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GET YOUR MONEY BACK! Misconduct and malpractice. Investment industry "best and worst practices". Information to improve public protection. Expert witness services for industry and investors. Forensic investment analysis. • View topic - Broker/Advisor Disguise and Deception

Broker/Advisor Disguise and Deception

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Re: Broker/Advisor Disguise and Deception

Postby admin » Fri Oct 14, 2016 3:40 pm

Regulatory blindness allows the following tricks to be played upon Canadian Investors:
(these concepts could be used to potentially take financial advantage of millions of Canadians)

Screen Shot 2012-11-29 at 11.26.36 AM.png


Trick #1 is to advertise as if a trained and regulated professional:
Screen Shot 2016-10-14 at 4.39.11 PM.png

http://altussecuritiesinc.com

Trick #2 is to hide ones true license, thus concealing marketing incentives and/or the true "duty of care” owed to the investor. The result of this is the investor may be sold a different service than what they are led to believe by the Investment Dealer. See: Ethical Standards for Stockbrokers: Fiduciary or Suitability? https://papers.ssrn.com/sol3/papers.cfm ... id=1686756

Screen Shot 2016-10-14 at 4.36.15 PM.png


At the site “AreTheyRegistered.ca" one is quickly directed to a license search page where any broker in Canada can be checked to see if and HOW they are registered. http://www.securities-administrators.ca ... px?ID=1325

Trick #3 is for the regulators (with Provincial government authority) to allow Securities Laws on misrepresentation to be ignored by thousands of salespersons, which can allow them to dupe the public into placing their trust in non-licensed “titles”. The result of this is
the investor is again being sold a different service than what they are led to believe by the Investment Dealer.

Screen Shot 2016-10-14 at 4.46.53 PM.png




Trick #4 is to advertise that the firm promises to place the interests of the investor first and foremost:
We value the objectivity and impartiality of being an independent firm where the best interests of our clients come first.
http://altussecuritiesinc.com



Trick #5 is to then quietly lobby, in the background, to regulators to NOT place a client-best-interest standard into law:

I would contend that the majority view of the provincial commissions should prevail and the best interests standard not be implemented.
http://www.osc.gov.on.ca/documents/en/S ... ckettw.pdf

This is an example of a system in which the regulators “pretend” to regulate and protect consumers, whilst sleepwalking through the process. Meanwhile hungry Investment Dealers and their Dealing Rep’s (Salespersons) misinform the public in any manner desired. It resembles a lawless financial system for Canada. See what one regulator, the Albert Securities Commission says (quietly so no one will hear it...:) about what to expect from a Dealing Representative.

it’s (the duty of care of a Dealing Rep) not unlike purchasing a car from a dealership.

http://www.albertasecurities.com/invest ... aspx?ID=63

From the CSA website under Mission:
To give Canada a securities regulatory system that protects investors from unfair, improper or fraudulent practices


keywords:
Altus Securities, Tricks, blindness, lawless, National Bank
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Re: Broker/Advisor Disguise and Deception

Postby admin » Sat Oct 08, 2016 8:45 am

Kenmar Associates www.canadianfundwatch.com

A Self Protection Guide for Senior Investors October, 2016

images.jpeg
images.jpeg (5.46 KiB) Viewed 829 times


October is investor education month in Canada. All the securities Commissions will remind investors to check the registration status of their “advisor” . You should do that but be forewarned the process isn't easy.
Be aware that the title “advisor” has no legal meaning – it won't match any of the registration categories.
If you see they are under “ strict supervision” , it's time to change advisors.

Our concern is with those “ advisors” that are registered and how senior investors can be exploited . Yes ,they are required to follow IIROC and MFDA rules but
the rules aren't as tight as you'd think and they aren't enforced to the necessary degree by the industry self-regulators. As Vanguard founder John Bogle has remarked “ The scandal isn't what's illegal, it's what's legal”.

Advisors are required to sell you suitable investments but they are NOT required to act in your best interests.



Senior financial abuse and exploitation continues to be one of the most prevalent and “lucrative” enterprises in Canada. Approximately 30-35 % of all complaints received by regulators involve seniors. I suspect the elderly statistics are distorted as it’s my experience that the elderly are usually reluctant to formally complain for many reasons .

Seniors often avoid publicity or litigation due to the embarrassment of having been bilked. They may unduly blame themselves for losses, are reluctant or unable to formulate a complaint or unaware that something is amiss. A 2007 Canadian Securities Administrators Investor Study: Understanding the Social Impact of Investment Fraud, estimates that over one million adult Canadians have been the victim of investment fraud. The study shows it is a common occurrence in the lives of many Canadians, with almost one-in-20 having been victimized.

Regulated “advisors” also are quite capable of fraud but the real abuse is more subtle- unsuitable investments, undue leveraging , high cost products , account churning and lately, reverse churning and pension commutation.

1. Check registration: Engage with registered dealers and advisors with good reputations.

2. Don’t fall for investments that promise “guaranteed” or exceptionally high returns: If an investment seems too good to be true, Run.

3. Avoid investments that are advertised as “risk free”: All investments have risk. As a general rule, the greater the potential return, the greater your risk of losing money.

4. Don’t be rushed into an investment by high pressure sales tactics .Always take the time to evaluate and understand an investment before purchase. Always be leery of “once in a lifetime” opportunities, or investments that are only available “for a limited time.”

5. Be wary of inflated titles:
A few advisors may use inflated titles to market themselves such as Vice President
and the like. Too often, these are meaningless. Don’t be intimidated by the titles.

6. Be wary of professional designations: Some advisors may use professional designations to market themselves as retirement or senior specialists. While real professional designations require rigorous study or extensive education or experience, some may be relatively easy to attain, and may even be available to individuals with no experience.

7. Avoid “Free lunch” financial seminars for seniors: These seminars may be carefully scripted sales presentations designed to prey upon seniors’ fears. Some of these seminars may pitch investments that may be unsuitable.

8. Make sure that you clearly communicate your investment objectives to your advisor: Don’t let him/her steer you into investments that are not in line with your investment objectives or time horizon.

9. Never sign a blank or incomplete document: Always take the time to review documents you are asked to sign, and ensure the document is filled out completely and signed/dated.

10. Take great care in filing out the NAAF/KYC form .Anything you declare can and will be used against you in the event of a complaint. Don't exaggerate investment experience or risk tolerance. 11. Never give cash to an advisor: When making an investment, use a method of payment that can easily be tracked. Make payments only to the registered dealer, NEVER to an individual.

12. Avoid any personal financial dealings with your advisor: You are not a bank so don’t start lending out money. Avoid assigning POA or executorship to an advisor .

13 Get a second opinion: If you have questions about an investment and the advisor fails to fully or satisfactorily explain things, consult a different financial professional.

14. Ask questions: Some advisors may use language or jargon with which you may be unfamiliar. If you don’t understand something, ask for a clear explanation.

15. Contact your provincial securities regulator: Every province has a Commission/agency devoted to protecting people financial abuse and fraud. Contact your provincial securities regulator if you suspect you’ve been treated badly or targeted as part of a financial scam.
And above all , read your account statements and transaction slips. If something appears amiss, act quickly to get it resolved. Do NOT let problems accumulate.

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The following are the most basic questions that seniors, and investors in general, should ask when facing the decision to make an investment:

· Do you have a fiduciary duty to me? If yes, get it in writing on Company letterhead.
A verbal promise is not worth the paper...that it is not written on.

· How are you compensated?
· Can you explain the investment to me without using industry terms or jargon? · Do you use Investment Policy Statements?
· What risks are associated with the investment/program?
· What are the investment cost in terms of commissions and fees?
· Are there additional or ongoing fees?
· Are there early redemption charges associated with this investment?
· What are the pros and cons of this product re taxation?
· Why is this investment suitable for me? What are the alternatives?
· What type of reports will I receive and how frequently?
· How easy is it to sell or convert the investment to cash if I need money quickly? · What happens if I have a complaint?
If the salesperson can’t or won’t answer your questions in writing and to your satisfaction, the investment may not be right for you. Ask questions and stay informed about your investments. Seek help if you believe you are being targeted or have been a victim of financial fraud or abuse.
Some light reading to protect your assets:

Pursuit of a Financial Advisor Field Guide – v13 A MUST read for retail investors.

http://www.napfa.org/UserFiles/File/FinancialAdvisorFieldGuidev13.pdf

Understand Investment Jargon The Steadyhand Investment Dictionary
http://steadyhand.com/forms/2014/03/07/steadyhand%20dictionary.pdf

The Responsible Investor http://faircanada.ca/wp-content/uploads/2011/03/The-Responsible-%20Investor-MoneySaver.pdf

Why Your Financial Adviser Should Be a Fiduciary http://www.aaii.com/journal/article/why-your-%20financial-adviser-should-be-a-fiduciary
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Re: Broker/Advisor Disguise and Deception

Postby admin » Fri Oct 07, 2016 1:45 pm

ADVISOR TITLE TRICKERY

Americans-mutual-funds.jpg


A Small Investor Protection Association (SIPA) Report

Securities Acts define an “Adviser” as having responsibility to look after investors’ best interests.


Regulators say “Advisor” is an unregulated business title that can be used by anyone.


Sales persons are not legally required to look after Investors’ best interests. They use the title “Financial Advisor” to gain trust.



By the SIPA Advisory Committee

October 2016
Page One
Executive Summary:

Securities Regulators selectively ignore portions of Provincial Securities Acts, letting Investment Dealers deceive millions of Canadian investors in many ways. We will be issuing a series of reports intended to shine a light onto this harm being done to Canadians, by many of our most trusted institutions as well as government authorized regulatory bodies.

