IIROC’s latest effort to help investors unscramble the jargon of financial designations with an online glossary is welcome news for advisors - and perhaps a way to weed out the posers.
“In this day and age, if we are professional, it’s necessary to decipher all this information,” says Bev Moir, investment advisor and financial planner with Scotia McLeod in Toronto.
“I think all advisors want to get rid of the ones that make our lives more difficult to be in the profession - the salesman first rather than the relationship. We don’t want someone to be able to say they’re an advisor because they took an online course.”
The new glossary, launched Thursday, will bring clarity to the myriad of acronyms that leave a trail after advisors’ names. Users can access the online glossary for free via IIROC’s investor centre, and decode about 42 commonly used designations in Canada’s financial services industry, some of which require rigorous educational requirements.
“There’s a lot of jargon. It can be overwhelming,” says Moir. “To the public who really rely on us and trust us, these designations should mean something.”
The tool also provides information about the organizations offering certifications, the professionals' status, certification exams, other pre-requisites including education and experience, and any investor complaints or public disciplinary processes. (Continued on Page 2.)