Earlier this year the CBC ran a hidden camera investigation examining financial advice offered at big banks and top investment firms. The results were shocking or more appropriately ‘atrocious’ as per the article.
“If you walk into a financial institution, I think the average person on the street assumes they’re going to have someone who’s going to take care of all their financial issues,” says financial analyst Preet Banerjee. “But on the other side of the desk, there’s a wide range of people that you could see. Some of them are just order-takers or salespeople and others are true financial planning professionals.”
This investigation highlights once again the importance of choosing an adviser who can adequately assess your risk profile in order to ascertain the suitability of certain investment products and offers full disclosure on fees.
Check out the video.
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