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A bit of a tangent, but in Canada "financial advisers" are regulated and required to act in the customers interests. So naturally banks will connect you to "fin
by wmil 7y ago
A bit of a tangent, but in Canada "financial advisers" are regulated and required to act in the customers interests. So naturally banks will connect you to "financial advisors" (unregulated) to buy products.
https://www.cbc.ca/news/business/marketplace-watchdog-adviser-advisor-1.4049326 https://www.cbc.ca/news/business/marketplace-watchdog-advise...
- mstibbard 7y agoFYI financial advisers having a fiduciary duty to their clients is standard in most of the western world EXCEPT America.
- deleted 7y ago[deleted]
- sjy 7y agoPutting aside the real issue of advisors not acting in their clients' best interest, the distinction between 'advisers' and 'advisors' seems to be a myth based on an assumption by the Small Investors Protection Association that the spelling of the word in a certain law is somehow decisive, which would make no sense in the context of consumer protection. https://ca.finance.yahoo.com/news/financial-advisor-vs-adviser-can-trust-174918853.html https://ca.finance.yahoo.com/news/financial-advisor-vs-advis...
- CriticalCathed 7y agoThat seems like it ought to be illegal. It's an obvious skirting of the law. I doubt this is true, and if it is I can't even begin to imagine the number of things this "loophole" would affect.