IFB comments on a National Strategy for Seniors’ FInancial Literacy
IFB supports the government’s initiative to increase financial knowledge and access to information so they can be better prepared for retirement planning. In addition, seniors – like all Canadians – need to know where to access information on their advisor or firm – to ensure they are legitimate and licensed.
IFB members play an important role in contributing to financial literacy as they are at the forefront of assisting in the education of clients when meeting with them in their homes and offices across Canada every day.
Many IFB members have established long-term relationships with their clients, and as such become advocates for them in situations where the advisor is concerned about their cognitive decline, financial abuse or otherwise at risk.
Education and training of advisors is critical in helping them to recognize red flags so they know when they must decline to provide a service, or to include other trusted family members or professionals in the financial decision-making process.
IFB supports advisors by providing sessions at many of our educational events where industry experts and regulators discuss these issues and share their insights. We also develop various client communication tools to help guide the conversation between our members and their clients in such circumstances.
To read IFB’s entire submission, click here