Personal Finance

CBC Marketplace - Hidden cam/investment advice

  • Last Updated:
  • Mar 3rd, 2014 4:54 pm
Deal Addict
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Mar 29, 2008
3257 posts
badcoffee wrote:
Mar 2nd, 2014 10:52 pm
When you talk about "sales", you're not a financial advisor, you're a salesman. If you have a fiduciary duty to a client, then you're actually a financial advisor .
Generally no fiduciary duty in Canada for FAs.
Oct 15, 2009
87 posts
Yes, that's my point. A good number of financial advisors in Canada are salespeople calling themselves financial advisors. Financial advisor should be a professional title similar to a lawyer and a chartered accountant that also have fiduciary duty. Sales staff can have more accurate titles like "Mutualfund salesperson" and then the good, ethical FA would have a title to distiniguish themselves by. But as a whole, the adivisory industry in Canada isn't interested in transparency so good "financial advisors" shouldn't get all worked up when they're lumped in with the bad ones.
Deal Addict
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Sep 16, 2012
3073 posts
There is a lot of issues that plaque the industry, i think that with anything you do need a certain amount of knowledge with what you are really getting yourself into, like in any industry there is sliding scale of companies that can be said are good, in the middle and finally some that are pure sales driven shops that have very little regard for the needs of a client.
Problem is that the barrier to entry for some of the companies is so low, that many times you see people represent the brand are neither qualified or just incompetent to give sound money advice.