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What is a Leveraged Trade and what document do you need to get signed?
Buying securities with borrowed money. Borrowing to Purchase Investments (Leveraging) Risk Disclosure
What is the Remote Consent process? What do you do when there's an Inbound call?
- If client calls, let the client know that for authentication purposes, you'll have to give them a call back on the number listed on CIS profile.
- CIR - Remote KYC Authentication
What do you look for when you are doing KYC?
Residential Address, Employment, does their occupation make sense to invest? Does level of income make sense? Their Investment Knowledge, their age? ID
Who do we ask Compliance questions/requests in the absence of BCO and ACBO?
Reach out to the Buddy Branch - Uptown Waterloo (AM or BM)
Outside Business Activity
5 business days
What can you do for clients who are Out of Jurisdiction? Which type of approval is needed for anything else?
Cannot open new accounts nor purchases. If the account holder is the resident of the province and out of jurisdiction, MFs units can be sold after completing the remote KYC. For any other request, SSI compliance approval is needed.
What do you provide to the client at the time of New SSI account opening and if you're trading?
1. SSI Application
2. SSI SIS
3. Companion Booklet
4. Fund Facts
What does "Suitability" mean?
SIS profile that must be updated minimum once a year. Compare the SIS to be consistent with existing holdings, risk tolerance, objectives and time horizon,
Who do you reach out to for any SSI Complaints? How much time do you have to report it?
BCO or ABCO within 1 business day
What are the components of MER?
Training Commission, Operating Expenses, Management Fees, and Short-Term Trading Fee (2%)
What's the process for SSI deficiencies? How soon do you have to scan any SSI documents? What's the maximum timeline to refer over to the BCO?
CBC - SSI Centralized Supervision. If original IDF cannot be located, manually fill out eform and have clients sign or TFA.
Scan the same day/ Refer to BCO after 5 days
What disclosure do you need to include at the bottom of the SECURED email?
"Important: Secure emails will only be held for viewing in the Secure Email System for 180 days before automatic deletion. To prevent losing any information you wish to keep longer than 180 day period, please save the information received on your personal compute."
Where would you make notes regarding the Short Term Trading Fee?
On the Investment Directions document that Short Term Trading fee discussed.
What's the Short Term Trading Fee? When would it be applicable to the client? Why?
A 2 % fee is charged to the client within 31 days of buying MFs. Fee is charged to prevent the clients from quickly buying and selling MFs. Quick Trades can cause problems for other investors and increase costs for the fund. The fee is meant to help long-term investors in the fund.
Who is a TCP? Why are they important? When would an Advisor reach out to them?
A trusted contact person (TCP) is a person advisors can reach out to if they are concerned about the customer’s ability to make financial decisions relating to the customer’s account, i.e., the advisor notices signs of financial exploitation or the customer exhibits signs of diminished mental capacity. The TCP is an individual who is not involved in making financial decisions but is appointed by the customer to assist SSI in the event SSI has any specific concerns related to the customer or the customer’s power of attorney (POA).
What do you do if the POA wants to do a FULL Redemption?
Refer over to you BCO and get an Approval by the Head Office
How many POAs are allowed on SSI accounts? What disclosure do you have to get signed?
Only 1 POA is allowed.
Personal Trading Authorization eform MUST be completed as well as CIS notes on Sales Builder and IP
How to determine the Short Term Trading fee?
Calculate on the IP screen or refer to BCO
What's in the Fund Facts document?
A. Fund Facts
B. What does the fund invest in?
C. How risky is it?
D. How has the fund performed?
E. Who is this fund for?
F. How much does it cost?
G. More about the trailing commision
What do you do to an email or letter received from the client concerning about SSI?
Upload them to client's profile and leave a detailed note on SalesBuilder and IP
How would you suspect an Anti-Money Laundering activity on an existing SSI account? and what would you do?
Examples can be:
- Making large purchases on MF
- KYC, knowing your client and their lifestyle to be able to know where and how they came with large sum of money
Report to your BCO ASAP
What disclosure do you have to go over with your clients when doing a MF transaction over the phone?
1. Fund Facts
2. What does the fund invest in?
3. How risky the fund is?
4. How has the fund performed?
5. Who is this fund for?
6. How much does it cost?
What can you do in a situation where you have a 3rd Party MF that does not align with client's SIS Profile?
1. Sell & Buy a fund that aligns with client's profile
2. Get CIT signed
3. Switch within the same fund family
Explain the process of a Leveraged Trade on TFSA and Non-Reg accounts?
They need to be reviewed by the BCO first and an approval from the Head Office is needed
What are the steps of processing a post-dated MF Purchase request?
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