Top Canadian Financial Journalist Blasts Commission-Based Sales

VANCOUVER, British Columbia - July 10, 2013 - PRLog -- Vancouver, B.C Recently, on his highly popular Canadian Couch Potato blog, writer Dan Bortolotti said something that was long overdue:

".... unlike Advocis [lobby group funded by Financial Advisors Association of Canada], I don’t buy the argument that a ban on commissions [when selling mutual funds] will “make financial advice inaccessible for the average Canadian.” It will simply force the average Canadian to look for a professional who charges directly and transparently for advice, rather than a salesperson whose focus is on peddling products."

Karin Mizgala, CFP, and CEO of  Money Coaches Canada could not agree more:

"I worked for years as a financial advisor selling mutual funds and insurance and while I felt I did everything possible to put my client’s interest first, being compensated through commissions set up a conflict of interest that was difficult to avoid. It became very clear to me that compensation for financial advice should NOT be tied to investment sales and that the fee-only financial advice model was the way to go. Most clients need financial advice that goes beyond investments – they need help managing their cash flow and debts; they need hand holding through life transitions like divorce, retirement, career change; they need help figuring out why they aren’t getting ahead financially in spite of making good incomes."

As someone on the financial frontlines, she is seeing a drastic shift in the way people are viewing their money, and the financial industry in Canada needs to sit up and listen to the needs of Canadians. It’s one of the reasons that she and her business partner Sheila Walkington founded Money Coaches Canada.

“Flat fees for financial advice that isn’t tied to investment or insurance sales cuts out the potential for conflict of interest. Consumers want to know that they have someone on their side. It’s time to make a distinction between investment management and financial planning advice,” says Mizgala.

Money Coaches Canada has 18 other financial professionals across Canada who have joined their team. They provide holistic financial planning, education and coaching and when it comes to investing, they point their clients in the direction of investment solutions where the fees are for investment management only like low-MER mutual funds, ETFs or portfolio managers for high net worth clients.

They have also released a new book titled Unstuck: How to Get Out of Your Money Rut and Start Living the Life You Want, and offer free seminars on the last Monday of each month across the country to those that want to learn more about how to handle everything from day to day expenses to long term planning.

To learn more about Money Coaches Canada and request a copy of their book visit: www.moneycoaches.com

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