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Investors Will Benefit from New Investment Industry Rules

Investors Will Benefit from New Investment Industry Rules

April 8, 2022

New legislation regulating the use of financial titles will reduce confusion in selecting an advisor, writes Peter Watson.

Investor confusion on selecting a person to help you with your finances should be greatly reduced. Ontario will start to regulate who can use standard industry titles.

The titles “Financial Planner” and “Financial Advisor” will now be regulated and those that use these titles will have to be qualified.

The Financial Professionals Title Section Rule will be in force as of March 28.

I have two comments.

First, regulation of important financial titles will assist investors in selecting someone with whom they seek advice. Someone holding themself out as a “Financial Planner” without the necessary qualifications seems fraudulent.

Successful management of personal financial affairs is one of the most important foundations for many of us. It is money that pays the bills.

Many financial decisions affect the quality of life and getting bad advice from someone not qualified can be costly from a financial perspective and potentially harmful for the quality of life.

I strongly support this new regulation.

Second. Without being too disrespectful for those responsible for the new regulation, what took so long?

At the beginning of my career, there were stories of financial planners that stole from their clients. As it turned out most of these cases dealt with financial planners who were not qualified.

The financial world evolves quickly, and we need safety measures, including regulation, that evolve to protect investors.

Peter Watson is registered with Aligned Capital Partners Inc. (ACPI) to provide investment advice. Investment products are provided by ACPI. ACPI is a member of the Investment Industry Regulatory Organization of Canada. The opinions expressed are those of the author and not necessarily those of ACPI. Watson provides wealth management services through Watson Investments. He can be reached at