June 1, 2018 07:00
Sylvain De Champlain, Eric Gosselin
The users of funds F-series have seen a growth of their business. Among others, Of Champlain financial Group said to have won the customers.
“The regulatory changes that are on the show that we leave the world of commissions for the fee. We know that it is inevitable. In two or three years, all commissions will be gone. It is necessary to adapt. We put in before this change has enabled us to attract new customers. Some of them have said to me : you work at a fee ? I want to meet you. Talk to them about commissions is a bad answer “, insists its president and CEO Sylvain De Champlain.
As for Champlain financial Group, the curve d’Éric Gosselin, Services financiers Eric F. Gosselin, has led to a growth in its business portfolio. “My practice fees has allowed me to grow my business. With the fund, F-series, I take commissions of follow-up. I’m negotiating now on the honorary track. I can then apply a single fare for the customer, who will have the same fees for all categories of funds and its different profiles portfolio. People don’t pay for funds, but for advice, ” says the financial planner.
Right to claim a tax credit
For his part, Sylvain De Champlain points out another advantage fund-series F : although the consumption tax applies (GST/QST), the fees, the customer is eligible to claim a tax credit. All economies rely, he insists.
“When the customer will see on his annual statement of fees with $ 5,000 to his account of $ 500,000, it will be asked what service he gets in return. The value of the advisor will then take its full meaning. Those who have developed a service relationship strong will have extraordinary opportunities, ” he believes.
Have kidneys : solid 3 years to get to the same point
The advisors will need to have a good back to make the turn towards the fees. “It is sure that you will no longer do the same numbers as before. With a fee of 1 % rather than a commission of 3.5 %, it will take three and a half years to return to approximately the same point, ” said Mr. De Champlain. This is why 30 % of advisors have left the industry since the Uk banned commissions, reminds the president of the firm Champlain financial Group.