Client-Focused Reforms

In December 2019, the Canadian Securities Administrators created a sweeping set of regulatory changes generally referred to as client-focused reforms. Due to the impact of COVID-19, the reform implementation date was delayed until 2021.

The first set of reforms focuses on the conflicts of interest that exist between you, our clients, and either Raymond James Investment Counsel (RJIC) or your portfolio manager.

While the overall goal of these reforms is to ensure a better experience for you and the client, this first step will address conflicts of interest that may exist in the client-advisor relationship. All registrant firms are required to take reasonable steps to identify current material conflicts of interest, and any material conflicts of interest that are reasonably foreseeable, between the client and RJIC or any individual acting on our behalf.

As an investor it is important that you are aware of and understand any conflicts that exist; as such, any material conflicts must be disclosed in writing to you. This disclosure must include a description of: (a) the nature and extent of the conflict of interest, (b) the potential impact on, and risk that the conflict could pose to you and (c) how the conflict has been, or will be, addressed. Where a conflict of interest either does or could exist between a client and an advisor it is expected that this conflict will be addressed in your best interests. 

We fully support the steps that our regulators have taken under these client-focused reforms and have always believed that any action we take should be in our clients’ best interest. While our terms and conditions document has always disclosed possible conflicts of interest and how we manage them, the client-focused reforms provide us another opportunity to review them, potentially identify new ones, and most importantly to continue to ensure that we continue to act in your best interests. 

If any updates are required or new conflicts need to be disclosed they will be posted on our website. 

If you ever have any questions or concerns, whether they involve conflicts of interest or any other matter, please do not hesitate to ask your portfolio manager for an explanation or more information. You should also feel free to contact us directly. Thank you for your continued support.