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Wealth Professional | 17 Dec 2014, 08:59 AM Agree 0
By now most are aware that IIAC has asked IIROC for a six-month extension on the final implementation of CRM2. Already more than two years in, does it really make sense to prolong the process until the end of 2016?
  • Harley Lockhart CLU CHFC | 17 Dec 2014, 12:35 PM Agree 0
    CRM2 is a waste of time and smoke screen by the OSC to appear to be protecting the consumers' interests. As your two quoted advisors point out, they already provide fee transparency like many other responsible advisors. Instead of wasting time and money creating more time-consuming detailed rules that do little more than restrict honest, well-meaning professionals (the bad guys will always find a way to manipulate the rules) spend the money educating consumers to recognize reliable providers and let the market drive the bad guys out of business.
    Too often rule makers ignore the cost and negative impact of their narrowly focused changes. I suspect that may play a part in IIAC's perspective.
    Did the author of this article bother to ask IIAC for an explanation of their position? What do other industry organizations that actually have member contact with the public have to say? Is it not reasonable to investigate both sides of the issue before rushing to find a couple of voices to support a predetermined opinion.
    Let's have some responsible reporting.
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