Briefly:

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(June 7, 2006) The IDA will stage a series of consultation meetings across the country on August 16 to discuss the Fair Dealing Model proposal.

The model, an attempt to clarify and apply consistent standards to the relationship between clients and advisors was first introduced by the Ontario Securities Commission in 2002. It has since been folded into the Canadian Securities Administrators’ Registration Reform Project, however the IDA consultations will focus solely on the FDM.

“These policies will have a significant impact on the daily work of advisors and on the nature of their relationship with their clients,” the brokerage industry association says.

Small groups of investment advisors in Calgary, Edmonton, Halifax, Montreal, Ottawa, Oakville, Mississauga, Toronto, Regina, Vancouver and Winnipeg will participate in a two hour interactive program delivered to each site via satellite.

Advisors will be asked to provide their views on the policy proposals which will be presented by a panel consisting of Odlum Brown CEO and President Ross Sherwood, IDA Senior Vice-President Paul Bourque and Vice-President Regulatory Policy Richard Corner.

Individuals attending may claim IDA CE credits. A maximum of 500 advisors can be accommodated at the 11 sites. Registration is free but is limited to registrants at IDA member firms.

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AGF rebalances Harmony portfolios

(June 7, 2006) Wilshire Associates has updated the asset allocations of AGF’s Harmony portfolios, based on strategic assumptions for 2006.

Among the key changes, Wilshire has reduced the portfolios’ exposure to small-cap equities, increased U.S. equity exposure in more conservative portfolios, decreased U.S. equity exposure in more aggressive portfolios and increased overseas equity in more aggressive portfolios.

“Our review and changes demonstrate a commitment to the enhanced due diligence process behind this successful tailored investment program,” said David Hall, managing director, Wilshire Associates. “Using our distinctive reverse optimization approach, we concluded that the current asset mix needed to be updated to keep Harmony portfolios in line with investors’ objectives over the long-term.”

Wilshire will evaluate the strategic asset allocation of the Harmony portfolios each year to determine if the mix needs to be rebalanced.

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Altamira boosts rates on high-interest accounts

(June 7, 2006) Altamira Investment Services has raised the interest rate on both the Canadian and U.S. versions of its popular High Interest Cash Performer savings accounts.

Effective June 12, the Canadian rate will be rise to 3.75% and the U.S. rate goes up to 4.5%. That’s a 25-basis point increase for the Canadian account and a 50-basis point rise for the U.S. product.

Both accounts offer 25-basis point trailing commissions for advisors.

“There is an increasing demand for secure and high interest investments in both Canadian and U.S. dollars. By offering one of the most competitive savings rates in both currencies, we are providing investors and advisors with an excellent solution which is suitable for a variety of investment needs,” said James Whitman, senior vice president at Altamira.

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MFDA appoints chairs, vice-chairs to regional councils

(June 7, 2006) The MFDA has appointed eight chairs and vice chairs to its regional councils.

Robert Malcolm of Legacy Associates will chair the Atlantic Regional Council, with Remy Richard of Peak Investment Services as vice chair.

The Ontario Regional Council will be chaired by Christopher Marrese of Clarica Investco and Hub Capital’s Cheryl Hamilton will act as vice chair.

Out west, Terry Ford of Partners in Planning will chair the Prairie Regional Council, with Erwin Granson of CWB Canadian Western Financial as vice-chair. The Pacific Regional Council’s chair is Archie Sullivan of Manulife Securities International; Holly Millar of IQON Financial was named vice chair.

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