In the U.S., 10,000 people a day will turn 65 for the next 15 years, according to FiserWealthManagement.com. In the current low interest rate environment, seniors (and younger people) depend on investments to finance their retirement.
The U.S. Securities and Exchange Commission (working with the Financial Industry Regulatory Authority) recently released a report where they looked at the policies of 44 broker/dealer companies. The report says that companies are developing and offering people a variety of new products and services intended to generate higher yields.
The organizations advocate that firms recommend suitable investments and provide proper disclosure regarding terms and risks. It appears that 77% of the firms report that mutual funds are the top product sold.
I hope that such practice is followed here in Canada!
This ad ran in the Richmond Review on April 17, 2015.