In this report, we examine how over 100,000 financial professionals in Canada take advantage and skirt laws against misrepresentation. This allows investment sellers a clear “get-away” from the laws against deception of the public.

In 2012 one of the biggest news story in Canada was about a selective meat inspection process in Alberta, and the resulting harm to Canadians. It turns out that tainted meat products were being carefully inspected so as to not enter the export markets, but the tainted product was allowed to be sold to Canadians. This called into question both the quality of the product itself, and the government inspection process. This report looks at items which are hidden from investors view, and can similarly do harm to Canadians.

With the knowledge of 13 Provincial Securities Commissions who are responsible for protecting the public interest, these harms appear similarly negligent, to the failures of the meat inspection and regulation process. What if Canadians were consuming tainted investment advice, like some regulators allowed E-coli tainted meat into the system? This report demonstrates that the analogy is a valid one.

Screen Shot 2016-10-08 at 2.51.38 PM.png


The “Advisor” Bait and Switch

There are 121,932 total registrants in Canada as of Sept 16, 2016 in the investment industry. 4,076 persons or 3% of that total are legally registered in the category of Adviser or Advising Representative.
http://aretheyregistered.ca

Only four thousand and seventy six (4076) persons are registered in the category where a true fiduciary professional responsibility is legally required to be delivered to you as the investor.

“A fiduciary is an individual in whom another has placed the utmost trust and confidence in to manage and protect property or money. This person has an obligation to act for another's benefit. The duties of a fiduciary include loyalty and reasonable care of the assets within custody. All of the fiduciary's actions are performed for the advantage of the beneficiary.”
http://legal-dictionary.thefreedictionary.com/fiduciary

Wait a minute, what about the other 117,856, you ask?


Wait a minute, what about the other 117,856, you ask? They fall under the most common registration category and are called Dealing Representatives. What exactly does Dealing Representative mean? According to the Canadian Securities Administrators a “Dealing Representative is a sales person – what they can sell depends on the firm they work for and their registration.”

Page Two

In 1 minute 30 seconds this video shows how to search this for yourself at
http://unpublishedottawa.com/letter/881 ... -investors

That's right, the vast majority of investment registrants are just salespersons!


That's right, the vast majority of investment registrants are just salespersons! These people are not legally required to place the interests of the investor ahead of those of their dealer. This is the bait and switch and the root cause of a great deal of harm being played out upon nearly every Canadian investor. The Dealing Representative legally acts as an agent of the dealer, and NOT firstly an agent of the investor. Client relationship rules currently allow this to be hidden from your view, and the investor is expected to be responsible for learning this information themselves. Many unfortunately learn the hard way.

Screen Shot 2012-11-29 at 11.26.36 AM.png



On September 17th 2015 the Ontario Securities Commission released a report called “Mystery Shopping for Investment Advice” which uncovered a number of disturbing facts. One being that the shoppers encountered no fewer than 48 different business titles during the shops! Investors need better protection than a standard that permits registrants to choose their own business titles based on meeting minimal standards of accuracy and misrepresentation.
http://www.osc.gov.on.ca/en/Investors_i ... report.htm

Dealing with a salesperson when you think you have a professional “adviser”, is thus the epitome of a deceptive relationship


Dealing with a salesperson when you think you have a professional “adviser”, is thus the epitome of a Buyer Beware relationship, despite new Client Relationship (CRM2) rules effected in 2016. Seven out of ten Canadians believe they are working with a financial expert with a legal obligation to look out for their best interests.

How could so many Canadians be so misled? Sadly because this deception and word trickery is not what the investment industry promises the investor. They proclaim nearly everything but the need for their customers to be warned they are entering into a “buyer beware” relationship. See our previous report on deceptive advertising and you will understand why. http://sipa.ca/library/SIPAsubmissions/ ... 150505.pdf

It is estimated that hundreds of billions of dollars are lost by Canadians over the past few decades during which this salesperson/broker/advisor/adviser ruse has taken place. (1988 to 2016)

This 1 min 40 second tutorial walks you through the CSA web site to give you the specific license or registration category your so called advisor holds, not what they purport to be with non-regulated marketing titles. https://youtu.be/zIjt0qRsJKg

You should also be aware that it is not uncommon for industry representatives to have more than one designation. For example the representative may be registered as
A “Portfolio Manager” with responsibility for managing accounts or operating a discretionary and has a fiduciary responsibility
An “Advising Representative” qualified to give investment advice and has a fiduciary responsibility
A “Dealing Representative” qualified to sell financial products but without fiduciary responsibility or responsibility to look after clients’ best interests.

Page Three

This multiple registration enables your representative to “change hats” and work with you as a sales person without responsibility to look after your best interests even though he may be qualified as a Portfolio Manager or an Advising Representative. This is just one of the “dirty tricks” played by the industry to deceive investors.

Practically all professional investors have a fiduciary adviser, while 99% of retail investors, ordinary Canadians like you and I, are “switched” to commission salespersons wearing a false title and disguise. It is a simple two-tier investing system with legal protections for the professionals, and “slim-to-none” protections for the majority of Canadians. A fiduciary “Adviser” is legally obligated to place his or her skills to work in managing your money as best as can be professionally done. A non-fiduciary “Dealing Representative” (salesperson) can sell you anything that they deem “suitable”, even if it is second, third, or fifth down the list of quality or efficiency. The “suitability obligation” is the equivalent of a used car dealers obligation. See this investor warning from the ASC on this topic. What’s in a name? Does the title of your investment professional matter? http://www.albertasecurities.com/invest ... aspx?ID=63

my clients are really counter-parties that I can make money off


Here is a link to a short video where Ex TD Bank CEO Ed Clark states that the culture of greed in banks allows for a business model that in essence says “my clients are really counter-parties that I can make money off “ https://youtu.be/23xWWsGp6vU

“Suitable" is like saying "this wine is drinkable”, or “all our food is edible”. It is the lowest industry standard, and would be acceptable only to someone who would accept investments from a Bargain Outlet Store...


“Suitable" is like saying this water is “drinkable”, our food is “edible”. How many of you would patronize a restaurant whose written obligation to the public is that “our food is edible”, our steak is “chewable", “suitable for consumption", or "our wine is drinkable”?! That is unfortunately the benchmark standard required of the investment Dealing Representative.
Most salespersons (Dealing Representatives) in Canada, prefer to utilize the non registered title of “advisor”, to deceive the public into belief that they are legally licensed in the professional category of “Adviser”, or Advising Representative. “Advisor”, as we shall soon show you, has no meaning in securities law, and thus no meaning to the securities regulators in Canada.

The following quote comes directly from Mr. Chris Besko, who is the lead counsel for the Canadian Securities Administrators. The CSA is the umbrella organization that oversees the 13 Provincial and Territorial Securities Commissions. He states:
“Financial Advisor, as you noted, is a common title which many persons use, whether they are registered under securities legislation or not. ….” “The use of this title is not generally prohibited, and may be used by anyone…” “We do not prescribe specific titles to be used by those persons who are either dealing or advising in securities…”

This hiding behind a non-regulated title, with no meaning in law, means that Investment Dealers and salespersons are also hiding the fact that they can act as a counter-party to your financial interests, just like any commission salesperson might do.
These ignored protections have the potential to do more harm to the retirement security of Canadians than the dollar-value-harm of all other crimes in Canada, even when combined together. This will be revealed in some detail in an upcoming report in this series.

Page Four

They can hide best advice, and best products, from customers. They can profit from the greater rewards of selling you substandard or higher fee investments because they are salespersons, not professional advice givers with the agency duty and legal obligation to look out for your best interests.

This “ruse” does not meet the test of “fair, honest and good faith dealing”, as promised and required, by the Canadian investment industry.


This “ruse” does not meet the test of “fair, honest and good faith dealing”, as promised and required, by the Canadian investment industry. Imagine if non-licensed “doctors”, or non-legal “lawyers” were found able to fake credentials, and hide a false duty of care to the public behind implied duties which did not exist? This deception has the ability to cut your retirement in half! A future report in this series will further explore how many methods/tricks can follow this root deception, and how these methods/tricks can easily cut the retirements of millions of Canadians by half or more, putting the other half (or more) into the pockets of clever investment dealers.


Call your provincial MLA or Federal member of Parliament and ask them how securities regulators can allow over 30 million Canadians to be deceived regarding their financial security. Ask them to create sole-purpose, investor protection organizations, outside of the influence of the Securities Commissions, to protect Canadians. Millions of dollars are being spent by industry lawyers, regulators and lobbyists speaking to your government to protect these deceptions.

Provinces who wish to protect the public from unfair dealing, should establish Investor Protection Agencies, with government staffing, government funding, and police-like powers, including a mandate to involve the criminal code, which is now often ignored in favour of “self” regulation. These agencies could direct their energies to sole protection of consumers, rather than the “dual-master/dual-mandate” style of regulation that is failing us.

An Investor Protection body should not contain committees or boards who are filled with industry spokespersons, but should be over-weighted towards persons who can demonstrate and uphold a strong public interest protective mandate. Any board protecting the financial health of a nation, or its citizens must be designed to be robust enough to resist the pull of billion dollar corporations.


“Where the fundamental nature of the relationship is one in which customer depends on the practitioner to craft solutions for the customer’s financial problems, the ethical standard should be a fiduciary one that the advice is in the best interest of the customer. To do otherwise —
to give biased advice with the aura of advice in the customer’s best interest — is fraud.”


