Well, that's a really complex one. There are dozens of firms and many, many different models. The one I most respect is a firm that has no proprietary products, hires smart, principled advisors, encourages their continuing education and insists that advisors seve the client's best interest, not those of the firm, shareholders or the advisor.
Many firms, however, including London LIfe, either have proprietary product (sometimes with incentives to sell them) or restrict their product shelf to only certain offerings. I'm partial to firms that have no products and impose no restrictions on advisors. London LIfe restricts its reps from using certain products. The banks do the same. Banks can use third-party products, but I've never seen a bank RRSP with products other than the bank's products. Same with Investors Group, which is the largest financial planning org in Canada but sells only proprietary products.
I will say that firms such as IG and London LIfe provide some of the best training in the business. Some advisors I know started at IG and shortly after being trained flipped over to an independent firm where we can do anything we want, within the laws, of course.
I have to stop now. Your question is very, very complex. If I haven't hit the nail on the head, let me know. Are you thinking of one specific firm?
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