Industry News

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Earl Jones isn’t one of you

Earl Jones, a former Montrealer who’s now on the run, isn’t one of you. By all accounts, he’s nothing more than a common thief. Calling the man an advisor is like calling a mugger a funds transfer specialist, or the guy who knifes you a surgeon. No, he’s not an advisor: Except that the rules […]

By Philip Porado |July 17, 2009

3 min read

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Past service: To buy or not to buy

Whether it’s due to layoffs or career changes, a growing number of people are taking extended periods off work. For those with defined benefit pension plans, the long absence from work could erode the value of their pension entitlements. Fortunately, one of the perks offered by most public defined benefit pension is the opportunity to […]

By Rayann Huang |July 17, 2009

5 min read

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Briefly:

The Canadian Securities Administrators (CSA) National Instrument 31-103 Registration Requirements and Exemptions — more commonly referred to as registration reform — is poised to go into effect. “We have moved to harmonize, streamline and modernize the registration requirements and procedures across Canada,” says Jean St-Gelais, chair of the CSA and president & chief executive officer […]

By Staff |July 17, 2009

4 min read

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Your letters to us

This week, we received many letters about our coverage on advisor compensation, individual pension plans and the Earl Jones saga. Here is what some of you had to say on the subject. Re: Compensation does not determine good advice, readers say, July 10, 2009 Reader Shawn Flannigan writes as if he doesn’t get a fee […]

By Staff |July 16, 2009

2 min read

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Letter to the editor

Re: When not to IPP, July 13, 2009 Advisor.ca’s recent article on IPPs reinforces many of the commonly held misconceptions. As a member of a firm that has established almost 2,000 IPPs across Canada, I deal with these myths everyday. It is trite to state that IPPs don’t work everywhere. Of course they don’t, but […]

By Trevor Parry |July 16, 2009

5 min read

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Letters to the editor

Re: Compensation does not determine good advice, July 10, 2009 Reader Shawn Flannigan writes as if he doesn’t get a fee for service. Of course he does. It’s just embedded in the management fee. The trailer on a mutual fund is as much or more than what the average advisor charges in fees. The real […]

By Susan LeRoy and Robert McEachern |July 16, 2009

3 min read

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Letters to the editor

Re: Montreal “advisor” fraud could top $50 million, July 13, 2009 Why are the terms “advisor-initiated fraud” and “retail advisor” used when Earl Jones is not an advisor? Hanging a sign out and creating some business cards and letterhead does not make a person a doctor, lawyer or an advisor. If a person hung a […]

By J. Gregory Goldsworthy and Richard Knowles |July 16, 2009

2 min read

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In light of the “advisor” Earl Jones scandal, Advocis offers some tips for spotting an investment scam. “The first and most important warning sign is the advisor offers you some unrealistic and/or consistent returns on the investment,” says Greg Pollock, Advocis’ president and CEO. “Such promises are fundamentally contrary to the very nature of a […]

By Staff |July 16, 2009

1 min read

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Suitability: Time for a refresher?

While more stringent regulations likely would not have prevented Earl Jones from robbing hapless widows and trusting seniors — since he wasn’t actually registered to sell investments in the first place — this most recent financial scandal has nonetheless reignited the compliance debate. But, no matter what the source, when it comes to client complaints, […]

By Stephanie A. McManus |July 16, 2009

5 min read

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Study finds explosive growth for discount brokerages

After years of flat growth, do-it-yourself investing is once again on the rise. A growing number of Canadians — ill-served by market conditions — think they can do it better themselves and are signing up for discount brokerage accounts, according to J.D. Power and Associates. The company’s 2009 Canadian Discount Brokerage Investor Satisfaction Study finds […]

By Mark Noble |July 16, 2009

5 min read

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