James J. Angel, Ph.D., CFA and Douglas McCabe Ph.D., McDonough School of Business, Georgetown University, “Ethical Standards for Stockbrokers: Fiduciary or Suitability?” Sept. 30, 2010

http://papers.ssrn.com/sol3/papers.cfm? ... id=1686756 

Page Five

APPENDIX

Categories of Registration and Their Meaning


"Did you know? Not all financial advisers and firms are the same.

There are lots of different titles and designations that a financial professional may have. But it is their category of registration that lets you know the range, breadth and depth of advice and products they can offer."
http://aretheyregistered.ca/#

There are 121,932 registered persons in Canada as “Dealing Representative” (CSA detailed search page as of September 16, 2016)

There are 4,076 registered as Advising Representatives in Canada

17 are registered as “Adviser”

There is NO CATEGORY for the title of “Advisor” (spelled using “or” at the end), and yet up to 100,000 commission salespersons in Canada use this title to market themselves, contrary to Securities Act Laws against misrepresentation.


Source:

http://www.securities-administrators.ca ... &history=1

What exactly do these categories mean?

Dealing Representative: A sales person – what they can sell depends on the firm they work for and their registration.

Advising Representative: A person who provides advice on securities to clients. They can manage your investment portfolio according to your instructions. They can also make decisions and trade securities on your behalf.

http://www.securities-administrators.ca ... ies_en.pdf

Page Six

When you hand over your savings are you looking for a product pusher? A salesperson? Or are you expecting and looking for unbiased investment advice that is in your best interests? They might call themselves any number of different titles but what category are they actually registered in? If they are registered as a Dealing Representative then they are a salesperson.

If you look at the numbers across Canada the odds that your financial advisor is a Salesman are very high.

Alberta

There are 2,335 records found for Advising Representatives
There are 27,057 records found for Salespersons (Dealing Representatives)

British Columbia
There are 2,368 records found for Advising Representatives
There are 32,416 records found for Salespersons (Dealing Representatives)

Manitoba
There are 1,648 records found for Advising Representatives
There are 11,288 records found for Salespersons (Dealing Representatives)

New Brunswick
There are 1,268 records found for Advising Representatives
There are 8,839 records found for Salespersons (Dealing Representatives)

Newfoundland and Labrador
There are 1,057 records found for Advising Representatives
There are 6,414 records found for Salespersons (Dealing Representatives)

Northwest Territories
There are 518 records found for Advising Representatives
There are 3,877 records found for Salespersons (Dealing Representatives)

Nova Scotia
There are 1,444 records found for Advising Representatives
There are 10,609 records found for Salespersons (Dealing Representatives)

Page Seven

Nunavut

There are 450 records found for Advising Representatives
There are 3,273 records found for Salespersons (Dealing Representatives)

Ontario
There are 3,589 records found for Advising Representatives
There are 63,888 records found for Salespersons (Dealing Representatives)

Prince Edward Island
There are 877 records found for Advising Representatives
There are 5,369 records found for Salespersons (Dealing Representatives)

Quebec
There are 2,097 records found for Advising Representatives
There are 35,760 records found for Salespersons (Dealing Representatives)

Saskatchewan
There are 1482 records found for Advising Representatives
There are 11,906 records found for Salespersons (Dealing Representatives)

Yukon
There are 542 records found for Advising Representatives
There are 3,943 records found for Salespersons (Dealing Representatives)


Registration information was last refreshed on 2016-10-03 18:26 PST.
http://aretheyregistered.ca/

We feel that this is a deception of the investing public. Can your trust your life’s savings to institutions who are hiding the true license and duty from you?

It seems as if that would be like flying in an aircraft where the pilot did not hold a pilot’s license……



Screen Shot 2016-10-08 at 2.52.16 PM.png
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Re: Broker/Advisor Disguise and Deception

Postby admin » Mon Sep 12, 2016 10:31 am

The Broker/Advisor Bait and Switch goes like this.....
."Trust me, I am a professional advisor"......(then a few years later)......"Oh, I am so sorry your trust was misplaced, as we are only brokers and order-takers in law......you misunderstood this, and thus you are the author of your own misfortune....."


Screen Shot 2013-03-04 at 10.17.37 AM.png



P18 - http://www.fasken.com/files/Publication/4cf45b14-e485-48e4-aa0a-da03f61fc5bd/Presentation/PublicationAttachment/b246cb59-696f-49e9-a746-8f905e0437d7/LIABILITY_AND_DAMAGES.PDF

“In 1991, one of the last rejections of the “know your client” and suitability requirements appeared in the common law. At trial, in Reed v. McDermid St. Lawrence Ltd. 33 (“Reed”) the judge held: (i) that an IA has a “duty to warn” a client of exceptional risks, (ii) that the “know your client” rule was the “basic ethic of the [IDA]”, and (iii) that the “know your client” rule requires an IA to be “genuinely persuaded that the customer knows what he is doing.” However, the British Columbia Court of Appeal reversed this decision and held that, absent the existence of a fiduciary relationship, the sole purpose of the “know your client” rule is to serve as a credit check to protect the investment dealer. The Court of Appeal stated: It is not doubted that brokerage firms need to know a good deal about their clients for their own purposes, especially for the purpose of avoiding purchasing stock for a client who cannot pay for it. That is a far cry from saying that a broker owes a duty to the client to put his nose into his client’s business before taking instructions from the client for the purpose of protecting the client from inadvisable transactions initiated by the client.”


Larry asks the following of the other professionals who give input here:
Would it be at all fair, if I held the impression that what the courts miss in this Court of appeal ruling, is that there are virtually NO persons or entities out there portraying themselves honestly as “brokers”?

They all seem to be elevating themselves to the status of “advisor”, albeit without the necessary license and duty of care…..and they point that out clearly when their misdirection gets them into trouble. Pit they do not take care enough to point that out when luring clients into a special trust relationship….


Larry

youtube video outlines the problem in more detail Investment Advisor Bait and Switch, GET YOUR MONEY BACK! https://youtu.be/KH6XMXlfdBw

HBO's John Oliver video does an even better job, very clear, very funny. http://unpublishedottawa.com/letter/76561/third-world-style-securities-regulators-allow-fake-advisors-pick-your-pockets

================

Six minutes later, and one of the top investment minds in Toronto, Ontario, sends me this reply:

From the same source document: http://www.fasken.com/files/Publication/4cf45b14-e485-48e4-aa0a-da03f61fc5bd/Presentation/PublicationAttachment/b246cb59-696f-49e9-a746-8f905e0437d7/LIABILITY_AND_DAMAGES.PDF

In the same year “Rhoads v. Prudential-Bache Securities Ltd” (trial judgement) found there to be a fiduciary relationship and this is the ruling on appeal:

: What, then, is the duty of a stockbroker who chooses to offer financial, investment and taxation advice, in addition to the services of a broker or “order-taker”? A stockbroker who merely makes sales and purchases on the instructions of clients may well have no responsibility for the wisdom of the transactions involved. The broker may, if asked, agree to give opinions on purchases or sales, and may make it apparent to the client, if not already well understood between them, that these constitute no more than personal opinions, and are not in the nature of considered investment advice. Where, however, as here, the firm and its employees seek to enhance their business by offering guidance to would-be investors – on “growing and managing retirement wealth” and “keeping investments safe”, and to serve in “ways that no one else can” through the advice of “two financial advisors with 22 years of combined investment and taxation experience” – they must expect that their advice may be relied on as that of skilled, independent professional advisors. Stockbrokers who carry on business in this way accept responsibilities beyond those involved in bringing together buyers and sellers. They undertake the duty of providing careful, competent, considered professional advice of a sort in which clients, especially those who have no experience of their own to guide them, may well place their complete reliance… In such circumstances, a financial advisor must be taken to assume duties similar to those of any other professional advisor – doctor, accountant, engineer, lawyer – in the sense of being obliged to take reasonable steps to ensure that customers or clients are aware of the available options, and of the main potential benefits and risks associated with them. … It seems to me that the case in ordinary tort law professional negligence is clearly established by the trial judge’s findings of fact, and that there is no need to embark on a consideration of any distinctions which might arise, so far as these appellants are concerned, with respect to the claims made in contract and breach of fiduciary duty

[color=#FF0000]What then happened was “Varcoe v. Sterling36 (“Varcoe”)” “the courts found a suitability requirement exists even in situations where a fiduciary relationship does not exist”.

So part of me wonders whether prior to Varcoe V Sterling whether there was a developing fiduciary standard status being developed for advisors via common law. Varcoe v Sterling scuppered this move by allowing common law to find a lower standard. But the dynamics are clear: the trend is towards increasing advisor responsibility and that where we are at is a point on the curve not a point on a map: the one is moving towards something, the other is fixed.
[/color]

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Re: Broker/Advisor Disguise and Deception

Postby admin » Wed Jun 01, 2016 9:58 am

Guest Post by Ken Kivenko, Kenmar Associates, Investor Education and Protection

June 1, 2016

Misleading “ Advisor “ Titles

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June is seniors month in Canada .
Regulators will warn people to check registration and to look out for fraudsters. The sad fact is Canadians lose more money from registered “ advisors” through a number of devious tricks. One of them is to use titles that mislead.

Canadian financial consumers of financial services and products are confused about their advisors' obligations to them. The industry is rife with an alphabet soup of titles that have no legal standing, designations that split according to industry sectors, and standards of proficiency that range widely. Commonly used business titles include advisor, financial advisor, investment advisor, financial planner, wealth advisor, and investment associate.
The actual registration is salesperson or dealing representative.


