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Advocis Responds to the Ontario Consultation on Financial Planning

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Advocis Responds to the Ontario Consultation on Financial Planning Advocis 390 Queens Quay West, Suite 209 Toronto, ON M5V 3A2 T 416.444.5251 1.800.563.5822 F 416.444.8031 www.advocis.ca April 16, 2018 The Honourable Charles Sousa Minister of Finance Frost Building North, 3rd Floor 95 Grosvenor Street Toronto, ON M7A 1Z1 Sent via email: [email protected] Dear Minister: Re: Regulation of Financial Planners Consultation Paper On behalf of Advocis, The Financial Advisors Association of Canada, we are pleased to provide our comments in regards to the Ontario Ministry of Finance’s Regulation of Financial Planners Consultation Paper (the “Consultation”). 1. ABOUT ADVOCIS Advocis is the association of choice for financial advisors and planners. With more than 13,000 members across the country, Advocis is the definitive voice of the profession, advocating for professionalism and consumer protection. Our members are provincially licensed to sell life, health and accident and sickness insurance, as well as by provincial securities commissions as registrants for the sale of mutual funds or other securities. Members of Advocis are primarily owners and operators of their own small businesses and create thousands of jobs across Canada. Advocis members provide advice in a number of key areas, including estate and retirement planning, wealth management, risk management, tax planning, employee benefits, critical illness and disability insurance. Ontario Ministry of Finance Regulation of Financial Planners Consultation Paper Professional financial advisors and planners are critical to the ongoing success of the economy, helping consumers to make sound financial decisions that ultimately lead to greater financial stability and independence both for the consumer and the country. No one spends more time with consumers than financial advisors, educating them about financial matters and helping them to reach their financial goals. Advocis works with decision‐makers and the public, stressing the value of financial advice and striving for an environment in which all Canadians have access to the advice they need. 2. THE VALUE OF ADVICE AND THE NEED FOR PROFESSIONAL STANDARDS The value of professional advice and planning Consumers need access to professional financial advice and planning. Amongst the general populace, financial literacy levels remain low – which is a problem that is not easily solved, nor one that is unique to Canada.1 Most Canadians are ill‐prepared for retirement, with recent data showing that nearly half of Canadians aged 55 to 64 without an employer pension plan have accumulated a “wholly inadequate” amount of retirement assets, with a median amount of just $250 for those earning between $25,000 and $50,000, and a median amount of $21,000 for those with incomes in the $50,000 to $100,000 range.2 Consumers are simply not able to manage their finances on their own: only 6% of Canadian investors are capable of being their own financial advisor.3 In stark contrast, working with a financial advisor or planner materially improves a client’s financial outlook. According to a recent comprehensive study, accessing advice has a positive and significant impact on wealth accumulation: households with four‐to‐six year‐long advisory relationships accumulate 69% greater assets, and households with 15+ year advisory relationships accumulate 290% more assets, relative to their non‐advised peers. 4 1 Surveys conducted in OECD countries and some non‐OECD economies show that not only do consumers have low levels of financial literacy preventing them from making good and informed financial decisions, but they also often overestimate their financial skills, knowledge and awareness. See: Financial Literacy and Consumer Protection ‐ Overlooked Aspects of the Crisis, OECD 2009. 2 Richard Shillington, An Analysis of the Economic Circumstances of Canadian Seniors, Broadbent Institute, February 2016. 3 Claude Montmarquette and Nathalie Viennot‐Briot, Econometric Models on the Value of Advice of a Financial Advisor, Le Centre interuniversitaire de recherche en analyse des organisations, July 2012 (the “2012 CIRANO Report”). Investors deemed capable to be their own financial advisor are described as those who identify themselves as their own main source of investment information and capable of self‐managing their investments by exhibiting greater levels of education, income and financial literacy. 4 Claude Montmarquette and Nathalie Viennot‐Briot, The Gamma Factor and the Value of Financial Advice, Le Centre interuniversitaire de recherche en analyse des organisations, August 2016. Advocis® is a trademark of The Financial Advisors Association of Canada. 