I think its nuts to buy anything "for the dividend income". The payment of a dividend creates an equal and offsetting capital loss. To not consider BOTH income and capital returns together is 'turning a blind eye'.
Today's news says BMO announced better-than expected profits yesterday, and this helped boost the TSX/S&P. So there must be some other reason your advisor is down on financials. Perhaps he thinks they are overvalued. But with the value they lost in the melt down I would think it would be time to buy. But I agree with leslie that buying them mainly "for the dividend income" is too narrow thinking, and maybe that's what's bothering your advisor. He may be concerned that the dividends will not meet your expectations.
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