{"id":14843,"date":"2019-05-07T15:08:16","date_gmt":"2019-05-07T19:08:16","guid":{"rendered":"https:\/\/insurance-journal.ca\/article\/majority-of-british-columbians-support-professional-regulation-for-advisors-says-advocis-survey\/"},"modified":"2019-05-07T15:08:16","modified_gmt":"2019-05-07T19:08:16","slug":"majority-of-british-columbians-support-professional-regulation-for-advisors-says-advocis-survey","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2019\/05\/07\/majority-of-british-columbians-support-professional-regulation-for-advisors-says-advocis-survey\/","title":{"rendered":"Majority of British Columbians support professional regulation for advisors, says Advocis survey"},"content":{"rendered":"\n<div><img decoding=\"async\" src=\"http:\/\/insurance-journal.ca\/media\/photologue\/photos\/photo_web_3153.png\" class=\"ff-og-image-inserted\"><\/div>\n<p>Almost half of British Columbians wrongly believe that the title &#8216;financial advisor&#8217; is currently regulated and requires some form of accreditation, found a survey released May 7 by <strong>Advocis, the Financial Advisors Association of Canada<\/strong>.<\/p>\n<p>Advocis says this misperception \u201cplaces investors at risk of not only receiving poor advice, but also falling victim to unscrupulous actors posing as legitimate advisors.\u201d<\/p>\n<p>The survey of 1,000 British Columbians, conducted by <strong>Abacus Data<\/strong> in March, found \u201cthat only 54 per cent of respondents are aware that anyone, regardless of education, training, or membership in a professional governing body, can call themselves a financial advisor,\u201d Advocis says. <a href=\"https:\/\/insurance-journal.ca\/article\/ontarians-unaware-that-financial-advisor-title-is-unregulated-says-poll\/\">Surveys conducted in Ontario<\/a> and Manitoba in 2018 yielded similar results.<\/p>\n<h5>A tremendous amount of misplaced trust<\/h5>\n<p>&#8220;For years, we&#8217;ve recognized the dangers that lack of title protection presents for the financial well-being of hard-working families seeking professional financial advice, said Advocis CEO and President, <strong>Greg Pollock<\/strong>. &#8220;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.&#8221;<\/p>\n<p>Eighty-nine per cent of those surveyed said they would support the provincial government passing new legislation to regulate the title of &#8216;financial advisor&#8217;, while, 85 per cent of respondents felt all financial advisors&nbsp;should be subject to a mandatory code of professional conduct.<\/p>\n<h5>Call to action<\/h5>\n<p>Advocis says it is encouraging the Government of British Columbia to take action to protect the financial security of British Columbians.<\/p>\n<p>\u201cA concrete step towards professionalizing financial advice would be to mirror the Government of <a href=\"https:\/\/insurance-journal.ca\/article\/industry-organizations-welcome-ontarios-commitment-to-protect-titles-for-financial-planners-and-advisors\/\">Ontario&#8217;s recent announcement<\/a> that it would move forward with proposed legislation that would require individuals using the titles of \u2018financial advisor\u2019 or \u2018financial planner\u2019 to have an appropriate credential.<\/p>\n<p> <a href=\"https:\/\/insurance-journal.ca\/article\/majority-of-british-columbians-support-professional-regulation-for-advisors-says-advocis-survey\/\">Read the original article at insurance-journal.ca <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Almost half of British Columbians wrongly believe that the title &#8216;financial advisor&#8217; is currently regulated and requires some form of accreditation, found a survey released May 7 by Advocis, the Financial Advisors Association of&#46;&#46;&#46;<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/14843"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=14843"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/14843\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=14843"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=14843"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=14843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}