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Wealth Professional | 12 Aug 2016, 09:25 AM Agree 0
A lawyer-turned-portfolio manager has publicly decried complaints against CRM2 disclosure rules
  • Jim D | 12 Aug 2016, 12:48 PM Agree 0
    I believe good fee disclosure is a must if you want to call yourself a professional. In my opinion, CRM2 attempts additional disclosure for a consumer that is already time starved, over-subscribed with disclosure, jargon and all too frequently - uninformed planning decisions. I am saddened by what I see as a further commoditization of financial advice and planning. Consumers need a lot more help on making sound financial planning decisions for the present and the future. There will always be a need for the transactional investment relationships that emphasise the lowest costs, but do not confuse this with comprehensive financial planning advice. Full disclosure serves everyone.
  • | 15 Aug 2016, 10:21 AM Agree 0
    There is no such thing as Fiduciary advisors. Or Lawyers that say they are Fiduciaries.
    Just because you tell a client what you are charging them does not make you a Fiduciary.
    If I tell a client exactly what I charge (say 1.2%) and another advisor charges imbedded trailer fees at 1% how is the advisor charging a trailer fee hurting the client. It's actually the so called fiduciary that is charging the client more. How can a client that is being charged more be in the clients best interest?
  • Debbie | 15 Aug 2016, 03:37 PM Agree 0
    Transparency is just plain decency. The duties of a fiduciary include loyalty and reasonable care of the assets within custody. All of the fiduciary's actions are performed for the advantage of the client. The client's interests are paramount and conflicts of interest are avoided. When handling the hard earned savings of Canadians a fiduciary responsibility should be front and center.
  • | 22 Aug 2016, 01:37 PM Agree 0
    Transparency doesn't solve the problem with being a Fiduciary. you still didn't answer why
    being transparent and telling the client exactly what you are charging them solves the problem.
    Again , if an advisor charges an embedded trailer fee of 1% and a Fiduciary charges
    1.2% how is that better for the client. The client ends up with less money.
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