Advocis calls for national standards for financial advisors

In Canada, there are growing concerns about the financial protection available to consumers. As economic challenges like inflation and housing costs rise, many Canadians seek guidance from financial advisors. However, current laws allow anyone to call themselves a financial advisor without needing formal training or ethical standards. Kelly Gorman, CEO of Advocis, emphasized the risks this poses to Canadians' financial futures. She likened the situation to trusting a doctor or lawyer; people should expect their financial advisors to be qualified. With the stakes high, bad advice can lead to severe consequences for families. Some provinces, including Ontario, Manitoba, New Brunswick, and Saskatchewan, are working to improve financial advisor regulations. However, there's no national standard, leaving many Canadians vulnerable, especially those unfamiliar with how to choose a reliable advisor. Advocis calls for urgent action from federal and provincial lawmakers to create a clear and enforceable national framework for financial advisor standards. They argue that while some critics worry about access to financial advice, the real danger lies in allowing unqualified individuals to give advice that can endanger people's savings and homes. Gorman warns that Canada’s economic stability depends on the financial well-being of its citizens, and strong protections for financial advisors are necessary. Advocis, which is Canada’s largest association for financial advisors, is committed to ensuring Canadians receive qualified and ethical guidance.