Personal Wealth

A Cautionary Tale on Your Best Interests

As a savvy consumer, you probably already know: It’s not just how much you’re paying for an item, it’s also knowing what you’re getting. In fact, an unfolding CBC News exposé of the Canadian banking system has revealed how often you may think you’re being offered solid financial advice, when you’re actually receiving a hard sales pitch.

Personal Wealth

What is an IPS and why you need one

Investment advisors make sales calls every day, pushing investments that often aren’t in their clients’ best interest. Sometimes they don’t even bother to make a call. They just load up accounts with investments and beg for forgiveness later, if and when things go wrong.

Personal Wealth

Why CEFEX Matters for PWL clients

When you give your hard-earned money to an investment advisor, you are entrusting them to help your financial future and build and manage an investment portfolio to help. Unfortunately, your best interests may not be shared by that advisor, and it seems the standard being considered by regulators will fall short of what’s needed.

Compliance & Governance

Tony’s Take: CIBC’s fee settlement reinforces need for advisor ‘Client Best Interest’

Embedded fees in mutual funds sold in Canada are already high, but when they are charged to clients within fee-based investment accounts, the situation goes from the sublime to the ridiculous. Disturbing news of substantial overcharging of clients by a major bank underlines the urgent need for full disclosure of all fees paid by an investor.