estates general

Wednesday November 30th 2016 - at Palace convention center, Laval

photo of the estates general meeting



wednesday November 30th 2016
from 7h30 to 16h00

at Palace convention center
1717 boulevard le corbusier
Laval, Qc. H7S 2K7

This General Assembly is a unique opportunity for independent representatives, financial services players, and consumer associations to speak out on the subject of embedded investment funds commissions.

Suggested reading

why be present?

The Autorité des marchés financiers (AMF) and the Canadian Securities Administrators (CSA) have pondered the question of the validity and ability of embedded commissions of investment funds to better align the interests of investment fund managers, brokers and representatives with those of the general investors.

25 years ago, embedded commissions were introduced to the management fees of investment funds companies and have been paid to brokers and commissioned representatives in return for their advice and services. Today, a critical question has arisen: Should these commissions be maintained, revised or abolished?

who is pafsa?

The Professional Association of Financial Services Advisors (PAFSA) is incorporated in accordance to the Professional Association Act (CQLR, chapter S-40). The association is registered in the Registre des entreprises du Québec (#1163771104) since June 6th, 2006, as well as duly registered with the Registre des lobbyistes du Québec (Registry of Qc. Lobbyists).

our mission

“To preserve the perpetuity of the independent financial council by promoting and defending its members’ common professional interests and by grouping the advisers together under the banner of a strong voice to represent them.”

our objectives

To represent our members before governments, self-regulation organisations, the Canadian Life and Health Insurance Association (CLHIA), mutual fund investment organisations, securities brokerage firms and to defend our collective interests within the courts’ system.

what to expect?

1st Panel before noon

Conferences given by invited groups and their spokespersons in relation to the following questions:

  • Mutual Funds assets have gone from $25 billion to $1250 billion, in Canada, since the introduction of embedded commissions, 25 years ago. What role do you believe embedded commissions have played in the increase of the Mutual Fund industry’s assets?
  • Can you explain how embedded commissions have been integrated in the Mutual Fund industry? And why do you believe this Industry decided to incorporate such commissions, in Canada and/or elsewhere in the world? (Compare Canadian to international experiences)
  • Can you explain the differences and similarities observed in the remuneration of Canadian mutual funds advisors and elsewhere in the world?
  • Can you compare the cost of embedded commissions against other types of possible remuneration, for advice services?
  • According to your experience, could mutual funds’ embedded commissions favour certain fund companies in comparison to others in Canada and elsewhere in the world?
  • Are there any advantages or disadvantages in the use of embedded commissions for the investor, in comparison to other types of remuneration? If so, what are they?
  • In the event of the abolition of embedded commissions, what would be the consequences for:
    1st Investors and certain categories of investors?
    2nd Commissioned representatives?
    3rd Broker representatives?
    4th Investment funds managers?
  • In your opinion, do you believe that the present market competition allows investors to obtain desired products and services for the best possible price?

2nd Panel after-noon

Discussion workshops will be offered for every participant on the raised questions, followed by the assessment of the workshops.

  • Following the general assembly, the PAFSA will send a report to the AMF, the Chambre de la Sécurité Financière and to the Minister of Finance to impart the conclusions of the day.


1717 Boulevard Le Corbusier
Laval, Qc. H7S 2K7
7h30 7h30 - 8h15
Arrival and registration of the participants
(Continental Breakfast offered)
8h15 - 8h30
Opening of the Estates General Meeting:
Introduction of the day’s program,
Mr. Michael Luciani, Vice-President of PAFSA.
8h30 8h30 - 9h15
Guest Speaker from B2B Bank:
Mr. R. Nadeau
Founder of Quorus Consulting and associate of Environics Research: ‘B2B Bank Advisor Outlook’.
9h15 9h15 - 10h15
1st Discussion Panel including:
Mme Andrea Rigobon Legal Counsel from Fidelity Investments,
Mr. François Corbeil from Invesco,
Mr. Andre Morris from Connor Clark & Lunn Financial Group
Moderator: Mr. Yves Bonneau from Journal Conseiller.
10h15 PAUSE
10h30 10h30 - 11h00
Guest Speaker from AMF:
Mr. Mathieu Simard, CPA., CMA.
11h00 - 11h30
Guest Speaker from CSF:
Me Marie Élaine Farley
11h30 - 12h00
Guest Speaker from Major Gestion Privée:
Mr. Fabien Major:
«Financial fees in the post-truth era»
12h00 LUNCH
13h00 13h00 - 13h30
Guest Speaker from PAFSA:
Mr. Bertrand Larocque,
MSc. Economics, treasurer and economic advisor for PAFSA: ‘The economic value of advice and integrated commissions’.
13h30 13h30 - 14h30
2nd Discussion Panel including:
Mr. Gino Savard from Mica Cabinet Services Financiers,
M. Fabien Major from Major Gestion Privée
Mme Julie Roy, independent advisor from Investia
Mr. Maxime Gauthier, dealing representative and Chief Compliance Officer from Mérici Services Financiers.
Mr. Mathieu Simard, CPA., CMA.
Moderator: Mr. Daniel Germain from Journal Les Affaires.
14h30 PAUSE
You will receive a questionnaire on the relevance of embedded commissions.
14h45 14h45 - 15h00
Brief summary of major points discussed
15h00 - 15h45
Open Question-and-Answer session and discussion relative to the subject matter presented during the day.
Mr. Mathieu Simard, CPA, CMA.,
Mr. Flavio Vani, President PAFSA will be present during this exchange.
15h45 15h45 - 16h00
Estate General Meeting conclusion and closing words from the President of the PAFSA, Mr. Flavio Vani


profile photo of Flavio Vani
Mr. Flavio Vani

President of

profile photo of Michael Luciani
Mr. Michael Luciani

Vice-President of

profile photo of Bertrand Larocque
Mr. Bertrand Larocque

Speaker & Treasurer

profile photo of Andre Morris
M. Andre Morris

Financial Group
Connor Clark & Lunn

profile photo of Yves Bonneau
Mr. Yves Bonneau

Journal Conseiller

profile photo of Daniel Germain
Mr. Daniel Germain

Journal Les affaires

profile photo of R. Nadeau
Mr. R. Nadeau

Founder of Quorus
Consulting & Speaker for B2B

profile photo of Mathieu Simard
Mr. Mathieu Simard


profile photo of Marie Elaine Fairley
Mme Marie Élaine Farley


profile photo of Fabien Major
Mr. Fabien Major

Major Gestion Privée

profile photo of Carine Monge
Mme Carine Monge

Sun Life Global
Investment Speaker

profile photo of of Francois Corbeil
Mr. François Corbeil


profile photo of Gino Savard
Mr. Gino Savard

Mica Cabinet Services

profile photo of Maxime Gauthier
Mr. Maxime Gauthier

Mérici Services

profile photo of Andrea Rigobon
Mme Andrea Rigobon


profile photo of Julie Roy
Mme Julie Roy

Independent advisor
from Investia