For the past two decades, John De Goey has been a thorn in the side to many in the investment industry for being a staunch proponent of eliminating mutual funds with embedded commissions. For much of that time, he has focused the majority of his efforts on persuading fellow advisors and the industry’s regulators that it’s in their best interests to abandon this compensation model.
The introduction of “open banking,” which would allow Canadians to share their financial data more easily among financial services providers, has the potential to reshape the financial advice business. Namely, open banking would result in fewer barriers for financial services firms and their clients, such as eliminating the often lengthy process of gathering relevant information from many different accounts at various providers.
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