Take the necessary steps to know your clients thoroughly and determine if one family member’s actions could put you in a conflict of interest situation
Examine every instruction from a client or power of attorney and take the appropriate steps if something doesn’t seem right
Resist the temptation to help clients in a way that breaches your legal and regulatory obligations
Advisors have an obligation to inform elderly clients of the many risks with transferring an account to be held jointly to avoid probate fees
A reputation takes a lifetime to develop and a split second to lose
Take the necessary time, collect the appropriate information, get help if needed and never guess when writing a response to an inquiry of a potential…
Preparing for an interview with compliance, a regulator or client’s counsel is key because your licence, reputation and livelihood are all at stake
Never go into a meeting cold when being interviewed for any compliance infraction
Steps for advisors and their dealers to avoid OBA infractions
Stay on top of your clients’ circumstances by following up with them regularly to inquire about their personal situations
Ensuring you collect the necessary client information and having clear communication with clients will reduce your exposure to lawsuits
Ask key questions to prospects to screen for good clients
Having an assistant who is smart, knowledgeable and hard working can help keep advisors focused on their clients and on growing their businesses
High-risk investing is not a band-aid solution for clients who have not saved enough for retirement
Providing a “best interest” standard for advisors may not raise the bar
Certain claims are best handled by OBSI; however, if the ombudservice were more balanced, it would result in a process that’s more transparent and fair
Advisors and their dealers need to establish protocols to the everyday issues that occur when senior clients have a POA in place
Here are some of the steps advisors and dealers need to take to ensure they meet the new stringent requirements that are in place
You need to ensure your first meetings with prospective clients are professional and meet regulators’ requirements, including being transparent about fees
Establishing and following processes is key to staying out of trouble with regulators and your clients
Make sure you consider the possibility of fraud when a senior client’s friend or family member approaches you with unusual instructions
Take leadership in stopping fraud in its tracks and educating your clients about avoiding common sources of fraud
Advisors looking to buy a book of business have no shortage of options; however, they need to be aware of some key considerations
Don’t hesitate in getting your succession plan in motion as the process of selling a book of business can take years from beginning to end
Serving the financial needs of women entering, or already in, their senior years will become a major source of business as well as a compliance…