Advocis Promotes the Value of Financial Advice Submission to the Task Force on Financial Literacy

Submission to the Task Force on Financial Literacy

In May 2010, Advocis made its submission to the Task Force on Financial Literacy in response to its consultation document - Leveraging Excellence­ Charting a course of action to strengthen financial literacy in Canada - stressing the importance of financial advice to Canadians.

A central theme in the submission was the importance of the 'value of advice': There was a focus on ensuring consumers reap the benefits of competition and choice in financial services, and on the importance of the relationship between financial advisors and their clients.

Having a solid relationship with an accredited financial advisor helps bring financial education to a client, and helps people plan for everything from purchasing a first home to arranging for the protection of their families from those unpleasant life events that can cause financial ruin. The trust that defines the advisor-client relationship helps
families deal with real life events at various stages of their life cycle.

Advocis members believe strongly in Canadians' need for improved financial literacy, and assist
in the ongoing financial education of Canadians. Advocis' submission recommends that any initiative arising out ofthe consultation process should leverage off existing relationships existing between advisors and their clients.

Advocis' President and CEO, Greg Pollock, who was appointed to the Task Force on Financiql Literacy by Canada's Minister of Finance, the Honourable Jim Flaherty, along with other members of .•• the Task Force, are reviewing the submissions received and will prepare a report

From:

Advocis Advisor Voice
Spring 2010 Edition