Monday 18 July 2011

Government Moving Ahead on PRPPs - Financial Industry is "Salivating"

The Financial Post's Jonathan Chevreau article on the plans of the federal government to proceed with Pooled Registered Pension Plans (PRPP) contains the all-too-telling mention that "Naturally, Bay Street is salivating at the prospect. This is a giant potential opportunity for the nation’s banks, mutual fund companies, insurance firms and a growing number of manufacturers of exchange-traded funds." One is "naturally" led to wonder who will benefit most from PRPPs, ordinary Canadians trying to build a pension, or the financial industry. I cannot tell for sure but I own shares in the financial industry.

Also no doubt salivating are the financial planners and advisors Mr Chevreau also mentions, since the added complexity of another retirement savings layer with the PRPP will require more figuring out.

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