client focused reforms technology

Earlier this month, the Canadian Securities Administrators (CSA) published the long awaited notice of amendments to its Client Focused Reforms. As we’ve noted in a previous post, the original proposal of changes were introduced by the CSA back in June 2018. The objective of which was to “better align the interests of registrants [securities advisers, dealers and representatives] and investors, improve investor outcomes, and raise the bar for registrant conduct.”

However, the proposed reforms were met with a strong response of push back from the industry. In response, the CSA has made several amendments to its proposal instead of moving forward with a complete overhaul of the current regulations.

Amendments and key changes to the original proposal are well documented by various industry organizations, including a summary of changesclarification on the amended client focused reformsunderstanding what to make of the changes, and support for the amendments and key changes.

As the deadline looms to adopt client focused reforms—with some rules required to be in placed as early as the end of 2020 and the rest by the end of 2021—wealth management firms must start considering how they will evolve their current practices to embrace these changes. For some of the changes, leveraging the right client focused reforms technology solutions will be the key to helping your firm transition with ease and ensuring the success of your advisors and investors. Such technology-driven solutions can include, but are not limited to:

  • – A strong KYC process that can deliver portfolios optimal for clients
  • – Access to all pertinent retail wealth management investment products
  • – Access to all investment best practices
  • – Financial planning and goal tracking to be focused on achieving client success
  • – Portfolio analysis to course correct as soon as detectable
  • – Omni-channel capabilities for client access
  • – Custom or model portfolios to address the client continuum and various life stages

To learn more about the client focused reforms technology solutions that will help your wealth management firm adopt the necessary requirements, check out our free Client Best Interest eBook or fill out the form below for a direct download.