Briefly:

advancement of the status of the profession

advancement of the standards of the profession

reflection/embodiment of the profession

industry visibility and knowledge

impact of contribution

Past winners of the award include Donald J. Johnston, founder and now retired president of FPSC; Alistair Rickard, the 2007 recipient and 2004 chair of the board of FPSC; and Jim Rogers, the immediate past recipient, who is a past two-term chair of CAIFA (the Canadian Association of Insurance & Financial Advisors).

The deadline for nominations is February 20, 2009. Submissions can be made via the FPSC website.

• • •

Recession to last three quarters

It’s possibly the worst-kept secret, but the Conference Board of Canada has announced that the Canadian economy will follow that of the U.S. into recession. The Conference Board’s Canadian Outlook — Winter 2009 expects three consecutive quarters of economic contraction, resulting in a 0.5% decline in real GDP for 2009.

“The deepening U.S. recession continues to hurt Canada’s trade sector. The new and perhaps more significant factor dragging the Canadian economy into recession is the impact that much lower commodity prices are having on real income,” said Pedro Antunes, director, national and provincial forecast. “Lower resource prices, combined with waning consumer and investor confidence and the bleak U.S. outlook, will bring a recession to Canada in 2009.”

Any stimulus supplied by the federal government will likely be too late, according to the report, as business investment will decline and unemployment will top 8% by year’s end.

Meanwhile, the U.S. slowdown will turn out to be the worst since the Great Depression, with the economy contracting 1.7% in 2009, despite federal spending programs.

“Almost every region, industry, occupation and demographic group in the United States is being affected by the current downturn,” said Kip Beckman, principal research associate. “American household spending, which has been a pillar of global demand in recent years, is forecast to drop by 4% in 2009.”

• • •

Virtual Adviser hits the web

The Canadian Foundation for Economic Education (CFEE) has launched a new website dubbed the “Virtual Adviser” — but don’t feel too threatened; the site is aimed at providing a base level of financial and economic understanding for Canadians.

The website (www.virtualadviser.ca) offers answers to 80 common questions about money, and another 60 most common questions about work. In fact, it may even be a useful reference tool for providing client education.

“We know that Canadians are very anxious about the economy and the impact that the current crisis could potentially have on their lives. They are working to make the best decisions that they can for themselves and their families,” said Gary Rabbior, president of CFEE. “But to do that, they need help — unbiased, clearly written, and up-to-date help — and that is why we have developed the ‘Virtual Adviser’.”

A poll conducted for the CFEE found that about 90% of Canadians favour making financial and economic education compulsory in the public school system.

• • •

Questrade to rebate trailers

Discount online brokerage Questrade has announced it will rebate trailing commissions to mutual fund investors, pointing out that DIY investors shouldn’t have to pay for advice they are not receiving.

“Canadians have been hit extremely hard in the current economic downturn,” says Edward Kholodenko, president and CEO of Questrade. “Mutual funds are an important investment vehicle for many, so we decided to find a way to get Canadian investors a better deal.

Questrade has automatically enrolled clients into the new Mutual Fund Maximizer program, pointing out that the rebates are not considered contributions in registered accounts.

(01/14/09)

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The staff of Advisor.ca have been covering news for financial advisors since 1998.

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• advancement of the status of the profession
• advancement of the standards of the profession
• reflection/embodiment of the profession
• industry visibility and knowledge
• impact of contribution

Past winners of the award include Donald J. Johnston, founder and now retired president of FPSC; Alistair Rickard, the 2007 recipient and 2004 chair of the board of FPSC; and Jim Rogers, the immediate past recipient, who is a past two-term chair of CAIFA (the Canadian Association of Insurance & Financial Advisors).

The deadline for nominations is February 20, 2009. Submissions can be made via the FPSC website.

• • •

Recession to last three quarters

It’s possibly the worst-kept secret, but the Conference Board of Canada has announced that the Canadian economy will follow that of the U.S. into recession. The Conference Board’s Canadian Outlook — Winter 2009 expects three consecutive quarters of economic contraction, resulting in a 0.5% decline in real GDP for 2009.

“The deepening U.S. recession continues to hurt Canada’s trade sector. The new and perhaps more significant factor dragging the Canadian economy into recession is the impact that much lower commodity prices are having on real income,” said Pedro Antunes, director, national and provincial forecast. “Lower resource prices, combined with waning consumer and investor confidence and the bleak U.S. outlook, will bring a recession to Canada in 2009.”

Any stimulus supplied by the federal government will likely be too late, according to the report, as business investment will decline and unemployment will top 8% by year’s end.

Meanwhile, the U.S. slowdown will turn out to be the worst since the Great Depression, with the economy contracting 1.7% in 2009, despite federal spending programs.

“Almost every region, industry, occupation and demographic group in the United States is being affected by the current downturn,” said Kip Beckman, principal research associate. “American household spending, which has been a pillar of global demand in recent years, is forecast to drop by 4% in 2009.”

• • •

Virtual Adviser hits the web

The Canadian Foundation for Economic Education (CFEE) has launched a new website dubbed the “Virtual Adviser” — but don’t feel too threatened; the site is aimed at providing a base level of financial and economic understanding for Canadians.

The website (www.virtualadviser.ca) offers answers to 80 common questions about money, and another 60 most common questions about work. In fact, it may even be a useful reference tool for providing client education.

“We know that Canadians are very anxious about the economy and the impact that the current crisis could potentially have on their lives. They are working to make the best decisions that they can for themselves and their families,” said Gary Rabbior, president of CFEE. “But to do that, they need help — unbiased, clearly written, and up-to-date help — and that is why we have developed the ‘Virtual Adviser’.”

A poll conducted for the CFEE found that about 90% of Canadians favour making financial and economic education compulsory in the public school system.

• • •

Questrade to rebate trailers

Discount online brokerage Questrade has announced it will rebate trailing commissions to mutual fund investors, pointing out that DIY investors shouldn’t have to pay for advice they are not receiving.

“Canadians have been hit extremely hard in the current economic downturn,” says Edward Kholodenko, president and CEO of Questrade. “Mutual funds are an important investment vehicle for many, so we decided to find a way to get Canadian investors a better deal.

Questrade has automatically enrolled clients into the new Mutual Fund Maximizer program, pointing out that the rebates are not considered contributions in registered accounts.

(01/14/09)