Why are financial advisors reluctant to speak freely about the industry?

We’ve always wondered why so many IIROC regulated professionals have remained silent on how to improve the industry. It is extremely rare to read an article or a Comment letter to a Consultation that points out what needs to be done to fix the wealth management industry .After reading John DeGoey’s latest book, STANDUP to the financial services industry , we now know why. From his book we quote:
 
Speaking personally, I have never once agreed with the interpretation of IIROC Rule 29.7 (1) that allows compliance departments to vet legitimate STANDUP advisors' ideas regarding how the industry might be improved, as a form of corporate censorship disguised as maintaining a level of decorum. That interpretation is also a direct contravention of section 2 of the Canadian Charter of Rights and Freedoms, where "freedom of thought, belief, opinion and expression" are expressly enshrined as basic rights that all Canadian citizens enjoy.
 
According to compliance departments, if one were to point out that things are not being done in the best possible manner, that would be seen as "contrary to the interests of the industry." In My Life and Work, Henry Ford recalled that he'd once said, "Any customer can have a car painted any colour that he wants so long as it is black." Securities firms in Canada effectively say, "You can say whatever you want about the industry as long as it is not critical-even [especially?] if it is demonstrably true."

So now you know why. Advisors (“Registered Representative’s”) are constrained on what they can say just like investors who settle a complaint with a dealer. (John’s Book is available at Amazon.ca)