Understanding how consumers get financial advice

New research looks at how people engage with financial advisors and how they pay them

FSRA commissioned research to better understand how consumers engage with their financial advisor and their preferred method for paying for the services they receive.

“By using research to better understand the trends and issues affecting consumers, we can help improve their lives and the lives of their families,” said Stuart Wilkinson, Chief Consumer Officer at FSRA. “Seeking sound and suitable financial advice has never been so important as it is today, and these findings will help us identify key opportunities to respond to the needs of and risks to Ontario consumers when it comes to receiving and paying for financial advice.”

The findings will help protect consumers by informing FSRA’s regulatory efforts and shaping policy projects. For example, FSRA will use the research to:

  • support nationally coordinated projects related to insurance compensation arrangements with the Canadian Council of Insurance Regulators and the Canadian Insurance Services Regulatory Organizations
  • continue to look at ways to remove potential barriers and challenges preventing vulnerable groups from accessing financial advice

A Highlights Report is now available that summarizes three key takeaways from the study, including the fact that vulnerable groups are less likely to work with a financial professional even though they have a need for financial advice.

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FSRA continues to work on behalf of all stakeholders, including consumers, to ensure financial safety, fairness, and choice for everyone.

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