Study: Do Canadians value financial advice?

TORONTO, Nov. 16, 2015 (GLOBE NEWSWIRE) -- Today, Advocis launched the results of its national survey, "Investor Insights on the Financial Advice Industry," at its seventh annual regulatory affairs symposium at the Fairmont Royal York in Toronto.

PMG Intelligence, a market research and data intelligence company based in Waterloo, Ontario, executed the research between January and March 2015. The study examines the level of value investors place on the advice they receive from their financial advisor and the level of satisfaction investors have with the services they receive and the fees they pay. The study also provides insight into what clients think about fee transparency and conflicts of interest. More than 1,500 Canadian investors, whose financial advisors are Advocis members, participated in the study.

Advocis found that Canadians who work with a financial advisor value the relationship, with 96 per cent stating they believe the advice they receive is "very valuable" or "somewhat valuable." In regard to maintaining choice, when asked if they would prefer that the government leave the choice to them whether they pay an hourly fee, an embedded fee, or a percentage of assets under management, 88 per cent responded "yes."

"Clearly, Canadians value their financial advisor and do not want that relationship disrupted. If a ban on commissions is successful, as some are calling for, we will see a sharp decline in access to professional advice because those who need it most won't be able to afford it," says Greg Pollock, president and CEO, Advocis, The Financial Advisors Association of Canada.

Advocis initiated this research to highlight consumers' views on the potential changes facing the financial advice industry. With a commitment to investor protection, Advocis supports higher standards for all financial advisors and has proposed a self-regulation model that will increase consumer protection as well as reduce red tape for advisors.

"This research should be strongly considered when it comes time for regulators to make a decision on how consumers pay for financial advice," says Pollock.

Download the full report at: www.advocis.ca/pdf/Consumer-Voice-2015.pdf

For media inquiries or to speak with Greg Pollock, President and CEO, Advocis, please contact: Darlene Francis, Director, Corporate Communications and Marketing, at 416-342-9896 / 1-800-563-5822, ext. 9896 or dfrancis@advocis.ca

About Advocis

Advocis, The Financial Advisors Association of Canada, is the association of choice for financial advisors and planners. With more than 11,000 members in 40 chapters across the country, Advocis is the definitive voice of the profession, advocating for professionalism and consumer protection. Advocis works with decision-makers and the public, stressing the value of financial advice and working toward an environment in which all Canadians have access to the advice they need. www.advocis.ca