Taking the lead on title protection might be difficult for Saskatchewan, given the market’s relatively small size compared to some other provinces. In a 2012 Financial Advice Industry Economic Profile snapshot report, Advocis found that as of 2010, 50% of career financial advisors were located in Ontario, while only 7% were in Saskatchewan and Manitoba put together.
A more recent estimate from the MFDA finds that among the more than 9 million households served by its members, 285,000 are within Saskatchewan, compared to 1.19 million in British Columbia, 1.85 million in Quebec, and 3.66 million in Ontario.
“I know that [size] matters, but it shouldn’t be what we focus on,” Kimpton says. “It should come down what is in the best interest of the consumer, wherever they may be.”
Raising the bar for financial advisors might also reduce the number of professionals in the industry, as more people find the requirements to maintain the FA title too much to bear. But Kimpton argues that the current situation, where many Canadians are misled by improper advice and have to find someone who can help solve the problems it creates, constitutes a gap in and of itself.
“I don’t want to see a gap at all. I’d love to see more people in our industry,” he says. “I think getting title protection in place will help build professionalism in our industry, rebuild a lot of trust among consumers moving forward, and help inspire more new advisors to come into the industry in the future.”
