Director at Large, Advocis
Symposium 2023 features industry leaders from the insurance and investment sectors as well as prominent representatives from regulatory organizations.
With the merger of IIROC and the MFDA at the beginning of 2023, investment and mutual fund advisors could face significant changes in how they will be regulated. As 2024 priorities are being set, let’s discuss the clear opportunities and benefits for advisors and distributors. The Canadian Investment Regulatory Organization (CIRO) is a merged entity and also a brand-new organization – what makes us stronger together? In this panel you will hear about the early learnings since the merger and the open-ended questions and unknowns for the future. How will the establishment of CIRO impact compliance processes and advisor registration categories? Will investment advisors finally be able to direct commissions to their corporations? In this session, our panelists will discuss these and other major policy issues post-merger and their effect on the industry.
Protecting ourselves and our clients has become more important and more difficult than ever before. Given today’s sophisticated fraud technology and tools, the power of AI can assist fraudsters in everything from identity theft to ransomware of web servers. Not only is the playbook for compliance more rigorous, but it’s also more complex given what’s in an advisor’s control versus outside of control. How do we keep client privacy and data safe?
Can we spot the trickery of AI by amplifying the human touch of advisors so that we focus on consumer and investor protection such as Fair Treatment of Customers? The good news is, what we can control is operating under a strong client-first, ethical and compliant practice. Exploring legal and regulatory impacts, we will discuss how to stay smart and stay safe together.
In this session, our panelists will discuss how regulatory guidelines and advisor compliance practices can protect clients and advisors in the face of new risks.
Head of Financial Services Industry, OpenText, and Member of Forbes Financial Council
It’s easy to get the wrong idea about professionalism as the financial services industry is “All Together Now”. Blurred lines between the once traditional financial pillars and the accelerated complication of products, processes, and responsibilities have left many advisors and their clients confused. Sadly, this confusion is repelling results and reducing the quality of service provided.
The good news is that clarity will attract those results. Since joining the Life Underwriters Association of Canada in 1978, Jim Ruta has worked with top advisors around the world and paid close attention to the trends in advisor professionalism. He’s discovered a new professionalism that provides the utmost in client service.
This talk will clarify what it means to be a professional today and what to do to achieve it. Fortunately, all the necessary pieces are already available and only need to be put in the proper order to make any serious advisor more professional.
The bonus is that professionalism is not just a brand thing. The new professionalism means increased profitability. Jim will show you how to simplify your systems, take your business to the next level of professionalism, and dramatically increase your profitability in the process.
And your business model doesn’t matter. You can be more professional and profitable when you rethink professionalism.
At Advocis, advocacy is only possible because of our diverse and expansive network of members. Our members are not just advisors, they are community leaders who are connected to so many communities across Canada. Passionate volunteers are our most powerful advocacy tool: building relationships with policymakers and elected officials in their community to demonstrate the importance of our work and the need for meaningful policy impact. We are making a positive difference for our clients across the country, and you – the Advocis member – are the most important component. This session will discuss our grassroots-focused advocacy strategy and the power of our membership network when applied to move policy forward.
Many years after implementing enhanced disclosure under CRM2, the Canadian Securities Administrators and the Canadian Council of Insurance Regulators have joined forces and are proposing total cost reporting disclosure for investment funds and segregated funds – known as CRM3. What are the behavioural principles involved in communicating total cost disclosures in relation to the value of advice and building trust with clients? The information overload and aversion to fees can be incredibly confusing to clients. How can advisors and firms design communications to get it right? We’ll also delve into day-to-day tactics that advisors can take to support their clients. This panel will explore how total cost reporting can be best achieved while also ensuring that the new regulatory requirements focus on the client experience.
Executive Vice-President of Market Conduct Regulation, Financial Services Regulatory Authority of Ontario
Associate Client Partner, Behavioral Science and AI and Analytics, IBM Consulting