The report foresees more and more new advisor relationships being started up over the coming years so it is time to get going now. A higher degree of professionalism, such as doctors, engineers and accountants have, is what is needed.
Two things are required of those advisors and their recommendations to clients that really are not sufficiently the case today. They must be:
- broadly well-informed to give holistic or integrated recommendations - knowledge of investments, taxes, plan types (RRSPs, RESPs, TFSAs etc), mortgages, insurance;
- bound by fiduciary duty with strong sanctions and enforcement of ethics so that client interests come first.
Btw, bloggers need not despair. The under 35s use the Internet extensively to find financial information. 48% read online forums and blogs according to chart C-1 in the key findings for the 20-34 age group.