Many of these business titles do not, on their own provide a meaningful description of the type of services and/or investment products that a licensed representative can offer to a client. The requirements to earn and maintain these financial designations vary greatly. Some professional designations take years of work or classroom study, while others can be obtained after a weekend seminar or through online self-study. Some titles are nothing more than marketing tools .

Simply put, the criteria to obtain and maintain these various financial designations vary widely. Very few firms provide clients with any explanation of what these financial designations mean in practice.
Seniors are a special target. Some financial professionals use designations that imply that they are experts at helping seniors with financial issues. Many seniors, however, don't understand the sets of initials that may follow the names of these financial professionals or the meaning of the titles - such as "senior specialist" or "retirement advisor" - they use to market themselves.

The education, experience, and other requirements for receiving and maintaining a "senior" designation vary greatly. In some cases, a financial professional may need to study and pass several rigorous exams - after working in a designated field for several years - to receive a particular designation. In other cases, it may be relatively easy in terms of time and effort to receive a "senior" designation, even for an individual with no relevant experience.

Here’s some Videos that illustrate the use of misleading titles:

https://youtu.be/8_K4pqx4kIc?list=FLy8d ... JBa_l0w7AQ Cary List FPSC gets to the point in about 35 seconds in this video

http://www.cbc.ca/player/play/2685049949 CBC news also gets to the point in less than the first minute of this video

We encourage you to thoroughly evaluate the background of anyone with whom you intend to do business - before you hand over your hard-earned cash. You also should ask questions - that's the best advice we can give you about how to invest wisely. We see too far many investors who might have avoided trouble and losses if they had asked basic questions from the start.

More of Ken Kivenko's work on investor protection and investment system best practices can be found here: http://www.canadianfundwatch.com

CAVEAT EMPTOR
Thanks to Larry Elford for his assistance
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Re: Broker/Advisor Disguise and Deception

Postby admin » Fri Apr 01, 2016 4:27 am

https://www.linkedin.com/pulse/financia ... es-robbins

Screen Shot 2016-04-01 at 5.27.56 AM.png


What a great article and info from Tony Robbins!!


The Financial Services Industry Needs to Stop Bullying Its Customers. Here's How.
Mar 31, 2016
In this series, professionals debate the state – and future – of their industry. Read more here, then write your own #MyIndustry post.

We can all remember a time during our formative years when a bully used their position, power or sheer physical presence to push around someone who seemed like an easy target.

At 5'1" my sophomore year of high school, I was the short fat kid who wanted to “change the world” — not a popular thought at that stage of life. Although wrapped in a temporarily small package (I am now 6'7"), I was fiercely protective of anyone who was suffering under the tyranny of these kind of kids.

The nose guard of our football team was one such buffoon. He was 6'2" and almost 300 pounds. During lunch one afternoon, I witnessed him pouring chocolate milk over the head of my helpless friend while he laughed to the applause of his band of letterman-jacket cronies. Without missing a beat, I got in his face. After a barrage of colorful language that caught him by surprise, I threw the hardest punch I could and ran like hell. Unfortunately, I wasn’t very fast!

Decades later, I still do not tolerate bullies.
The bullies of the financial services industry are those who extract as much value for themselves to the detriment of others.
I don’t think there is an educated person in America who doesn’t think that the system feels set up for those in the know. The rest are left out in the cold.

In 2008, while watching many of my friends and clients lose half of their nest egg to the market crash and real estate crises, it struck a deep chord. Having grown up with very little, I was reminded of the pain. These weren’t just statistics to me. I was reminded of nights where my own family went with little or no food. That fearless high school kid in me was kicked into gear. I knew I had to take action.

For decades now, I have been blessed with the incredible gift of “access.” Access to some of the most brilliant minds and peak performers in their own fields.
I’ve had the privilege of coaching Paul Tudor Jones, one of the top 10 traders in financial history, for 22 straight years now. He hasn’t lost money in any of those 22 years. As his coach, I have been inside the ropes, and what I have learned from him has been invaluable to my own situation.

In early 2009, I thought, what if I sit down and get 50 of the top financial minds, from Carl Icahn to Ray Dalio to Warren Buffett to Vanguard Founder Jack Bogle… and more? I wanted them to share their own perspective, and I asked them, “Is the game still winnable for the average person?” Even in a world where 70% of the daily trades are made in microseconds by supercomputers.



The good news is that the answer is yes! And I was able to extract the specific strategies and tools in my #1 New York Times best-seller Money: Master the Game, which just this week we released in paperback and is available for FREE (just pay shipping & handling). Go here to pick up your copy.

Note: I dedicated 100% of the profits from the hardcover to the top hunger relief organization “Feeding America,” and I proud to say that we have provided over 102 million meals so far to people in need!

The foundation of winning the game of money is that you MUST know the rules of the game before you blindly throw your money at a bunch of mutual funds your brother-in-law wants to sell you. Or before you trust your 401(k) to get you through your golden years. For example, 67% of investors think they pay no fees in their 401(k), when in fact it’s a gravy train for the brokers, plan providers, and mutual funds that are on your plan menu. Heck, the 401(k) industry didn’t have to disclose their fees for over 30 years! Now they offer you 30-50 page disclosures that you and 99.9% of people have never seen nor read. They are opaque at best, predatory at worst.

I had one singular outcome when I set out to write the book — to help people become the chess player, and stop being the chess piece.


One of the foundational lessons to becoming the chess player is to find a highly qualified advisor who doesn’t have conflicts of interest. It’s common sense that’s not so common. You wouldn’t believe the level of abuse and the lengths the major firms go to in order to mask these conflicts in the multi-trillion industry of wealth management.

I have educated millions of people now on the difference between a fiduciary (also called a registered investment advisor, or RIA for short) and a broker. A broker sells and receives compensation for products or funds, while a fiduciary is required by law to put your interests first. I am a firm believer that the advice you receive should be separated from the products or funds you buy. Would you go to a doctor who manufactured and sold his own medicine? Of course not! But the vast majority of the financial industry isn’t legally obligated to put your interests first like a doctor. You heard me right. Well over 90% of financial advisors in this industry are brokers. They don’t call themselves brokers, of course. Their titles are financial advisors, wealth managers, etc.

The vast majority of people I meet, both the sophisticated and unsophisticated, are still unaware of the difference, or they wrongfully assume their advisor is a fiduciary (hint: nearly all name-brand firms are brokers in disguise). If your financial advisor is with a firm that has their name on a sports stadium, blimp or race car, there is a high probability that they are a broker. They are master marketers, and they make it feel or sound like they are giving unbiased advice, but we would be naïve to think that their own pockets aren’t the priority.



Go here to watch behind-the-scenes, exclusive footage on this topic.

To be sure, many advisors are wonderful and committed people who truly believe they are doing what’s best. This is by no means an assault on their character or good intentions. But one can be sincere and sincerely wrong. Most advisors are trained by and work in a system that is hardwired to make money for the “house” and reward those who produce sales. Compensation drives behavior, so they certainly don’t wake up each day seeing the conflicts as an issue. As Upton Sinclair famously said, ‘It’s hard to get a man to understand something when his salary depends on him not understanding it.”

Over the past couple years I went on countless talk shows, radio shows, wrote articles and created videos, all with the intent of educating Americans on the damage caused by this broken model where the person you trust with your financial future is rewarded for selling high-commission products, proprietary funds, while layers of hidden fees go unnoticed.

And although we’ve come a long way in sharing the truth, I’ve recently learned we have a new problem. And it’s even worse!
Nearly a year after the first edition of my book was released, I was introduced to Peter Mallouk — an impressive guy, even by my standards. He is, by all accounts, the epitome of excellence in the wealth management world. Peter and his firm, Creative Planning, manage nearly $20 billion in assets and carry a number of prestigious accolades — including being the only wealth manager in history to have been ranked #1 Independent Financial Advisor in America by Barron’s three years in a row. And they are also now ranked the #1 Wealth Management Firm in America by CNBC for the second consecutive year. It’s great to see a true fiduciary topping the charts. Creative Planning’s typical client is the millionaire next door, but they also have an elite group that works the ultra-wealthy ($10 million or more).

Peter and his team, with a little arm twisting from me, recently went from serving only higher net worth folks to opening up a new division to accept smaller accounts. His team will provide a complimentary second opinion to anyone and help them uncover the layers of conflicts, hidden fees and proprietary funds in their current scenario. A free second opinion from the #1-ranked firm is a no brainer. (http://www.TheNumberOneFirm.com)

Peter had asked for a meeting with me, knowing my passion for protecting clients and my commitment to real and absolute transparency in the personal financial sector. What he shared with me left me completely disheartened.

After years of trying to educate millions of people on the difference between a broker and a fiduciary and stressing the need for a fiduciary standard, Peter showed me a mountain of evidence that many “fiduciaries” were exploiting a legal loophole to make additional revenue off unsuspecting clients.

How so? It turns out that fiduciaries can moonlight as a broker when it suits their pocket book. You heard me right.
Somehow, regulators will allow advisors to be both a fiduciary and a broker through a process called “dual registration.” One foot in both camps. Talk about a wolf in sheep’s clothing.
That’s like sitting in your doctor’s office and after diagnosing you, he prescribes you a medication that he mixes up in the backroom and sells at a profit! We would never accept such a conflict!

“It gets worse, Tony!” Peter carried on…

“Some fiduciary advisors are actually receiving additional fees and kickbacks for directing people to specific funds under the guise of 'shareholder services fees' or 'consulting fees.'
Or, in some cases, they have been so brazen as to sell proprietary products under different names where they made more money for recommending an inferior product! And although disclosed in fine print, the client is unsuspecting.”

