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Wealth Professional | 23 Jul 2014, 09:50 AM Agree 0
Advisors have lots to say about the big changes underway in the industry.
  • Kevin O'Brien | 23 Jul 2014, 11:04 AM Agree 0
    Our CRM disclosure was sent out to clients by the dealer in January 2014. It was a 10 page document full of industry terms. We review this document with each client coming in for reviews. Many confess that they simply threw it in the garbage or failed to take the (enormous amount) of time to read or understand what was being relayed. My Engagement letter clearly details CRM in client friendly text and diagrams. So the CRM document is just another layer of complexity put in our way of doing good business - and creating more paperwork.
  • Ken kivenko | 15 Feb 2015, 12:25 PM Agree 0
    Crm2 merely is a reflection of the fact that regulators haven't kept up with the industry in magically converting people registered as salespersons into "advisors". Crm2 is merely a patch and fails to address the core limitations of the suitability standard for advice.
  • Jan Dymond, V.P. Pubic Affairs, IFIC | 17 Feb 2015, 06:20 PM Agree 0
    The goal of CRM is to provide investors with the information they need, in terms they can understand, so that they can better participate in discussions with their advisors and decision-making about their investments. That said, there is a lot of work ahead for fund managers, dealers and advisors before the central pieces of CRM2 are rolled out in 2016. With the rules now finalized, IFIC is working with its members, the MFDA and other industry groups to give advisors the support and tools they will need to deliver CRM successfully. Other groups such as IIAC are doing the same on the IIROC side.
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