Poll finds the majority of Ontarians are turning to the Internet, word of mouth or social media to inform investment decisions - Yahoo Finance

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FSRA encourages consumers to get fiscal proposal from qualified sources

, /CNW/ - The Financial Services Regulatory Authority of Ontario (FSRA) is encouraging consumers to get fiscal proposal from qualified fiscal services professionals. FSRA has recovered that a important fig of Ontarians whitethorn beryllium making concern decisions based connected accusation from questionable sources oregon from individuals who whitethorn not beryllium qualified.

FSRA logo (CNW Group/Financial Services Regulatory Authority of Ontario)

According to a caller canvass commissioned by FSRA, 68% of respondents get fiscal proposal and tips from the Internet, connection of rima oregon societal media. Other sources of fiscal accusation see nonrecreational consultants, fiscal reports, fiscal exertion tools specified arsenic self-directed investing, TV, vigor and newspapers.

"When investing your hard-earned savings, you request to bash everything imaginable to get coagulated fiscal advice," said Huston Loke, Executive Vice President, Market Conduct, astatine FSRA. "For example, if you are moving with an idiosyncratic calling themselves a Financial Planner oregon Financial Advisor successful Ontario, you tin beryllium definite that they are required to complete a minimum modular of education, abide by a codification of conduct, beryllium actively supervised, and taxable to a ailment and disciplinary process."

Before this year, anyone successful Ontario, careless of their qualifications, could telephone themselves a Financial Planner oregon Financial Advisor. However, caller provincial authorities came into unit successful March 2022 that volition forestall unqualified individuals from utilizing the Financial Planner and Financial Advisor titles.

"Clearly, galore radical are getting fiscal accusation from a assortment of antithetic sources. However, investors should ever inquire astir and validate the credentials of the fiscal services professionals they are moving with," said Loke. "You privation to guarantee you are processing a fiscal program that is close for you and your household and that volition service you good implicit the agelong term."

According to the FSRA poll, 89% of respondents hold that determination is simply a request for regulated standards for radical utilizing the Financial Planner and Financial Advisor titles. The factors that are astir important to radical seeking a fiscal services nonrecreational are arsenic follows:

Specific acquisition and grooming successful fiscal – 81%
On-going grooming – 79%
Years of acquisition – 79%
A credential oregon designation – 77%

FSRA's canvass besides suggests galore radical are not spending capable clip seeking retired a qualified fiscal nonrecreational and verifying their credentials. Half of respondents spent much clip researching their past cellphone acquisition than they did their fiscal services professional.

To assistance consumers and investors, FSRA has launched a caller acquisition campaign, entitled Putting your interests first. The run offers proposal and resources, including the apical questions to inquire a fiscal services nonrecreational and however to archer if they are qualified. For much information, sojourn FSRA's Financial Planner/Financial Advisor user campaign landing page.

FSRA continues to enactment connected behalf of each stakeholders, including consumers, to guarantee fiscal safety, fairness, and prime for everyone. Learn much at www.fsrao.ca

FOR MEDIA INQUIRIES:
Russ Courtney
Senior Media Relations and Digital Officer
Financial Services Regulatory Authority
C: 437-225-8551
Email: russ.courtney@fsrao.ca

SOURCE Financial Services Regulatory Authority of Ontario