I was dumbfounded and disheartened, but I also know that we must empower people with knowledge they need to avoid these land mines.
There are lots of high quality firms out there, so I asked Peter to
give people the criteria they need to first discover if they are working with a broker or not, and then how to make sure the fiduciary you select is operating solely in your best interests...


Aside from making sure that the firm is registered with the SEC as a registered investment advisor, the most important criteria is to make sure that that person/firm is not affiliated with a broker dealer
(and ask for it in writing.) This is the “dual registration” I explained above. (Tip: If the advisors website or email says “Securities offered through […],” you are dealing with a broker.)

Make sure your advisor does not offer any proprietary funds.
Some firms create their own products/funds to increase revenues and then put those products in their client’s portfolios. In other words, you may be paying a firm to advise you to buy their own products! If you are paying for investment advice, you deserve to expect that the advisor is selling you investments as well. (advocate comment here: "I believe that this last line should read, ....you deserve to expect that the advisor is NOT selling you investments as well. I could be wrong but I think the editor missed the word NOT)

Make sure the registered investment advisor is compensated based on a percentage of your assets under management — and
never more than 1.25% in annual advisory fees for comprehensive financial planning. Preferably this number should be 1% or even less if you have substantial assets to invest.
Be sure there are no “12b-1” fees, shareholder service fees, consulting fees or other “pay-to-play” fees.

Make sure the registered investment advisor is not compensated for trading stocks or bonds.
If you are a bond investor, the most flagrant fouls in this industry are the “markups” charged by the broker and the firm. (Tip: If your advisor says you pay no fees on your bond portfolio, beware! Ask specifically if any bonds are “marked up.”)

Don’t just give an advisor your funds directly. You want to make sure that your money is held with a reputable third-party custodian
, such as Schwab, TD Ameritrade or Fidelity, which offers you 24/7 online account access sends monthly statements directly to you. (Note: A fiduciary using a firm like ones named above to custody your investments is NOT the same as the retail branch of these firms.)

When looking at an advisory firm, be sure the firm has educated and credentialed advisors on board. When you go to a doctor, you want to make sure they have the M.D. credentials to back it up. The Certified Financial Planner designation, CPAs and attorneys are all good qualifications to have on your financial team.
Since penning this article, I have decided to align myself with Creative Planning by becoming a board member and Chief of Investor Psychology. My mission is to help people from making poor emotional decisions during volatile times and help them connect to their core purpose so that they will take control of this area of life.



After all, we aren’t really after “money” per se. We are after the emotion that money gives us. Freedom, security, comfort, contentment, or whatever it is for you. But what if we could tap into the emotion we really want, so that we enjoy the journey to financial freedom and not wait “until” before we give ourselves permission to have an extraordinary life.

Live Strong and Live with Passion!

Tony

Note: As part of their efforts to educate and empower investors, Tony and Creative Planning have launched “Second Opinion.” This program, which is available for free on Creative Planning’s website, analyzes a client or prospect’s financial statements to uncover potential red flags in their existing portfolios such as proprietary funds, high-commission products, underperforming funds, and more.
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Re: Advisor Disguise/Deception

Postby admin » Thu Mar 24, 2016 6:27 pm

Update from the ASC as of April 19th, 2016

(shortened version is this ......we exempt the laws for any investment firm, however we may or may not apply the laws of Alberta to those same firms, depending ......:)

Below is the actual reply to a complaint to the ASC of license concealment and misrepresentation by an ASC registrant:

Good morning Mr. Elford,

Thank you for your March 21, and April 17,2016 emails.

The ASC is responsible for administering Alberta securities laws, including investigating, prosecuting and sanctioning breaches. ASC staff will review your concerns to determine if they relate to issues within our jurisdiction, and whether they point to possible breaches of Alberta securities laws. If they do, we may conduct further investigation, discuss the issue with the business or individual(s) involved, and if appropriate apply to have administrative or other sanctions ordered against wrongdoers. If our review indicates that the matter is not one that the ASC can address, we may refer the issue to another organization or even take no action and close our file. Not all complaints result in an investigation or public sanction.

If the ASC requires additional information, staff may contact you. However, you may hear nothing further, and even if we do contact you for more information, we cannot discuss any details of our investigations with you.

Under Section 45 of the Alberta Securities Act, ASC complaints and investigations are confidential until brought to the point of a hearing or enforcement action, at which time, all relevant evidence must be disclosed to respondents, complainants may be called as witnesses, and certain details are posted at the ASC website at http://www.albertasecurities.com. While we will take reasonable steps to ensure confidentiality and protect the identity of complainants, during the course of an investigation, the identity of complainants may become obvious to suspects.

Regards,
Dolores Ivany-Fagan
Assessment Officer



complaints

Alberta Securities Commission
Suite 600, 250-5th Street SW,
Calgary, AB, T2P 0R4

Tel: 403.355.3888
Fax: 403.297.2210
Email: complaints@asc.ca
http://www.albertasecurities.com

THIS MESSAGE IS INTENDED ONLY FOR THE USE OF THE ADDRESSEE AND MAY CONTAIN INFORMATION THAT IS PRIVILEGED AND CONFIDENTIAL. If you are not the intended recipient, you are hereby notified that any dissemination is strictly prohibited. If you have received this communication in error please reply to the sender immediately.-----Original Message-----
From: larry elford [mailto:lelford@shaw.ca]
Sent: April-17-16 3:07 PM
To: larry elford; Don Rodgers
Cc: complaints
Subject: Re: Complaint to Don Rogers and ASC Complaints, regarding deception and license misrepresentation contrary to Alberta Securities Act and harmful to the public interest

Dear ASC.

As nearly one month has passed since initiating a complaint with the ASC about “dealing representative” misrepresentation (license misrepresentation), I was hoping to obtain a reply indicating receipt of the complaint, and perhaps some indication if anything is to be done.

I thank you in advance for your reply to this consumer protection issue.

Larry Elford

==========================



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March 24, 2016

Email:
complaints@asc.ca
Fax:
Attn: Assessment
(403) 297-2210
Mail:
Attn: Assessment
Alberta Securities Commission
Suite 600, 250–5th St. SW
Calgary, Alberta, T2P 0R4
Phone:
(403) 355-3888

This complaint involves the following conduct of registrants under the ASC:

1.
Concealing the license or registration category of the registrant, contrary to section 100 of the Alberta Securities Act.



2.
Hiding the commission or fee-based “salesperson”-role, of the registrant. It seems ironic to allow “trusted” participants under the supervision of the ASC, to gain the trust of customers through the use of an industry deception.



3.
Concealing the license or registration category of a registrant also brings with it the effect of hiding the agency duty-of-care, and the degree of loyalty owed to investors.


The public is left in the dark as to whether the loyalty implied is a true fiduciary loyalty, or a ruse based on a misrepresentation.




Complaint Particulars

On Saturday, March 19, 2016, an advertisement was placed in the Lethbridge Herald newspaper announcing a new investment “advisor” being welcomed to the Lethbridge office of CIBC Wood Gundy.
 
Upon doing a registration search for the person being announced in the ad, it shows this individual (Margaret Purvis) is actually registered in Alberta as a “dealing representative”.

Enclosures:

Page 3 Copy of Saturday, March 19, 2016, advertisement placed in the Lethbridge Herald newspaper by CIBC.

Page 4 Copy of National (CSA) registration search showing this person a “dealing representative” and NOT an advising representative (not an advisor, nor an adviser under the law)

Page 5 Copy of the CSA registration categories and descriptions, showing the “dealing representative” category and description.

Page 6 Copy of the CSA registration categories and descriptions, showing the “advising representative” category and description.

Page 7 Copy of Alberta Act Section 100, “Representation or holding out of registration”
100(1) A person or company shall not represent that the person or company is registered under this Act unless…..continued



Advertisement:
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Copy of National (CSA) registration search showing this person a “dealing representative” and NOT an advising representative

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Copy of the CSA registration categories and descriptions page, showing the “dealing representative” category

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Copy of the CSA registration categories and descriptions, showing the “advising representative” category ([i]THIS is the category required to call oneself an "advisor" or more properly "adviser" in Canada.)

Screen Shot 2016-03-24 at 3.14.08 PM.png



Below is copy of the relevant section of law, The Alberta Securities Act

http://www.qp.alberta.ca/documents/Acts/s04.pdf

Representation or holding out of registration
100(1) A person or company shall not represent that the person or company is registered under this Act unless

the representation is true, and

(b) in making the representation, the person or company specifies the person or company’s category of registration under this Act and the regulations.

(2) A person or company shall not make a statement about something that a reasonable investor would consider important in deciding whether to enter into or maintain a trading or advising relationship with the person or company if the statement is untrue or omits information necessary to prevent the statement from being false or misleading in the circumstances in which it is made.

http://www.qp.alberta.ca/documents/Acts/s04.pdf

Violations may include, but are not limited to:


Principles of fairness, honesty and good faith are the simplest and most basic rules required under IIROC (investment Industry Regulatory Organization of Canada)

Competition act provisions against misrepresentations made to the public, even those based upon size, strength or abuse of market dominance.

Fraud provisions Sec 380 and fraudulent concealment provisions Sec 341 of the Criminal code of Canada

Misrepresentation rules of IIROC, industry self regulator

Rule against dishonest treatment by an agent or in contract law as provided by Supreme Court rulings in last year or two. (Participants in a contract or agreement owe a duty to be honest with the relationship….. or the equivalent)


This complaint appears to be an example of deceiving the public. I look forward to a reply from the ASC on this matter.

