The Rogers Group Investment Advisors Ltd. of Vancouver has joined to the Investment Dealers Association.

An IDA bulletin today announced that the former fund dealer has officially been granted membership in the IDA. The firm, headed by president and CEO Jim Rogers, who is also chair of the Canadian Association of Insurance and Financial Advisors, has been pursuing IDA membership for some time, although it has not traditionally traded securities.

Since the Mutual Fund Dealers Association was brought into being most fund dealers have had to contemplate whether it is worth joining the IDA or the MFDA.

Joining the MFDA will increase compliance costs and infrastructure demands on most firms, although it will only qualify them to continue mutual fund businesses.

Although it is more expensive and time-consuming to meet IDA requirements, firms can then also expand their product offerings to a full range of securities. The attraction of mutual fund alternatives, such as exchange-traded funds, has lured some firms to consider skipping the MFDA, and focus their efforts on joining IDA.