- Advocis president and CEO Greg Pollock addresses financial advisors at the Advocis Simcoe-Muskoka Fall Congress
At the closing ceremony of the Advocis Simcoe-Muskoka annual Fall Congress on Thursday, September 24, Advocis president and CEO Greg Pollock emphasized the need for higher standards for financial advisors and increased protection for Ontarians.
Advocis is a voluntary professional association for financial advisors and seeks to raise the professional bar through higher standards for all financial advisors (including financial planners), which could include meeting continuing education requirements, maintaining appropriate levels of errors and omissions insurance, and adhering to a code of ethical conduct.
In a recent government proposal Advocis called for one regulatory body to oversee the profession.
At the Fall Congress, Pollock addressed an audience of local association members and reminded them about the importance of the work they do. “Financial advisors coach and encourage their clients to think about future stability. It’s like a trainer at the gym. Everyone knows that exercise is important but it’s only a small subset of people who will actually work out regularly without someone holding them accountable,” Pollock said.
Did you know that on average, advised households have three to four times the financial assets of non-advised households? A comprehensive 2014 study on Canada’s financial advice industry by PricewaterhouseCoopers found that the average amount of assets held by a non-advised household is $24,000 compared to $101,000 of an advised household.
Financial advisors work with Canadians in every life stage, from opening a bank account to buying a home to living in retirement. Advocis is working diligently to ensure that Canadians continue to have access to the advice they need.
About Advocis
Advocis, The Financial Advisors Association of Canada, is a voluntary professional association for financial advisors and planners. With more than 11,000 members across the country, Advocis is the definitive voice of the profession, advocating for higher standards for advisors and increased consumer protection.
Advocis president and CEO Greg Pollock with Simcoe-Muskoka’s chapter president Raymond Matt holding the Totem Pole at the Advocis Simcoe-Muskoka Fall Congress
Raymond Matt, CFP, CLU, TEP, CHS
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