Larry Elford
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Re: Advisor Disguise/Deception

Postby admin » Fri Mar 04, 2016 6:25 pm

Screen Shot 2016-03-02 at 10.55.14 PM.png


BIG BOX LIES……INVESTMENT SALESPEOPLE IN DISGUISE

A few years back there were several big box electronics stores in my area. After a time it became known that one of those stores was keeping a couple of secrets from its customers.

The first secret was that their salespeople were on a commission, and they had hidden incentives to sell things that were more expensive (or more profitable to them) than necessary.


The second secret, was that the retailer was known for buying up boatloads of last year’s electronics models, or older stock, and not telling its customers that they might be buying an older model.

The first secret, led to other, more ethical retailers to start a campaign that said, “all our staff are non-commission”. “We are here to help you to get the best product at the best price”.

This same game of secrets is taking place with the retirement and investment savings of tens of millions of North Americans. See what Barrack Obama says about this here https://youtu.be/GQXJx23acxY In Canada we are silent for polite Canadian reasons, and some not so polite reasons.

In the investment industry 99% of salespeople (aka “advisors”) are also on commission, and they can and do find that their dealers have some bad investment products to sell
(see THE BIG SHORT movie).

In contrast there are financial professionals (search FIDUCIARY topic) who are paid a fee to NOT take advantage of the customer, and to serve them as one would expect from a professional. Like a Doctor is required to do. (the good guys:)
This link quickly shows how a former TD Bank CEO and Tony Robbins describe those two roles https://youtu.be/23xWWsGp6vU Quite a surprise with what truth the banker carelessly reveals.

The trouble isn’t that there are “salespeople” in the investment products business.
The trouble is that 99% of those on commission, (aka broker, registered rep, salesperson, “advisor”) are hiding this fact from their customers, just like the old electronics store did.


“Advisors” in Canada cleverly conceal the four most important items from customers:

Hide their exact license. Hidden. They will call themselves by a title,
usually one that sounds amazingly close to what a professional would use, like “advisor”, when the lawyers (and some securities regulators) will tell you this is not the legal word used in the Securities Act. (The legally followed word is “Adviser”) Too unbelievable? Canadian Securities regulators have admitted that this is the case, and FINRA in the USA has placed some hints on their website, but no, they are not warning the public… https://youtu.be/xoLiM40SD7k

Hide the agency duty of their license (to whom do they owe a loyalty to , the client, or their dealer?
Realtors MUST disclose to whom they owe an agency duty to, every time. “Advisors”?…Never.


Hide their true role as a commission salesperson.
Hidden.

Hide the hidden incentives of their dealer which might cause the salesperson to sell a less than stellar investment to you. (see SUITABILITY as a loophole here) https://youtu.be/aWulI3Kwi_A

They conceal these important things because deceiving the public on these four things is essential in being able to better earn the investors trust. Trust the the thing that causes investors to give their money to the “advisor”.
The retail investment industry chooses to lie to you to more readily gain your trust……..does anyone else see the irony in this business model?


This link talks about using false titles to fool and deceive investors, a
Quebec Superior Court Judge uses the word “fraud” 155 times in a case involving a CIBC “advisor”
. http://investorvoice.ca/Cases/Investor/ ... _index.htm

The Canadian Securities regulators and self regulators, all paid from money derived from the investment industry, should be telling investors this, as should the US regulators like the SEC, FINRA, SIFMA. But they choose not to rock the boat, and remain silent instead. Job security?

In Canada there is even a new 2016 initiative, called the Client Relationship Model (version 2) (CRM2 is the acronym) In this NEW and IMPROVED disclosure process, they have still failed to come clean on the secrets above.
I call it “CRIME 2” for them to allow consumers to be deceived so completely
by people who could be selling old electronics……Please let your politician know this is unacceptable in our country.

For more information on this topic, view some videos on youtube, they are in order of the most recent ones displayed first. https://www.youtube.com/user/investorad ... ature=mhum

Also visit the flogg topic titled Advisor Disguise/Deception at http://www.investoradvocates.ca

If you wish to join a social media group that tries to alleviate financial abuse by financial professionals, please join in at https://www.facebook.com/groups/albertafraud/
(this group has expanded to encompass Canadian and U.S. systemic abuses)

or https://www.facebook.com/groups/240100382792373/ Small Investor Protection Association of Canada

Twitter users can find me at @RecoveredBroker

Join the parade of investors and ethical investment professionals who seek to escape the “bait and switch”, of the commission salesperson, and find ethical professionals.

Read the entire case judgement about Margarin v CIBC here http://investorvoice.ca/Cases/Investor/ ... _index.htm
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Re: Advisor Disguise/Deception

Postby admin » Fri Feb 12, 2016 5:35 am

(This posting refers to U.S. broker self-regulator FINRA, Canadian self-regulator IIROC is covered on the following post)

"Self" regulation in finance, is often simple decriminalization...lets see how FINRA does it to America


the-big-bad-wolf.jpg


Imagine being able to call yourself a "doctor" simply by changing ONE VOWEL of your title, and skip the seven years and $300,000 cost of medical school....


Well, thanks to the folks at FINRA, and the concept of "self" in self-regulation, this is approximately what over a half million commission investment salespersons have been doing to the American public.

First fool them with a false title, second, sell them investments which the deceived customers think are in their best interest...but sales stats show, and experts know, that the non-fiduciary, non SEC licensed person is most often a mere salesperson (with a broker license and not adviser license) in "advice giver's" disguise.


FINRA:
Although most people would use an "o," we purposely spell adviser with an "e" when we talk about investment advisers.



Screen Shot 2016-02-10 at 8.24.24 PM.png


FINRA:
That’s because the laws that govern this type of investment professional spell the title this way.


http://www.finra.org/investors/investment-advisers

Professional Designations
FINRA Rule 2210 prohibits brokerage firms and brokers registered with FINRA from referencing legitimate degrees or designations in a misleading manner or referencing non-existent or self-conferred degrees/designations.
FINRA’s page on Understanding Professional Designations will help you learn more about professional designations http://www.finra.org/sites/default/files/registered-representatives-brochure.pdf

All securities professionals associated with a broker-dealer, including salespersons, must register with FINRA
. Salespersons may not conduct any securities business with public customers until all required registrations are in effect. from [url]http://www.finra.org/sites/default/files/registered-representatives-brochure.pdf
[/url]

FINRA, the "Self" Regulatory body, despite having rules forbidding the misrepresentation of brokers registered under FINRA, these rules are seemingly ignored by FINRA brokers who prefer the marketing term "advisor" since it sounds so cleverly like an SEC or State registered legal term "Adviser". I believe this to be an intentional misdirection of consumers, since virtually none are expected to know the underlying legal rules and different legal meanings between the legal term "adviser" and the non-legal word "advisor".

This intentional misdirection of the consumer is fraud, when it is done is such a clever, known and widespread fashion, despite rules and laws to the contrary.

1980_2009_08_035.JPG


FINALLY, this from the SEC:

Screen Shot 2016-02-12 at 11.22.53 AM.png


Individuals that are Registered Representatives of a Brokerage firm that are listed in FINRA's BrokerCheck system will also appear in search results.


All of SEC references use the legal spelling of "Adviser". All other references point to FINRA persons licenses as either "registered representative" license category (representative means they "represent" the dealer as agent, and not the client) (see link below for source)

I believe that if a FINRA member is referring to themselves as an "advisor" that this is an intentional effort to mislead the protective obligation, skirt the agency disclosure, and hide the license category of that person, contrary to any industry rules and laws.



http://www.adviserinfo.sec.gov/IAPD/Default.aspx

Securities Exchange Act of 1934
Rule 15c1-2—Fraud and misrepresentation
Rule 15c1-3—Misrepresentation by brokers, dealers and municipal securities dealers as to registration http://www.finra.org/sites/default/files/Series_9-10_Outline.pdf
FINRA Rule
1030 Series—Registration of Representatives
2010—Standards of Commercial Honor and Principles of Trade
2200. COMMUNICATIONS AND DISCLOSURES
http://finra.complinet.com/en/display/display.html?rbid=2403&record_id=11317&element_id=8255&highlight=2200#r11317
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Re: Advisor Disguise/Deception

Postby admin » Wed Feb 10, 2016 9:06 pm

Screen Shot 2016-02-10 at 8.49.48 PM.png


(This posting refers to Canadian self regulator IIROC, U.S. self broker regulator FINRA is covered on previous post)

Visit IIROC at http://www.iiroc.ca/Documents/WhyMatterBrochure_en.pdf to see why they feel they matter to investors.....

And yet.....they allow some 150,000 people in Canada to misrepresent themselves and their license or registration category from to investors. Deception? Fair? Honest? Good faith or fraud?

Screen Shot 2016-02-10 at 8.53.41 PM.png

click to enlarge this image (or read the quote below for it's wording)

*Use of the word Advisor – what this means:
In this investor brochure, we have used the general term “advisor” to refer to a number of offcial regulatory approval categories such as Registered Representative and Investment Representative. Please note that “advisor” is not an of cial IIROC approval category for individuals working at IIROC-regulated rms. ”Advisor” is also not being used in this brochure to represent an offcial registration category.


Yes, IIROC, which evolved out of the old Investment Dealers Association (IDA) (which had a horrific record of industry conflicts on interest), may not be as evolved away from their industry crony habits as they would like us to think. Case in point, is that they blindly allow Canadians to be deceived, while promising that they will be protected. What is that about IIROC?

