential holders.

“It’s important that we uphold those standards,” Gorman said, referring to Advocis’ code of conduct. “That’s what puts our members at the forefront of being the best people” to provide advice.

When asked whether title protection requires improvements as it rolls out in other provinces, Gorman said she would take time to understand the framework in each jurisdiction. “I’m a big believer in outcomes,” she said. “[Title protection] can’t be self-serving. It’s got to be about advisors and about the consumer.”

Her regulatory network will be valuable, given the association has said it seeks to build a productive relationship with regulators.

Gorman’s network may also help the association build or maintain relationships in other areas. For example, when Gorman was with CPA Ontario, Tashia Batstone — now president and CEO of FP Canada — was with CPA Canada.

“She’s an exceptional leader,” Gorman said. “I will work really, really well with her going forward, because I’ve already done that in the past.”

At Advocis’ annual general meeting in July, past board chairman Eric Lidemark said the new CEO would be given room to present a new vision for the association.

“I just want to get down to business together with all of our members and build a future that I think we can all be excited about,” Gorman said.

That begins with listening, she said: “I want to hear from our members. I want to know what’s working for them, what isn’t working for them, and what we can do here to make their lives easier.”

Gorman said she’s already spoken to some individual members and chapters and will continue to speak with “many, many more…. My dance card will be full.”

In these early weeks, Gorman said she’ll also get to know the leadership team and staff and how they support members.

“I’m going to spend an awful lot of time … immersing myself in the organization and all of its processes and systems,” Gorman said.

While noting the association built a “strong” foundation over the past century, “it’s time to look ahead,” she said, adding that Advocis can “create a lot more value to members.” She cited stronger advocacy — “I’m a big believer in that” — and better resources to help advisors manage their daily operations and provide advice.

“My goal is that I want Advocis to be such an important partner in our members’ success,” she said.