Do Canadians value financial advice?

The vast majority of people who work with advisors (96%) say the advice they receive is valuable, according to an Advocis national survey.

The survey also examines the level of satisfaction clients have with the array of services they receive and the fees they pay. When asked about fees, in particular, 88% of respondents indicated they’d prefer that the government allow them to choose between paying an hourly fee, an embedded fee or a percentage of assets under management.

“Canadians value their financial advisors and don’t want that relationship disrupted,” says Greg Pollock, president and CEO of Advocis. “If a ban on commissions is successful, as some are calling for, we [could] see a sharp decline in access to professional advice because those who need it most won’t be able to afford it.”

For more on clients and fees, read:

Are sales quotas effective?

3 new ways to appreciate clients

Why the fund industry isn’t price-driven

What robo advice means to advisors

Getting U.S.-licensed creates a new client stream

Staff

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