The Edge Benefits is asking Canadians to oppose a potential regulatory ban on commissions to financial advisors by signing an online petition. In a press release issued March 21 entitled “Stand up for Equal access to Financial Advice”, the company said it feels it has a responsibility to inform Canadians about the impact that such a ban would have on consumers.
“The proposal is a ban on commissions to financial Advisors, requiring Canadians to pay direct fees for financial advice, which could be between $100 and $300 per hour. Lower and middle class Canadians with less money to invest, and who need professional advice the most, may be the most at risk…All Canadians should have access to professional advice to help them plan for the financial security of their families, from a qualified professional they can trust,” states the company.
Financial Advice for All campaign
A member of The Co-operators Group, The Edge Benefits is encouraging Canadians to object to the proposed plan by signing the financialadviceforall.com petition.
As reported last month, advisor group Advocis launched the “Financial Advice for All” campaign after the release of a consultation paper by the Canadian Securities Administrators (CSA). The CSA is asking for recommendations on the future of investment fund fee structures, including banning embedded commissions in mutual funds.