The following says
"Don’t forget to ask if your firm or advisor is regulated by IIROC."


Screen Shot 2016-02-10 at 8.58.05 PM.png

click to enlarge this image

Perhaps it should state that IIROC does not even consider the word "advisor" to be legit.....Cant make this stuff up folks. (See the movie THE BIG SHORT to get a fair and honest glimpse of what regulation really looks like in the financial industry. They portrayed it more honestly than do the regulators. Seriously.

Screen Shot 2016-02-10 at 9.05.28 PM.png


https://youtu.be/LWr8hbUkG9s
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Re: Advisor Disguise/Deception

Postby admin » Tue Jan 19, 2016 9:24 pm

 "investment advisers are not the same as financial advisors and should not be confused" FINRA quote


How Investment Dealers Fool ALL of Their Clients, ALL Of The Time...(with a little help from "regulators":)

Screen Shot 2014-03-30 at 6.48.32 PM.png



Three tricks that the Investment “Advice” industry uses to deceive the retail investment customer


A lesson in self deception and cognitive dissonance for every customer of an investment broker/dealer.

1.   When the dealer says “trust us, we are “Advisors”, they are using that word as a “verb”  (verb meaning, : a word or phrase that describes an action, condition, or experience)

2.  When customers hear “Advisor”, their minds imagine a “profession”, like the profession of being a lawyer, an accountant or a Doctor.  

3.  The Securities Act of each province or territory carries rules or laws, specifying that they cannot mislead consumers in this fashion…..but captured regulation provides the perfect distraction from application of those laws, which interfere with profits.

There are three reasons for this congnitive dissonance:


1. The first reason the customer hears it incorrectly, is because the investment industry intentionally sells it in it's most misleading manner, with millions spent on advertising, promises of trust and integrity, on their web sites, etc.  Look at the advertising promises of your “advisor” and dealer, and see if they do not promise integrity and trust.  They were the top promises at RBC where I spent 17 years.


2.  The second reason the industry sells financial "advisors" to the public is to avoid a legally binding license and registration category found in each Securities Act.  This legal category is “Adviser.”  (spelled lawfully with an “e” at the end of the word, instead of “o”)  

3.  Third is the common belief that Securities Commissions would never allow such deceptive practices (violations to Competition Bureau laws) to be done to the public. This belief is yet another falsehood that enables the industry to profit greatly from each investor's own misguided assumptions.

This legal registration category (Adviser) does bring with it a duty of care similar to that owed by a Doctor or a lawyer.  It is called a “Fiduciary” duty and it is backed by a few hundred years of sound legal tradition.


When the typical investment customer sees or hears the word “advisor”, from someone representing a bank or a reputable corporation, they assume just what the Corporation hopes they will assume.  They are given no information and no way of differentiating it from the legal category of “Adviser” and they are given every opportunity to assume their non-fiduciary “advisor” is the same as the legal fiduciary “Adviser”.
This is an industry-wide lie by omission.


Such lies were prohibited at each bank that I worked at……while also being embraced at the banks where I worked.


Screen Shot 2012-11-29 at 11.26.36 AM.png


Canadian Securities regulators have admitted, after 15 years of hiding from the public, that this spelling trick is not imagined. Several Commissions have stated that they consider “Adviser” to be a LEGAL term found in the Act, and that the title “Advisor” is out of their regulatory jurisdiction and not a matter for their consideration.  

(They have not yet "cottoned on" to the illegality of 150,000 Canadian reps lying to the public about their “advisor” status…..but I digress)    (some of their written replies on this question found here:  http://www.investoradvocates.ca/viewtopic.php?f=1&t=193

In the US, FINRA is the self regulatory body, and they say this:
 "investment advisers are not the same as financial advisors and should not be confused. The term financial advisor is a generic term that usually refers to a broker (or, to use the technical term, a registered representative).”
 

Screen Shot 2014-12-04 at 7.55.48 PM.png


“By contrast, the term investment adviser is a legal term that refers to an individual or company that is registered as such with either the Securities and Exchange Commission or a state securities regulator. 
Common names for investment advisers include asset managers, investment counsellors, investment managers, portfolio managers, and wealth managers” http://www.finra.org/investors/investment-advisers#sthash.GDhp5cJ3.dpuf



FINRA also says;
“Although most people would use an "o," we purposely spell adviser with an "e" when we talk about investment advisers. That’s because the laws that govern this type of investment professional spell the title this way.”

http://www.finra.org/investors/investment-advisers#sthash.GDhp5cJ3.dpuf



Footnotes:  In the US, search BROKERCHECK here to see how your broker/adviser/adviser/whatever is registered:  http://brokercheck.finra.org

(Investor Caution: If your rep is registered in TWO categories, it is important that professional steps be taken to understand WHEN they are wearing each of their two very different hats....)


Dealing Representative means I represent the Dealer, not you...


In Canada, search CSA here to see how your “self titled “advisor” is registered.   (Remember that Dealing Representative means
"I represent the Dealer, not you”)   [url] http://www.securities-administrators.ca/nrs/nrsearchprep.aspx?ID=1325[/url]


“Advising Representative” is the legal category in Canada which is required in order for one to refer to themselves as “adviser” (or any variation of that word’s spelling according to some Securities Commissions).

#FINRA  "investment advisers are not the same as financial advisors and should not be confused"

A cautionary note about FINRA and Canadian regulators promise to protect the public:

The Canadian Securities Administrators (CSA) have gone to great lengths to hide, or conceal the exact category of the salesperson/advisor.
 As recent as 2016 changes were made to add additional layers of complexity to the search function at the CSA, leaving it fairly incomprehensible to the average person just what category their investment representative is registered in, and what it means.  

The result is that the Canadian search site appears to try and give easy access to search any “advisor” to see if they are indeed registered with the proper authority, while (cleverly again:) doing their utmost to hide from the public what exact category that person is registered in.  This is so apparent to users who are familiar with the CSA, that it calls into question their very ability to regulate this industry.  
$700,000 salaries, when paid by the industry, make even a government regulator pay attention to who is calling the tune...


The legal category of “Dealing Representative” was in the law as “Salesperson” until September, 2009, and many investment salespersons can be searched historically, to show this.  Again, this is something that the CSA is making difficult to see for an average web-site user, and it seems clear that revising history is the goal.  

Suggestion to protect your finances:

The industry and its captive regulators claim that investor education is important and suggest that the investors themselves are responsible for their investments while at the same time they claim that they (the regulators) offer investor protection which lulls the public into a false sense of security and leads them to place complete trust in their “Financial Advisor”.

The first and fundamental step in investor education should be to make people aware that the Regulators state that the titles “Financial Advisor” and even “Vice President” are unregulated business titles that can be used by anyone.

The second step is to make people aware that anyone using the title “Financial Advisor” is either:
1. An unregulated fraudster, or
2. A regulated “Dealing Representative – A sales person” whose only responsibility is to sell suitable products. He has no legal responsibility to look after his clients best interests or to have “Fiduciary Duty”.

If investors achieve this first level of awareness they will significantly reduce their risk of losing all of their savings as many people do every year when they place their complete trust in a commission motivated sales person.  

Finally if you were to find any of the professionals mentioned in this last line, you would be actually dealing with licensed, fiduciary-duty financial professional......just like you were led to believe when you bumped into your fake Corporate salesperson who said...."trust me, I am an advisor..."

Common names for investment advisers include asset managers, investment counsellors, investment managers, portfolio managers, and wealth managers”
http://www.finra.org/investors/investme ... p5cJ3.dpuf
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Re: Advisor Disguise/Deception

Postby admin » Sat Jan 16, 2016 9:29 pm

"Dealing Representative means "I represent the Dealer not you”


http://www.securities-administrators.ca/uploadedFiles/General/pdfs/UnderstandingRegistration_EN.pdf

Screen Shot 2016-01-16 at 9.30.09 PM.png



……And the image found below is an expanded and highlighted peek at the same page, showing the two most important/common registration categories for investment people in Canada.

The “fraud” if you will allow me to use that word, is when persons who are legally registered in the category of a “Dealing Representative” (of which there are approx 150,000 in Canada) DECEIVE their clients by referring to themselves as an “advisor”, without holding the registration (or legal duty) of an Advising Representative.


Screen Shot 2016-01-16 at 6.10.04 PM.png



An Advising rep is required to provide a fiduciary duty to clients, and as the name implies, to give advice. A “dealing rep” is a mere salesperson, without a fiduciary duty, and only “borrowing” (illegally if you read sec 34 of BC Sec Act) the title to give a false impression to the customer…….

To search for your "advisor" registration (in Canada) visit the Canadian Securities Administrators (CSA) web site. The CSA is the national "umbrella" organization for 13 provincial and territorial securities commissions and they maintain the registration database. I must point out however that the CSA, as an entity fully funded by fees from the securities industry, has demonstrated a good deal of regulatory "capture". They have forgotten in some cases that a good part of their mandate and their marketing is that the "Protect Investors". As you will see when you get to this search page, they make it "easy" for investors to determine IF their representative is registered.....and most will stop there.....and be duped. They do NOT make it at all easy to determine WHAT category their rep is registered in. They in fact have made it about three or four clicks harder to find, in January 2016, in what some feel might be a reaction to bloggers like this pointing the public in the direction of how to search for their "advisor".

http://www.securities-administrators.ca/nrs/nrsearchprep.aspx?ID=1325 (CSA advisor search page)


So, worth repeating for clarity: The typical (99%) bank or investment dealer (even life insurance and mutual fund sellers) CALL themselves an Advisor, to lure the public into a false sense of security, trust and vulnerablity with their money……..and once the salesperson HAS their money, they do NOT have to provide them with the protection implied by the term “advisor” (or adviser, or advisoir’….:). They can then legally treat them to the lower standard of care, that of a salesperson, and even profit at “expense or harm” to the client…….

