THE FINAL WORD

A Seat at the Table

BY ROB EBY

Sixteen years ago, I was tapped on the shoulder and told — not asked — to join Advocis. What resonated with me then and still resonates with me now is the opportunity to be part of an association that represents the interests of advisors and the advice that we give to clients with regulators and other key stakeholders within our industry.

The roots of this perspective began much earlier than the formal incorporation of Advocis, which was created through a special act of the federal Parliament in November 2003. Rather, our lineage traces back to the first meeting of the Life Underwriters Association of Canada (LUAC), which gathered at Convocation Hall in Toronto on June 4, 1906 — a meeting in which LUAC president George Allen stated that “in the constant and untiring education of the public and the legislators, lies safety. ”

As part of a family practice of three generations of planners, I was raised to be proud of the advice that our family shared with our lifelong clients over many years, and to understand that it was through this constant and untiring spirit that we could work together as professionals to ensure that our voice was heard. Having lived through that history, I also believe that this moment is perhaps the most important of our lifetimes as planners to effectively communicate the pride and responsibility of our work to the governments and public bodies that have oversight over us.

This is no overstatement. After many years — decades, even — of advocacy and development, title protection has arrived in Ontario and Saskatchewan, with other jurisdictions likely to follow in their footsteps. The demand for regulatory intervention to ensure the responsible conduct of advisors as significant concentrations of intergenerational wealth prepare to transfer are being driven by a demographical shift that is happening right now. The impact of COVID and how it has created a technological transformation in our business will necessitate significant engagement with regulators in the years ahead to ensure compliance with existing frameworks are upheld as client meetings, product documentation, and signed agreements move predominantly into the digital realm.

These realities are not on the way or around the corner — they are falling into place as I write this, and we cannot hope to shape them in the interests of the public and our profession unless we present a strong and unified voice as an association. Through our legal and regulatory affairs staff and the member volunteer work of our provincial advocacy committees (PACs), I’ m pleased to say we are achieving that unified voice. The contributions we are continuing to make in responding to proposals from regulators around issues such as the fair treatment of customers (FTC), the consolidation of the Mutual Fund Dealers Association and Investment Industry Regulatory Organization of Canada into a single self-regulatory organization, and burden reduction for advisors in outside activity reporting to the Canadian Securities Administrators are but a few examples of where we are making the position of our profession known in an impactful way. When I think of how much work remains on an issue such as title protection, I look confidently upon this work and know that we will make a difference. If you would like to play a role, I encourage you to reach out to your chapter leadership or our national office to learn more about the PAC in your province.

Equally important, however, is that Advocis advocate for advisors to continuously improve themselves. We have worked for many years to educate and raise the professional standard of financial advisors, and I believe that this plays a key role in our credibility and preparedness to undertake advocacy work as well. It makes it fitting that we, as The Financial Advisors Association of Canada, have worked hard to bring protection to the title of financial advisor to the current title protection act, and it implies that we are also aware of the work to educate stakeholders and the public on the important work of financial advice, what it entails, and how to elevate and protect the standards that should define it.

If we are willing to answer the tap on our collective shoulder, a seat at the table is ours to take. All we need is the confidence and capability to speak with the wisdom, professionalism, and unity that our profession deserves.

ROB EBY, RRC, CFP is the chair of Advocis. He can be reached at rob.eby@igpwm.ca.

The Institute for Advanced Financial Education (IAFE), a subsidiary of Advocis, is now a FSRA-approved credentialing body.

The CLU® (Chartered Life Underwriter) designation is authorized for the use of the Financial Planner title in Ontario.

The PFA™ (Professional Financial Advisor) designation is authorized for the use of the Financial Advisor title in Ontario.

This is a positive step forward for our designation holders, for the financial services industry and for consumers across the province.

For more information, visit iafe.ca