The phrase "Know Your Client" is thrown around quite often in business lingo. But The Investment Industry Regulatory Organization of Canada has been pushing for individual investors to do the same - in other words, to "Know Your Advisor."
To make it easier to do just that, IIROC launched a new AdvisorReport that allows investors to quickly access an overview of their adviser's educational background, including industry courses, disciplinary history and the functions that the adviser has approval to perform.
The easy access to this info comes after countless investors were duped by frauds and Ponzi schemes that became apparent went the market took a turn for the worst.
Before this report, investors could access disciplinary records through IIROC's website, but needed approval to look at their advisor's education and approved role.
Tim Kiladze