Better communication, simpler products and attracting new advisors are key to helping investors save adequately for retirement
By focusing on fees investors are missing a key component in measuring the value of advice
Rick Forchuk, special advisor, distribution practices, Empire Life, cites several studies that show that the Internet is not replacing advisors. He explains that consumers are overwhelmed and confused by Internet information, and this is increasing the need for financial advice. Forchuk spoke at the Independent Financial Brokers Fall Summit in Toronto.
Given its complex nature, the majority of consumers need advice when purchasing insurance
Some of the most important services advisors provide for clients are the least dramatic
60% of Canadian investors surveyed said they use an advisor, which is double the global average of 24%
Investors in Manitoba and Saskatchewan are less likely to ask for professionals advice
Challenges remain in pricing and equity trading volumes
Goldring says advisors must educate clients about risk, finances and the value of advice
Overall, 77% of clients say their advisors add value beyond market performance - much higher than last year's figure of 59%