Most Newfoundlanders believe advisor titles need to be regulatedBy The IJ Staff | October 31 2019 01:02PM
As part of its ongoing effort to survey Canadians across the country, Advocis announced this week its findings of a survey of 800 residents of Newfoundland and Labrador, which suggest more than half believe that the financial advisor title is currently regulated in the province and requires some form of accreditation.
Only 46 per cent were aware that anyone can call themselves a financial advisor. The association says this misperception places investors at risk of not only receiving poor advice, but also falling victim to unscrupulous actors posing as legitimate advisors.
The research also found those with lower incomes placed the highest levels of trust in the financial advisor title. Advocis says surveys conducted in Ontario, Alberta, Manitoba, British Columbia and New Brunswick all yielded similar results.
“This survey proves there is a tremendous amount of misplaced trust in the market, and reinforces just how badly new regulations are needed to protect the public,” says Advocis president and CEO, Greg Pollock.
The survey further found that 88 per cent said they would support the provincial government passing new legislation to regulate financial advisory titles. 80 per cent felt all financial advisors should be subject to a mandatory code of professional conduct.