Home Breadcrumb caret Industry News Breadcrumb caret Industry Breadcrumb caret Planning and Advice Breadcrumb caret Practice Advisors should earn their titles, says Advocis Canadian investors are questioning their advisors’ credentials and abilities, says Advocis. By Staff | February 21, 2013 | Last updated on February 21, 2013 1 min read Canadian investors are questioning their advisors’ credentials and are wondering whether they’re qualified to manage their money, say Advocis. In the current environment, people fear anyone can set up shop and call themselves an advisor regardless of their training, education or ethics. This puts people at risk, so Advocis is proposing the implementation of a professions model for financial advisors that will tightly regulate the use of specific titles. It adds the title of financial advisor should be earned and should also require membership in a recognized association. Read: IIROC issues guidance on designations There are too many “headlines about Canadians being defrauded of their hard-earned money…because of the shady actions of someone who call themselves financial advisors,” says Greg Pollock, president and CEO of Advocis. “We want to raise the bar and protect the wealth of Canadians by ensuring…they’re turning to someone they can trust. And if that trust is broken, [they should] have a reliable course of action.” The model proposed would require all advisors to meet proficiency standards, regularly update their education and training, and adhere to a code of professional and ethical conduct. Consumers could then easily access and review an advisor’s credentials and complaints history. Read: What kind of planner are you? What is a financial planner? (2003), for more on how there’s no cohesive definition of the title CFP Board to dispel myths about designation New registry for CLU, CHS designation holders Staff The staff of Advisor.ca have been covering news for financial advisors since 1998. Save Stroke 1 Print Group 8 Share LI logo