The ever-increasing complexity of juggling financial resources has led many people to avail themselves of the services of a financial planner. But in most provinces there are no rules governing the financial planning business. Anyone can hang out a shingle and bill themselves as a financial advisor. Certain basic precautions must be taken to avoid financial mismanagement. More Information Quebec is the only province that licenses financial planners, but there is virtually nothing on the books to prevent anyone from bad advice.
People can pick the wrong 'financial advisor' and watch their life savings disappear.
In Saskatchewan, financial advisors used to be legally entitled to hold a clients money in his own name. Saskatchewan is the only province to close up that loop hole. The one-time director of the Saskatchewan Securities Commission is concerned because unregulated financial planners hold themselves out as having some expertise in the financial area but may not. If there is a complaint and the commission investigates and finds that someone has breached the Securities Act, they prosecute. The firm hand is necessary for deterrence.