Rising regulatory costs are the main reason for the increase in operating expenses at retail firms
The deals between the three Vancouver-based independent dealers will see PI expand its roster of advisors to more than 200 and its client totals to 40,000 across Canada
However, Canada’s securities dealers are firmly in favour of IIROC proposal to allow them to hire mutual fund-only reps
The firm had entered the retail securities distribution channel in 2012 when it acquired Halifax-based Citadel Securities
Citing lack of support, the regulator has decided not to proceed with a proposal to adopt lower minimum capital requirements for this firm
The brokerage firm recently announced cost-cutting measures
The brokerage firm is also eliminating its dividend payment as part of cost-cutting measures that will save the firm $40 million annually
New IIAC survey finds that investment dealer CEOs expect an increase in operating revenue, stemming mostly from the retail side of the business
The self-regulatory organization had suspended the firm in September
Clients are advised to contact the firm’s carrying broker directly