2 Ontario Ministry of Finance Regulation of Financial Planners Consultation Paper While it is clear that accessing professional advice creates value, the source of this value is often misunderstood and thought to belong to one of these traditional functions: Seeking alpha, excess returns relative to a benchmark. Described in a layperson’s terms, this is stock picking. Outdated depictions portray individual stockbrokers as the go‐to person for insights on the next “sure thing”, but this just doesn’t happen today. The search for superior returns through active means is an incredibly complex matter, built on company research, quantitative analysis and sophisticated algorithms, with the data parsed by entire teams of analysts. Asset allocation and portfolio construction. This is a technical task to ensure that an investor’s portfolio is adequately diversified in line with the investor’s risk tolerance, liquidity needs and long‐term financial goals. Portfolio optimization work is largely the domain of computer automation today. Even sophisticated financial planning, while as important as ever for clients, is no longer as dependent on a human advisor or planner’s technical skills: sophisticated software now does most of the technical planning work, such as populating historical data; calculating expected asset values based on a variety of growth scenarios; and accounting for the effects of rebalancing, reinvestment, taxation and withdrawals on plan solvency. Advocis® is a trademark of The Financial Advisors Association of Canada. 3 Ontario Ministry of Finance Regulation of Financial Planners Consultation Paper So an advisor or planner’s value to their clients is not primarily about these traditional services. Instead, the key value they provide has to do with behaviour modification: working with an advisor or planner can create a real and measurable shift in client behaviour towards prudent long‐run financial planning, saving and investing that sets clients on right path towards financial security. This view is borne out by a 2015 survey of investors working with an advisor which found 88 per cent of respondents see their advisors more as advice and guidance providers than as salespeople.5 This behavioural change is called the gamma factor.6 It is not one single action, but the culmination of day‐to‐day behaviours driven by a mutually accountable relationship between the client and advisor over the course of many years. The gamma factor is not an effect that is observable instantly, but one that strengthens over the course of time as the beneficial effects of sticking to a financial plan become evident through the achievement of personal financial milestones. Changing clients’ natural disposition from apathy towards saving and convincing them to invest in their futures is a daunting task – particularly when the benefits of doing so, from the client’s perspective, are far down the road and are not guaranteed. We note the OSC has recently published Staff Notice 11‐778 Behavioural Insights: Key Concepts, Applications and Regulatory Considerations,7 a report detailing how leading practitioners and regulators around the world are using behavioural insights to address capital markets issues and improve outcomes for investors. The report highlights how investors are prone to making irrational decisions based on emotions and other psychological factors. This includes the common problem of recency bias, the assumption that what has occurred recently will continue to do so indefinitely. This bias causes ill‐advised investors to liquidate their portfolios at the bottom of a financial crisis, buy individual stocks at a market peak after they’ve become popularized ‘media darlings’, or assume that certain asset prices (such as housing) will rise forever. The authors of Nudge, a leading book on behavioural economics, warn that consumers by‐and‐large lack the willpower to stick to their financial plans in the face of crisis.8 Irrational emotion‐driven investing can be disastrous, and many investors never recover from mistakes made in panic. Working with a professional advisor can save consumers from making 5 Advocis, Investor Insights on the Financial Advice Industry, November 2015. Available at: http://www.advocis.ca/pdf/Consumer‐Voice‐2015.pdf. 6 See, for example, Morningstar Investment Management, Alpha, Beta and now…Gamma, 2013. 7 OSC Staff Notice 11‐778, Behavioural Insights: Key Concepts, Applications and Regulatory Considerations. Available at: https://www.osc.gov.on.ca/documents/en/Securities‐Category1/sn_20170329_11‐778_behavioural‐insights.pdf. 8 Richard H. Thaler and Cass R. Nudge: Improving Decisions about Health, Wealth, and Happiness, Sunstein, Penguin Books, 2009. Advocis® is a trademark of The Financial Advisors Association of Canada. 4 Ontario Ministry of Finance Regulation of Financial Planners Consultation Paper those critical and unrecoverable errors, and with the
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