TORONTO, April 11, 2019 /CNW/ – Advocis applauds the Government of Ontario for taking long overdue action to protect titles for financial advisors and financial planners through proposed legislation that would require that individuals using those titles have an appropriate credential.
“Our members have spent over 10 years championing the professionalization of the financial advice industry,” said Greg Pollock, Advocis President & CEO. “Advocis has made it clear to government officials across the country that a lack of title protection presents a serious risk to the financial health of hard-working families seeking professional financial advice. Today the Government of Ontario demonstrated they share our commitment to consumer protection. We look forward to working with all provincial and federal stakeholders to ensure this occurs nationwide.”
In a recent poll conducted by Abacus Data on behalf of Advocis, 1,500 Ontarians were asked about the regulation of financial advisors. 56% of Ontarians believe that the financial advisor title is already regulated, 80% believe that a professional code of conduct should be mandatory, and 91% support legislation that would regulate the title of financial advisor.
This concrete step toward recognizing the provision of financial advice as a true profession will ensure that families can be confident in their choice of financial advisor or planner.
We look forward to working with the Ontario Government and stakeholders on next steps.