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Wealth Professional | 14 May 2015, 09:40 AM Agree 0
An IIROC advisor is now admitting to an aggressive investment plan for an “unsophisticated” client – moves that garnered the dealer a whopping revenue increase.
  • Allen | 14 May 2015, 11:17 AM Agree 0
    State the facts, don't sensationalize by using an eye-popping title and then providing only bits and pieces, which by themselves, really don't make sense. A client complaining after making LOTS of money? Come on! There must be another reason why the client complained. Maybe goaded by others with ulterior motive? Who knows? If the client is to be "made whole," that is for her investments to be undone and returned back to the original $564,948.92, return the $77,538.68 in withdrawals, would the client be happier? BOTTOMLINE: There are better, positive stories out there, not these fear-mongering, mob attacks.
  • Will Ashworth | 15 May 2015, 12:03 PM Agree 0
    Allen,
    There's nothing sensational about a headline that states the truth.
    This is a quote directly from the IIROC settlement agreement:
    "This represents a 600% increase in trades and a 1,640% increase in revenue from her
    accounts."
    Sure, it's a unique situation and there likely is more to the story but to call this story fear-mongering is to suggest the dealer did nothing wrong in this situation.
    Yes, it's possible that 300 transactions over 19 months enabled the advisor to deliver 39% returns, 800 basis points greater than the S&P/TSX. It's also possible that the advisor could have produced those returns with 1/10 the number of trades.
    Wealth management is no longer a transactional business.
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