I will say this.
Suppose you're a normal Canadian and you walk into one of the big six banks. Suppose you come across a university student who is working the till that day and whose title is “financial advisor,” the unregulated version. Suppose he then makes a pitch to you saying that you can save a certain amount of money by switching to x account and that you should invest your money in y, and suppose you rely on that advice. That's an unregulated securities transaction, in my opinion.
From my experience—and you can correct me if I'm wrong—this occurs more often than not at our banks. I believe that is an issue. Again, I'm not picking on the banks here. I just find it amazing that they would actually issue business cards with both “adviser” and “advisor”. It just seems like a problem they wouldn't want to have. Wouldn't you agree?