IDA wrap-up: Full coverage from 87th annual meeting and conference (with special bonus tool)

(July 2003) The IDA’s 87th annual meeting and conference was held in St. Andrew’s by-the-Sea, New Brunswick, during the last week of June. And just in case you missed it the first time around, here is our complete coverage, bundled into one handy package that includes a special template letter you can use today when prospecting:

Convicted fraud artists and money launderers could face stiffer sentences under proposed new federal legislation, according to an expert in white-collar crime. Read about recently announced amendments to the Criminal Code that allow judges to beef up jail time in market-related cases that result in significant economic damage.

The net number of retail broker firms in Canada has held steady over the last few years, despite a collapse in their profitability. Read what Ian Russell, IDA senior vice-president of industry relations and representation, had to say about this trend and other key issues such as bloated MERs by clicking here.

The IDA is moving quickly to match international recommendations intended to combat money laundering. The IDA’s board of directors announced a new policy that would require full disclosure of offshore account ownership. For full details, please click here.

A single national securities regulator with regional offices across the country would result in reduced operating costs of more than $40 million a year, says a new study commissioned by the IDA. The study, conducted by Charles River Associates, was released at the conference. Find out what else it said by clicking here.

It’s time to take a closer, and critical, look at several promising proposals to reform securities regulation in Canada, says Joe Oliver, president of the IDA. Oliver discussed the three reform proposals currently on the table and Advisor.ca was there to file this report.

Forget about seminars, direct mail, cold-calling and other “spray and pray” advisor marketing techniques, says consultant Duncan MacPherson. Current clients are your most valuable prospecting tool. Found out how to market by using “advocacy clients” by clicking here.

Compliance costs for mutual fund dealers and their advisors are “going through the roof,” according to Berkshire’s chief operating officer Frank Laferriere, who also serves as the company’s chief financial officer. With major firms like Cartier, IPC and Assante already on the block, Laferriere says there will be some compression among dealers struggling to cope with rising costs and big hits on the revenue side — click here to read his full comments.

Consultant Duncan MacPherson reminded his audience that current clients are any advisor’s most valuable prospecting tool. To help leverage your client base and generate new business, here is a customizable template letter that you can send your clients today (opens as a Word document).