Artificial intelligence

Unveiling of the CSF’s 2021 annual report and a survey on Quebecers’ personal finance habits and preferences

MONTREAL, June 13, 2022 / CNW Telbec / – The Financial Security Chamber (“CSF” or the “Chamber”) is pleased to unveil its 2021 annual report today under the theme “One more to protect the public” (More for the Protection of the Public) which will be presented to its members at this year’s Annual General Meeting on June 15. The Chambre also wishes to recall the results of an exclusive survey conducted by Leger in 2021, on Quebecers’ personal finance habits and preferences.

The highlights of this survey are as follows:

  • Seven out of ten Quebecers (70%) say they are informed about personal finance issues and nearly six out of ten Quebecers (58%) do business with an advisor, an experience they find positive;

  • Nearly 9 out of 10 Quebecers believe that working with an advisor gives them access to better financial information;

  • More than half of respondents (56%) prefer to do business with an advisor rather than use technology tools on their own (25%);

  • Among some of the technologies available in the future, those that interest Quebecers the most are savings calculators (69%) and a tool to know their financial situation (67%), while those that interest Quebecers the least are tools with artificial intelligence to help them make financial decisions (44%) and a financial robot that would give them advice (32%);

  • Over the next five years, more than two out of five Quebecers (43%) believe they will deal with a human advisor, while less than a third believe they will deal with a financial robot (31%).

For the Chambre, the accomplishments of 2021 take on a special meaning because of the technological upheavals and consumer expectations that are having an impact on the advisory profession. This is where public protection regulators need to be flexible and agile in carrying out their mandate.

Although 2021 was marked by the pandemic and its repercussions on the lifestyles of our fellow citizens, for the Chambre, this atypical year will have been an opportunity to brilliantly meet many challenges in order to carry out its important mission and adapt its ways of doing things in a constantly changing environment.

“It is with a sense of accomplishment that we unveil the Chambre’s 2021 annual report. I am extremely pleased to note that we were able to fulfill our mission of protecting the public, despite the pandemic. The Chambre has been flexible, nimble and we have “innovated at the right time. This year unique context was a pivotal moment for us to pursue our major transformation and adapt in an industry characterized by rapid change,” said Ms. Marie Elaine FarleyPresident and Chief Executive Officer of the Financial Security Chamber.

“The highlights of the CSF 2021 Annual Report demonstrate the proactivity and determination of our leadership and members to be at the forefront of professional practice in order to remain relevant. It is a testament to our resilience in implementing our plans for the future and reflects a year of constant evolution and innovation to ensure our mission and protect the public, “added Ms. Farley.

Expanding our collaborations

The Chambre has worked with several partners to increase its interactions in order to collaborate further in protecting the public. Several initiatives have been launched, including a new portal that will allow compliance officers and senior managers of firms and brokers to consult, in real time, the Professional Development Unit (PDU) record of those of their representatives who consent. This innovative project is the result of close collaboration with the Council of Investment Funds of Quebec (CFIQ) and required the involvement of several firms and brokers.

At the heart of a network of influencers, the Chambre has developed a strong collaboration this year with major players in the sector to better meet the needs of professionals, consumers and all its partners. The Chambre collaborates with various organizations, such as Option Consummateurs, Educators, and Protégez-Vous, as well as the Society for Legal Information (SOQUIJ). The Chambre has also entered into an important agreement with the Mutual Fund Dealers Association of Canada (MFDA) regarding continuing education.

The annual ProLab event: Supporting the evolving profession

In order to meet its members’ continuing education obligations and pursue its main mission of protecting the public, the Chambre decided to repeat its ProLab event in virtual mode in 2021. The 2022 edition of ProLab – now a must for the profession – will take place on June 15 – this time, in person. The Chambre is thus continuing to deploy its professional development offer to support its members in cultivating excellence.

A key player in its ecosystem, the Chambre de la sécurité financière has 32,000 members, including financial security advisors, group insurance and group annuity plans advisors, financial planners, mutual fund dealer representatives and scholarship plan dealer representatives. It is through the professional supervision of the practice by peers that the Chambre contributes to maintaining public confidence in the financial products and services distribution industry. “Thanks to its members who have participated in an exceptional manner in the vitality of its mission and its commitment for over twenty years, the Chambre de la sécurité financière is recognized today as a credible and respected organization,” continued Ms. Farley.

About the CSF

The Chambre de la sécurité financière’s mission is to protect the public by regulating all aspects regarding mandatory continuing education, ethics and discipline of its 32,000 members, who include financial security advisors, group insurance and group annuity plans advisors, financial planners, mutual fund dealer representative and scholarship plan dealer representatives. www.chambresf.com

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