The OSC’s recent report confirms what many Canadians already suspect: sales culture is alive and well in the financial services industry – and it’s hurting investors.

Here’s the quote that should stop everyone in their tracks:

“25% of representatives across banks reported that clients have been recommended products or services that are not in their interests.”

That’s one in four. And it probably doesn’t account for the representatives who just haven’t yet learned the truth about what they’ve been taught by their respective firms.

And to be perfectly clear, here: It’s not just the banks.

Most firms in the financial services industry are built on incentives that reward sales, not service. Advisors are pushed to hit quotas, paid more if they recommend specific products or investments, and financially rewarded for gathering assets.

This is often done at the expense of what’s actually best for you – the client they’re supposed to be looking out for.

That’s why we built Verecan.

We weren’t interested in playing those games. We just wanted to do good work.

No commissions for advisors. No sales targets. No hidden conflicts. No BS.

Just real, regulated advisors doing the right thing for clients.

If you’ve ever wondered whether your advisor is working for you or the institution, you’re not alone. And, based on the research, you’re clearly not wrong.

And you don’t have to settle.

We’re here because this industry needs a reset and because you deserve a better option. And, frankly, we’re one of the very few better options out there.

Link to the report: https://www.osc.ca/en/news-events/reports-and-publications/sales-culture-concerns-five-canadas-bank-affiliated-dealers