How ETFs have reshaped the financial services business

ETFs have come a long way since Toronto 35 Index Participation Units, which were known as TIPs and tracked the TSX 35 index, were first listed on the Toronto Stock Exchange on March 9, 1990.When Terry Shaunessy started his own investment company in 2001, becoming one of the first firms in Canada to invest exclusively in exchange-traded funds , clients had a lot of questions.

It’s a product pitch that he and other financial advisors have been making since not long after the first ETF – Toronto 35 Index Participation Units, which were known as TIPs and tracked the TSX 35 index – was listed in Canada on the Toronto Stock Exchange exactly 30 years ago on March 9, 1990. The simplicity and transparency of ETFs – as well as their ability to meet or even beat active fund managers at a low cost – is forcing advisors to define their business models more clearly, including “why they’re here and what they deliver for clients,” Mr. Grace says.

“ETFs have enabled advisors to become much more confident in going toward the portfolio management function,” he adds, including building exposure in areas outside of their expertise, such as gold, high-yield bonds or international stocks. As the number of ETFs continues to grow, Ms. Hagerman says advisors have gained more access to good quality, global and diversified products.

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