IFIC Appears Before Senate Standing Committee on Banking, Trade and Commerce: Reinforces Value of Advice
May 13, 2010
TORONTO Investment Funds Institute of Canada (IFIC) President & CEO, Joanne De Laurentiis, along with IFIC Members Murray Taylor, President and CEO, Investors Group, and Charles Guay, President and CEO, National Bank Securities Inc., today tabled a brief with the Senate Standing Committee on Banking, Trade and Commerce (the Committee) reinforcing the role and value of advice in encouraging Canadians to use registered retirement savings plans (RRSPs), and tax-free savings accounts (TFSAs) to save for retirement.
In their remarks, IFIC noted the strong achievements of Canada's retirement system relative to other countries, and that these results are in no small measure due to the large amounts that Canadians have saved in registered vehicles, particularly RRSPs and TFSAs, and to the work of advisors who have assisted them in building their retirement portfolios.
Data from an Ipsos Reid study was provided to the Committee which shows that advised investors have participation rates in registered savings vehicles that are double that of non-advised investors, and they have substantially higher investment assets than non-advised households in each income range and age group.
The use of a financial advisor dramatically improves the outcomes for Canadian investors, said Mr. Taylor. The value an advisor adds to the Canadian retirement system needs to be recognized and supported.
The complete text of the remarks, as well as related documents tabled with the Committee, are available on the IFIC website at www.ific.ca:
IFIC is the national association of the investment funds industry. Membership consists of mutual fund companies, retail distributors and industry affiliates.
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