"Dealing Representative means "I represent the Dealer not you”


Advising Rep means I must fall under legal fiduciary guidelines with a duty of care and “sole loyalty” to the client….
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Re: Advisor Disguise/Deception

Postby admin » Sat Nov 14, 2015 6:25 pm

The simplest deception......and how it works to cut your retirement security......by half or more…a "bait and switch" story about true life.

dilbert2007203690913.gif


Step One:

Use every advertising means available to convince investors that large brokerage firms and investment dealers have licensed and regulated Investment "Advisors", and that they are there to protect and guide the customer.

Step Two: After using the above "bait" to lure trusting and vulnerable investors and their money, cleverly "switch" the "advice givers" over to commission brokers or salespeople, instead of the fiduciary professionals that step one promised.

Step Three: Use "self" regulators fully paid by the industry, to help conceal this deception.

Step Four: Sell higher revenue generating products, lower quality products and less suitable, less beneficial investment products to the trusting customers. This step may add an additional 2% to the overall cost of the customer's investments.

Step Five: 2% in higher cost (or lesser performance) will cut the average persons retirement by HALF over a lifetime of investing. Google it.

Step Six: The other half of your life's work will be in the pockets of the faked "advisor" and his company.

Solution:

Search your "advisor's" exact license and registration category here for US investors:
http://brokercheck.finra.org

If they turn out to be registered as a "broker" and not an "adviser/advisor" you are being baited with a mere title for which no license exists. You are now at about step 3..... in the chain of deception. This is fraud.

In Canada, search your "advisor's" registration here: http://www.securities-administrators.ca ... px?ID=1325

If their registration says "adviser" or "advising representative"spelled with an "ER" at the end then you have a truly licensed fiduciary professional.

If it says "dealing representative" you have a commission or fee based salesperson who is not bound by any legal fiduciary duty to protect you, or be solely loyal to your interests. You are then at step 3......in the chain of deception. Again, fraud.

See a class action lawyer and let them fight on your behalf to get your money back from this everyday, every-dealer scam.
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Re: Advisor Disguise/Deception

Postby admin » Thu Nov 05, 2015 11:41 pm

If your Investment "Advisor" also calls himself a "Vice President" of the firm, you should probably run……or sue for TWO intentional deceptions, and get your money back. Here is a bit of interesting reading about the "vice president" deception at your local brokerage sales company.

"To Deceive is to Defraud….."

Screen Shot 2015-11-05 at 11.40.37 PM.png


(C) MISLEADING TITLES

¶ 263
The defendant attributed to Migirdic fake titles, i.e. "vice-president" and "vice-president and director", in addition to letting him use the title "specialist in retirement investments". Those titles were false representations that misled the plaintiffs, hid reality from them, disinformed them,
comforted them in their confidence in Migirdic, reduced their distrust, and contributed to Migirdic's fraud. The defendant committed a fault in terms of its obligation to inform and advise, in addition to misleading the plaintiffs.

¶ 264 In principle, a vice-president is a person in a management position in a firm. The vice-president is immediately below the president and reports to the president. The vice-president acts in the absence of the president. It is a prestigious title in a firm, a title held by few individuals. The English word "director", the incorrect origin of the word used here in French, designates either the member of a board of directors of a firm or the head of a department or office. That is also a prestigious title, at least when it is attributed in a prestigious firm.

¶ 265
In the defendant's operations, these titles also have that meaning, but not that meaning alone! They are given as well to any representative (also called an "investment advisor" or previously a "financial consultant") who reaches a certain level of commissions in a given year, in short, who "sells" a lot and brings in a lot of commissions.
A person is awarded the title essentially in "recognition" of work and as a marketing tool, as the president of CIBC Wood Gundy, Tom Monahan, acknowledged. However, to have the title of "vice-president" or "vice-president and director" adds no new responsibility or any management role. What is more, it testifies to neither greater competence nor more reliability.

¶ 266 In the defendant's operations, the titles are, in fact attributed to many people. In 1995, there were 206 vice-presidents and 44 vice-presidents and directors out of 556 representatives. In 1997, there were 217 vice-presidents and 109 vice-presidents and directors out of 612 representatives. In 1999, there were 197 vice-presidents and 101 vice-presidents and directors out of 725 representatives, the proportions were about the same in 2000. That year,
about 300 of the 700 representatives had a title!


¶ 267
The problem is that clients do not know that these titles are simply marketing tools
, i.e. a means to convince them that they have an excellent representative,
and recognition for the volume of commissions.
Clients therefore believe they have a "very special" and "eminently acknowledged" representative when the representative has the title of "vice-president" or "vice-president and director". That was what Mr. Markarian in fact believed, as he testified. Richard Papazian, another witness (and also a victim) thought the same thing. So the titles create a false feeling of trust, comfort and prestige, the role of which is not trivial in the commission of fraud.

¶ 268 The plaintiffs were the victims of these false representations by the defendant in their regard.

¶ 269 Migirdic received the title of vice-president in 1986, then vice-president and director in the early 1990s. He retained the titles until he left, because of the enormous volume of commissions he generated. In fact, the titles increased Mr. Markarian's trust in Migirdic and prompted him to guard against him and his actions even less. The defendant committed a fault in acting to ensure that.

¶ 270 The Court wholly subscribes to the comments of Mr. Justice Donald Gordon in Blackburn v. Midland Walwyn Capital inc. [See Note 19 below], a decision of the Ontario Superior Court of Justice:

Note 19: [2003] O.J. 621 (O.S.C.J.).

[121] Promoting George Georgiou to
the position of vice-president was purely a marketing gimmick, an intentional misrepresentation to the public
by Midland. The public would consider a vice-president to have special status, be more knowledgeable and influential.

[123] What is more problematic is the process. The promotion resulted from the influence of the National Sales Manager. This clearly demonstrates the high position sales had in the corporate structure and, conversely, the lack of importance allocated to compliance.

[124] Clients of the firm, including the Blackburns, would be impressed with this announcement. Any misgivings they may have had about George Georgiou's ethics on trading practices evaporated with the recognition by head office of a superior strockbroker.

[126] Midland's conduct in this escapade is further evidence of their negligence, of the importance of revenue over client objectives and satisfaction and their willful blindness to the protection of their clients. Such a practice is contrary to the regulatory standards of integrity, dignity an ethical conduct.

[Emphasis added.] [sic]

¶ 271 That decision was upheld by the Court of Appeal for Ontario [See Note 20 below], and the Supreme Court refused leave to appeal.

Note 20: [2005] O.J. 768 (O.C.A.).

¶ 272 In the Court's opinion, the titles "vice-president" and "vice-president and director" have no place in the brokerage field when they apply to simple representatives. They then constitute a mere "marketing gimmick", to use Gordon J.'s words, just a misrepresentation contrary to the duty of a brokerage firm to seek to protect its clients and to inform them well. By continuing to use those titles, brokerage firms expose themselves to criticism, as in this case.

¶ 273 As for the title "specialist in retirement investments" or "retirement specialist", it was not a title given Migirdic by the defendant, but the defendant authorized him to use it (among others on his business cards). Once again, it was a way to instill trust in retirees and prompt them to rely on their representative in all confidence. In actuality, the title meant nothing more than that Migirdic had many retired clients, which did not make him more competent in that area and also did not make him a better representative for those people (much to the contrary, Migirdic exploited their greater vulnerability).

the entire Judgement can be read here:

http://investorvoice.ca/Cases/Investor/ ... etsInc.htm
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Re: Advisor Disguise/Deception

Postby admin » Wed Oct 14, 2015 5:22 am

I just love how easy (and criminally free) investment dealers and self-regulators can get away with the financial rape of investors, BY faked financial professionals…….see below quote from IIROC, investment industry "self" regulators in Canada:

Screen Shot 2015-10-14 at 6.17.04 AM.png


"*Use of the word Advisor – what this means:In this investor brochure, we have used the general term “advisor” to refer to a number of official regulatory approval categories such as Registered Representative and Investment Representative. Please note that “advisor” is not an official IIROC approval category for individuals working at IIROC-regulated firms. ”Advisor” is also not being used in this brochure to represent an official registration category."

(This comment is found on page one of this brochure from IIROC….I expect it to be deleted from use as soon as this information is noticed…..oops!) http://www.iiroc.ca/Documents/WhyMatterBrochure_en.pdf (fake "advisors" cost you double and cut your retirement in half…..but "they are richer than you think"…:)

The document that this quote comes from is found online here at IIROC http://www.iiroc.ca/Documents/WhyMatterBrochure_en.pdf

and when it is removed shortly (too candid, too revealing……too honest:) by IIROC it can also be found at the link below

https://drive.google.com/file/d/0BzE_LM ... sp=sharing

Take information such as this to any reputable classaction law firm if you wish to begin the process of getting your money back from professional fraud.

Screen Shot 2015-10-14 at 6.17.24 AM.png

click to enlarge this window

From a standpoint of trust, integrity, fiduciary duty, actual license and/or registration YOUR INVESTMENT "ADVISOR" is a FAKED TITLE….


Keep reading this post and you will soon run across the license/registration search engines for Canada and the US to confirm that your "advisor" is not licensed as an "advisor". #classaction #fraudulentmisrepresentation
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