What every Canadian should know about financial advice before making decisions

Like millions of Canadians, you probably turn to your bank for financial advice. But can you really trust recommendations from “advisors” that are influenced by compensation structures, incentives, or sales targets?

Oftentimes, this sort of advice has a way of limiting choices and quietly shaping outcomes. So, who else can you turn to?

The Canadian Association of Retired Persons (CARP) is all about enhancing the quality of life for older adults by influencing public policy in the fight against ageism. They believe that financial advice should work for you, not the bank, and are challenging the system that fools too many Canadians with the illusion of choice.

Holding banks accountable

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CARP advocates for its members in a variety of ways and championing the rights of investors in Canada through advocacy, education, and regulatory advancements.

One example is their advocacy for investor protection related to to a recent regulators’ report that found close to 25 per cent of in-branch advisors admitting to not acting in their clients best interest, at least some of the time — due to a sales culture embedded in the system.

If your advisor can’t recommend everything on the market, and are restricted to the banks’ own products, it’s perfectly reasonable to ask whose interests come first.

Small differences in returns quietly compound into life-changing losses over retirement, which is why CARP is demanding transparency and real best-interest standards.

CARP membership

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When you have a membership with CARP, you not only enjoy the benefits and supports that come along with it, but your annual fee (which is just $19.95) leads to tangible results in holding the system accountable.

CARP memberships are more than symbolic support. It strengthens CARP’s ability to influence the systems that affect the financial security, health, and dignity of aging Canadians. It’s a simple action you can take on behalf of yourself or a loved one to help contribute to long-term change.

Learn more and join the fight by visiting the CARP website.