PRESS RELEASE
Published March 20, 2025
Advocis Calls for National Standards to Safeguard Consumers and Strengthen the Economy
Toronto, ON, March 20, 2025 (GLOBE NEWSWIRE) — Toronto, ON – March 20, 2025 – In times of economic uncertainty, Canadians need more than just financial guidance—they need financial protection. Yet under current laws, anyone—regardless of education, training, or ethical standards—can call themselves a financial advisor. As inflation, housing instability, and retirement insecurity mount, the lack of oversight is no longer just a regulatory gap—it’s a national economic risk.
“For too long, unqualified individuals have been able to call themselves financial advisors, leaving hardworking Canadians vulnerable to bad advice that can derail their financial futures,” said said Kelly Gorman, CEO of Advocis, speaking at Advocis’ 2025 Annual Symposium. “It’s common sense: When you go to a doctor, you expect them to have a medical degree. When you hire a lawyer, you trust they’ve passed the bar. So why should your financial future be any different? At a time when every dollar matters, the only thing more dangerous than economic uncertainty is a system that allows unqualified individuals to profit from it.”
The Moment for Reform Is Now: Case for a National Framework
Momentum is building across the country. Led by Ontario, several provinces –including Manitoba, New Brunswick, and Saskatchewan– are taking steps to introduce stronger protections, but progress is uneven. The lack of a national standard leaves Canadians vulnerable, especially those who don’t know what to look for in a financial professional.
This is a once-in-a-generation opportunity. With interprovincial cooperation accelerating on licensing, job mobility, and regulatory harmonization, now is the time to create a clear, national framework on financial advisor title protection. Without action, the cost of inaction will be felt by everyday Canadians:
- Retirement Insecurity: Poor financial advice leads to mismanaged savings, forcing more Canadians to rely on taxpayer-funded pensions.
- Increased Consumer Risk: Households are already carrying record-high debt levels, yet many unknowingly rely on individuals with no formal financial training.
- Economic Instability: Without clear standards, financial mismanagement can ripple through the economy, increasing volatility in markets and small businesses.
A Simple Solution to Protect Canadians and Strengthen the Economy
Advocis is calling on federal and provincial policymakers to work together to create a nationally recognized, enforceable standard for financial advisors that includes:
- Establish national title protection: Ensuring that only trained and certified professionals can use the title “Financial Advisor” or “Financial Planner.” A financial advisor in B.C. should meet the same rigorous standards as one in Ontario. Fragmented regulation creates confusion and allows unqualified individuals to exploit gaps.
- Minimum Educational and Ethical Standards: Canadians deserve a simple, enforceable national standard to ensure their financial advisor is properly trained and held to a professional code of conduct.
- Strengthen Consumer Protections with Real Accountability and Consequences: Individuals who misrepresent their qualifications or provide harmful advice should face real penalties. Without consequences, regulation is just window dressing.
Time to Lead: Policymakers Must Act Now
Some critics argue that regulation could make financial advice less accessible. But the reality is that bad financial advice is already costing Canadians their savings, their homes, and their futures.
“We have two choices,” Gorman said. “We can lead, set strong national standards, and build a more secure future for Canadians. Or we can sit back, do nothing, and let bad actors continue to take advantage of hard-working families.”
Canada’s economic stability depends on the financial well-being of its people. Strong title protection and interprovincial harmonization aren’t just regulatory housekeeping—they are essential safeguards for a nation navigating an era of economic uncertainty. It’s time for policymakers to act.
About Advocis
Advocis, The Financial Advisors Association of Canada, is the country’s largest and most established professional association for financial advisors. With a mission to elevate industry standards and advocate for consumer protection, Advocis is committed to ensuring Canadians receive qualified, ethical financial guidance.
For Media Inquiries:
Jacquie Kilislian
Director, Marketing and Communications
Advocis – The Financial Advisors Association of Canada
416-342-9836
jkilislian@advocis.ca
www.advocis.ca
CONTACT: Jacquie Kilislian Advocis, The Financial Advisors Association of Canada 416-342-9836 jkilislian@advocis.ca
