Stay on top of your clients’ circumstances by following up with them regularly to inquire about their personal situations
Ensuring you collect the necessary client information and having clear communication with clients will reduce your exposure to lawsuits
In part two of a six-part series on targeted regulatory reforms, Dan Richards, CEO, Client Insights, speaks with Lynn McGrade, partner at Borden Ladner Gervais LLP, about the CSA’s proposed changes to know-your-client and suitability that would significantly raise professional standards for advisors.
Although this question may appear to be a mundane detail in the KYC, it has great importance. This is why
Ensure you clean up your files properly to avoid exposure to litigation, or regulatory investigations and enforcement
To know your client is a good thing; to know your clients intimately, however, is not
A signed KYC form is not enough. Advisors need to spend the time and get to know their clients thoroughly
The B.C. court rules investor was “contributorily negligent”
Too many advisors pay too little attention to how a client's risk label is determined
Discussion paper examines questionnaires to help assess clients’ risk tolerance and capacity