Re: Letters to the editor: The MFDA has no business regulating financial planners, by Robert White,, January 13, 2016.

I agree fully with Robert White’s letter to the editor.

I am a member of Advocis, which has been regulating its financial planner and financial advisor members for years. Advocis is totally a member-run and voluntary association, as Robert says, and provides education, looks after ethics and offers several financial planning and financial designations (i.e. chartered life underwriter, chartered financial consultant, registered health underwriter, etc.) that give members advanced financial knowledge. It has mandatory regulated annual continuing education for each member. In addition, arguably one of the most important mandates it has is to provide knowledgeable and well-respected input on financial matter to all regulators.

The provincial and federal governments have departments that regulate financial advisors already. So, why do we need more regulation? Clients sure don’t need us to have more regulation.

What we really and truly need is one regulator and one mandatory association for financial advisors that follows through on what that regulator says. Doctors have this, so do lawyers, accountants, dentists and all other types of professionals.

One regulator that is responsible for all financial matters in Canada and one mandatory membership-regulating body (such as Advocis) to regulate all financial advisors — providing mandatory education, compliance and ethics monitoring, among other things — would simplify and streamline everything greatly for advisors. It would certainly be much less confusing to the public.

Brian Seim
Financial Planner
Freedom 55 Financial / Quadrus Investment Services Ltd.
Hanover, ON

See: MFDA to regulate reps’ use of financial planner title