Toronto – Help us help Ontarians is the message of financial advisors and planners to the Ontario government. In its pre-budget submission to the Standing Committee on Finance and Economic Affairs, Advocis, The Financial Advisors Association of Canada, provides six key recommendations about how to create an environment that will better ensure that Ontarians meet their financial goals and objectives.

“Advisors and planners need a business environment that is more conducive to, well, business,” said Greg Pollock, Advocis’ president and CEO. “We need to have smart regulation; not regulation for the sake of regulation. It needs to be tied to outcomes and, quite frankly, needs to respond to a problem.”

Advocis’ submission recommends more oversight of regulators, including the completion of a cost-benefit analysis of any proposed regulation that examines the benefit to consumers as well as the costs to advisors and planners of the increased compliance burden.

Pension and retirement income adequacy was also addressed in the Advocis submission. The recommendations in the pre-budget submission are in line with those in Advocis’ pension study, released in mid-September. Public policy must focus on the steps to improve the regulatory environment for defined contribution pension plans. Regulations for defined contribution plans should be harmonized between provinces and with the federal government, to reduce complexities and costs for employers and employees. Also, the Ontario government must consider supporting and promoting a series of federal tax changes that will make retirement planning more attractive and easier for all Canadians.

“I know the government has the best interests of the consumer in mind because that’s their business – but it’s also the business of advisors and planners. Heavy, burdensome regulation does not work for anyone,” continued Pollock.

Advocis, The Financial Advisors Association of Canada, is the oldest and largest voluntary membership association of financial advisors and planners in Canada. With more than 10,000 advisors and planners in 43 chapters across Canada, Advocis members provide financial advice, product service and employee benefit planning to millions of Canadians in a number of areas including estate and retirement planning, wealth management, risk management and tax planning. For more information about Advocis, visit www.advocis.ca.