The Canadian Securities Administrators (CSA) has published for comment a paper which proposes regulatory action to improve the client-registrant relationship.

The IIAC’s preliminary observations are as follows:

– The IIAC shares the grave reservations of the provincial regulators in BC, Quebec, Alberta, Manitoba and Nova Scotia. The proposed client best interest standard would lead to uncertainty and confusion on the part of advisors and clients, with some advisors and firms restricting products and services, and some clients having unrealistic expectations. Litigation and increased legal costs will likely arise. 

– The IIAC agrees with the BCSC that an … Continue reading →

On April 7, 2016, I attended the SIFMA’s 38th Annual Private Client Conference in New York City. Senior wealth management professionals, representing firms of all sizes, from throughout the country, focused on the challenges and opportunities of 2016 and beyond. Speakers provided compelling stories and statistics.

In my April Letter from the President I write about the five trends shaping the wealth management business in the U.S. (and elsewhere)—a topic addressed at the conference. The five trends are:

1. Investors are increasingly valuing interactive, comprehensive relationships with their financial advisors, and planning. 2. Investors are seeking … Continue reading →

In addition to serving as President and CEO of the Investment Industry Association of Canada (IIAC), I am also honoured to serve as Chairman of the International Council of Securities Associations (ICSA).

ICSA is the global organization of securities industry associations representing securities firms operating in domestic and cross-border markets across the globe, including North America, Europe, East and West Asia, and Latin America. A complete list of ICSA members can be found here.

ICSA advocates appropriate regulatory reform and public policy initiatives across jurisdictions to promote efficient and well-functioning securities markets and the efficient … Continue reading →