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The proposal of the Investment Industry Regulatory Organization of Canada (IIROC) to define and regulate the term “financial planning” has been met with stiff opposition from Advocis.

The biggest problem Advocis has with the proposal is that it alters the relationship of dealers and advisors, by requiring the dealer to supervise all planning activities. At present, planning services entail a relationship between the advisor and the client, with no interference from the dealer. Very often, these services may not even be related to the dealer’s operations.

“Since IIROC dealer members will be responsible for supervising financial planning activities, it is not unreasonable to assume that they will have considerable influence over the financial planning activities and the choices of financial products that financial planners recommend to clients,” said Steve Howard, president and CEO of Advocis.

“There is no indication that this is being done for the sake of the consumer who is being, or has been, aggrieved by financial planners,” Howard continued. “IIROC really needs to take this one back to the drawing board.”

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RBC calls for more women advisors

(September 8, 2008) RBC Dominion Securities is calling on the financial services industry to increase the number of women in the roles of advisors. The bank will host the first national Women in Wealth Management Symposium from September 7 to 9, 2008, in Vancouver.

“As wealth management becomes increasingly relationship-based, women are well-positioned to capitalize on their expertise in this area,” said David Agnew, national director, RBC Dominion Securities. “We also need to be representative of our clients. Our industry needs more women to reflect the reality that women increasingly manage their financial affairs on their own.”

Given the longer life expectancy of women, odds are good that at some point in her life, almost every woman will be solely responsible for her household’s finances.

The RBC symposium is designed to assist women in addressing the wealth management needs of their clients, and will include presentations on long-term care, will and estate consulting, executor services, and divorce issues in financial planning.

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Scotia expands infrastructure group

(September 8, 2008) Scotia Capital has added a new advisory team to its Americas infrastructure advisory group, which will cover the U.S. and Latin America. The team will be based in New York City.

Conor Kelly has been named managing director. Kelly is an 18-year veteran of infrastructure advisory and lending. The Toronto-based Canadian infrastructure advisory team, led by Bert Clark, was created in July.

“Scotia Capital has built the Americas infrastructure advisory group to tap into the significant growth prospects and global nature of this sector,” said Matt Giffen, managing director and head, infrastructure and global energy solutions, Scotia Capital. “Scotia Capital has identified infrastructure as a key growth sector, and the addition of Conor Kelly, with his vast experience and recognized leadership in this area, will allow us to take strides into the U.S. and Latin American markets.”

(09/08/08)