The Financial Services Regulatory Authority of Ontario (FSRA) is encouraging consumers to get financial advice from qualified financial services professionals. It has found that a significant number of Ontarians may be making investment decisions based on information from questionable sources or from individuals who may not be qualified. Its poll found 68 per cent of respondents get financial advice and tips from the Internet, word of mouth, or social media. Other sources of financial information include professional consultants, financial reports, financial technology tools such as self-directed investing, TV, radio, and newspapers. “Clearly, many people are getting financial information from a variety of different sources. However, investors should always ask about and validate the credentials of the financial services professionals they are working with,” says Huston Loke, executive vice-president, market conduct, at FSRA. “You want to ensure you are developing a financial plan that is right for you and your family and that will serve you well over the long term.”
- PWC