The changing financial advice industry needs a strong regulatory advocate
It’s been three weeks since Kelly Gorman took up her new role as chief executive officer at Advocis, and she’s been sharing her insights with Wealth Professional.
Gorman joined the financial advisors’ association with a strong foundation in regulation and governance - having held senior roles at CPA Canada, the OSC, and Kingsdale Advisors where she was EVP of governance advisory - so it’s not surprising that she sees the regulatory framework for FAs as high on her agenda.
But less than a month in the new job, having succeeded interim CEO Harris Jones who she praised for stabilizing the association’s finances, what is top of her to do list?
“I have one priority that drives everything else: our members. I’m focused on improving the member experience by identifying what’s working, what needs rethinking, and where we can add more value,” she said. “Enhancing the membership experience is crucial, and we’re going to address that right away – whether through better resources, more practical tools, or stronger regulatory advocacy, my goal is to make membership with Advocis something you can’t imagine going without.”
Key to this is enhancing advisors’ personal development and Gorman is keen to hear from members as to what they need and what Advocis might be doing that isn’t really valuable to allow resources to be correctly used.
“I plan to ask everyone I meet with: ‘What else do you need from us to feel prepared and confident in your work and most importantly ready to capture the opportunities of tomorrow?,” she said.
Providing a compelling package to ensure member value aside, Gorman is never far from a focus on how industry and regulatory changes will affect advisors, and getting ahead of what’s happening, especially with digital transformation and making financial planning even more client centred.
Beyond the association itself, Gorman is well aware of the challenges and opportunities for the industry including regulation.
“Advocis has a crucial role to play in ensuring that regulations governing financial advice in Canada are fair, balanced, and designed to benefit both advisors and consumers,” she said. “Our focus will be on promoting a regulatory environment that allows advisors to thrive while protecting consumers' interests. This means pushing for clarity, consistency, and fairness in the rules that govern our profession. I am committed to making sure Advocis is driving change that benefits advisors and clients alike and that is something we will do together.”
Social media
Social media has become a key place for Canadians to seek out financial advice and this has led to concerns that DIY investors are at risk of information that often lacks the depth, context, and personalized insights that professional financial advice offers.
“Ultimately, while Canadians may be drawn to DIY-investing based on social media advice, financial advisors have the experience, regulatory oversight, and responsibility to provide sound guidance that protects clients' best interests,” said Gorman. “I believe it's critical for our members to not only embrace digital tools but to continue emphasizing the irreplaceable value of professional, holistic advice that helps Canadians build a more secure financial future.”
In conclusion, Gorman says that she accepted the Advocis CEO role because she believes deeply in the importance of the association and in the value its members provide for Canadians.
“Advocis has been the voice of financial advisors and planners for over a century, helping to ensure that Canadians have access to the highest quality financial advice to ensure their financial well-being,” she said. “The work our members do is crucial in guiding individuals and businesses through complex financial decisions, which ultimately contributes to the financial security of families and communities across the country. This is going to become even more important over the next few years in light of the current economic environment.”
